Kırgızistan’da Ticari Bankaların Maliyet Etkinliğini Etkileyen Faktörler

Year 2019, , 31 - 56, 29.10.2019

Dastan Aseinov

https://doi.org/10.33203/mfy.479424

Abstract

Ticari
bankaların etkinliği hem onların sahipleri ve yöneticileri, hem de düzenleyici
ve denetleyici otoriteler için önemli sorunlardandır. Bu çalışmanın amacı,
Kırgız bankalarının maliyet etkinliliğini etkileyen faktörleri araştırmaktır.
2000-2013 dönemi ve 17-23 ticari bankaları kapsayan dengesiz panel veri seti
kullanarak Battese ve Coelli'nin (1995) önerdiği stokastik maliyet sınır modeli
tahmin edilmiştir. Elde edilen sonuçlar bankacılık maliyet etkinliliğini daha
çok ölçüde kapitalizasyonun, yabancı mülkiyetin, kredi riskinin, likidite
riskinin ve kur riskinin etkilediğini göstermektedir. Maliyet etkinliğindeki değişimler, bankaların risk
alma davranışlarının düzenleyici ve gözetim otoritelerince izlenmesinde bir
gösterge olarak kullanılabilir. 

Keywords

bankacılık, stokastik sınır analizi, geçiş ekonomileri, maliyet etkinliği;

Factors Affecting Cost Efficiency of Commercial Banks in Kyrgyzstan

Abstract

Efficiency of commercial banks is among important
challenges not only for their shareholders and managers, but also for
regulation and supervision authorities. The aim of this study is to examine
factors affecting the banking cost efficiency for Kyrgyz banks. We estimate
stochastic cost frontier model proposed by Battese ve Coelli (1995) using
unbalanced panel data set captured 17-23 Kyrgyz commercial banks for period of
2000-2013. Obtained results suggest that capitalization, foreign ownership,
credit risk, liquidity risk and currency risk have most influence on banking
cost efficiency. Cost efficiency scores can be used as an indicator for
monitoring of risk-taking behavior of commercial banks by regulatory and
supervisory authorities.

Keywords

banking, stochastic frontier analysis, transition economies, cost efficiency;

References

• Abdyzhaparov, A.S. (2013). Banking system development in the Kyrgyz Republic, Working papers series of the conference devoted to the 20-th anniversary of the Kyrgyz som introduction, “National currency circulation system: formation and development prospects”, March 6, 2013, Bishkek, 46-52.
• Aigner, D., Lovell, C. K., & Schmidt, P. (1977). Formulation and estimation of stochastic frontier production function models, Journal of Econometrics, 6(1), 21-37.
• Alantar, D. (2008). Küresel Finansal Kriz: Nedenlerive Sonuçları Üzerine Bir Değerlendirme, Maliye Finans Yazıları Dergisi, 81.
• Altunbas, Y., Carbo, S., Gardener, E.P.M., & Molyneux, P. (2007). Examining the Relationships between Capital, Risk and Efficiency in European Banking, European Financial Management, 13(1), 49–70.
• Altunbaş, Y., Gardener, E. P., Molyneux, P. & Moore, B. (2001a). Efficiency in European banking”, European Economic Review, 45(10), 1931-1955.
• Battese, G. E., & Coelli, T. J. (1995). A model for technical inefficiency effects in a stochastic frontier production function for panel data, Empirical economics, 20(2), 325-332.
• Bektenova, D. Ch., ve Atabayev, N.U. (2012). Analysis of The Monetary Base in The Conducti of Monetary Policy by The National Bank of the Kyrgyz Republic, Vestnik KRSU, 12 (11), 25-29.
• Belotti, F., Daidone, S., Ilardi, G., & Atella, V. (2013). Stochastic frontier analysis using Stata. Stata Journal, 13(4), 718-758.
• Berger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial banks. Journal of Banking & Finance, 21(6), 849-870.
• Berger, A. N., & Humphrey, D.B. (1992). Measurement and Efficiency Issues in Commercial Banking. in Output Measurement in the Service Sectors, Griliches, Z. (ed.), University of Chicago Press, 245 – 300.
• Berger, A. N., Leusner, J. H., ve Mingo, J. J. (1997). The efficiency of bank branches. Journal of Monetary Economics, 40(1), 141-162.
• Berger, A.N., & Humphrey, D.B. (1997). Efficiency of Financial Institutions: International Survey and Directions for Future Research. European Journal of Operational Research, 98, 175-212.
• Bogetoft, P., & Otto, L. (2011). Benchmarking with DEA, SFA, and R. Springer, New York Dordrecht Heidelberg London.
• Bonin, J. P., Hasan, I. & Wachtel, P. (2005). Bank performance, efficiency and ownership in transition countries. Journal of Banking ve Finance, 29(1), 31–53.
• Bonin, J. P., Hasan, I., & Wachtel, P. (2005). Bank performance, efficiency and ownership in transition countries. Journal of Banking & Finance, 29(1), 31-53.
• Bonin, J. ve Wachtel, P. (2003). “Financial Sector Development in Transition Economies: Lessons from the First Decade”, Financial Markets, Institutions and Instruments, V. 12, No. 1,pp. 1-66, (erişim tarihi: 06.06.2013, http://www2.econ.iastate.edu/classes/econ370/shuffman/documents/financialmkts_trans.pdf )
• Casu, B., & Girardone, C. (2009). Does competition lead to efficiency? The case of EU commercial banks.The Case of EU Commercial Banks”, Discussion Paper No. 07-01, January 15, 2009.
• Chen, M. J., Chiu, Y. H., Jan, C., Chen, Y. C. & Liu, H. H. (2015). Efficiency and Risk in Commercial Banks–Hybrid DEA Estimation. Global Economic Review, 44(3), 335-352.
• Cheng, H., Lu, Y. C., & Mukashev, U. (2013). Productivity of the banking sector: A case study in Kyrgyz Republic. In Innovative Computing Technology (INTECH), 2013 Third International Conference on, IEEE, 173-180.
• Coleman, B. E., Goffe, V., Perolli, B., Usupova, M., Castillo, L. V., Holzhacker, H. & Kappeler, A. (2012). Banking in the Eastern neighbours and Central Asia: Challenges and opportunities. Regional Studies and Roundtables, European Investment Bank (EIB), 56-61.
• Delis, M. D., Molyneux, P. & Pasiouras, F. (2011). Regulations and productivity growth in banking: Evidence from transition economies.Journal of Money, Credit and Banking, 43(4), 735-764.
• Djalilov, K. & Piesse, J. (2014).The Determinants of Bank Efficiency in Central Asia.Corporate Ownership ve Control, 12(1), 656-670.
• Drakos, K. (2003). Assessing the success of reform in transition banking 10 years later: an interest margins analysis.Journal of Policy Modeling, 25, 309–317.
• Duygun, M., Sena, V. & Shaban, M. (2014). Trademarking status and economic efficiency among commercial banks: Some evidence for the UK. Journal of Banking ve Finance, 49, 506–514.
• Ferhi, A. & Chkoundali, R. (2015). Credit Risk and Efficiency: Comparative Study between Islamic and Conventional Banks during the Current Crises. Journal of Behavioural Economics, Finance, Entrepreneurship, Accounting and Transport, 3(1), 47-56.
• Ferrier, G. D., & Lovell, C. K. (1990). Measuring cost efficiency in banking: econometric and linear programming evidence. Journal of econometrics, 46(1), 229-245.
• Fiordelisi, F., Marques-Ibanez, D. & Molyneux, P. (2011). Efficiency and risk in European banking. Journal of Banking and Finance, 35(5), 1315–1326.
• Fries, S. & Taci, A. (2005). Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries. Journal of Banking ve Finance, 29(1), 55-81.
• Glass, A. J., Kenjegalieva, K. & Weyman-Jones, T. (2014). Bank performance and the financial crisis: evidence from Kazakhstan. Applied Financial Economics, 24(2), 121-138.
• Goddard, J., Molyneux, P., & Williams, J. (2014). Dealing with cross-firm heterogeneity in bank efficiency estimates: Some evidence from Latin America. Journal of Banking ve Finance, 40, 130-142.
• Gorton, G. &Winton, A. (1998). Banking in Transition Economies: Does Efficiency Require Instability?. Journal of Money, Credit and Banking, Vol. 30, No. 3, Part 2: Comparative Financial Systems, pp. 621-650.
• Greene, W.H. (2005a). Fixed and Random Effects in Stochastic Frontier Models. Journal of Productivity Analysis, 23, 7–32.
• Greene, W.H. (2005b). Reconsidering Heterogeneity in Panel Data Estimators of The Stochastic Frontier Model.Journal of Economics, 126, 269–303.
• Grigorian, D. & Manole, V. (2002). Determinants of commercial bank performance in transition: An application of data envelopment analysis. World Bank Policy Research Working Paper, No: 2850.
• Hassan, M. S. M. (2008). Financial liberalization, privatization, and productivity in banking: The experience of two emerging economies. Published PhD Thesis, University of Leicester, Leicester.
• Huang, J., Chen, J. & Yin, Z. (2014). A Network DEA Model with Super Efficiency and Undesirable Outputs: An Application to Bank Efficiency in China. Mathematical Problems in Engineering, 2014.
• Isik, I., & Hassan, M. K. (2002). Cost and profit efficiency of the Turkish banking industry: An empirical investigation. Financial Review, 37(2), 257-279.
• Jarraya, B. (2014). Parametric Meta-Technology Frameworks to Study Technical Efficiency and Macro-Economic Effects in the European Banking System. Contemporary Economics, 8(1), 73-88.
• Jenish, N. & Kyrgyzbaeva, A. (2012). On the Possibility of Inflation Targeting in Kyrgyzstan. No. 12/10e, EERC Research Network, Russia and CIS.
• Jondrow, J., Lovell, C. K., Materov, I. S. & Schmidt, P. (1982). On the estimation of technical inefficiency in the stochastic frontier production function model. Journal of econometrics, 19(2-3), 233-238.
• Kasman, A. & Carvallo, O. (2013). Efficiency and Risk in Latin American Banking: Explaining Resilience. Emerging Markets Finance and Trade, 49(2), 105-130.
• Kasman, A. & Yildirim, C. (2006). Cost and profit efficiencies in transition banking: the case of new EU members. Applied Economics, 38(9), 1079-1090.
• Kasman, A. (2003). Banking Efficiency During the Financial Crisis Period”, ISE Review, 7, 83-97.
• Keleş, İ. (2011). Kırgız Bankacılık Sisteminde Etkinliğin Veri Zarflama Analiziyle Ölçülmesi. Doktora Tezi, Kırgızistan-Türkiye Manas Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı
• Kenjegalieva, K.A. & Simper, R. & Weyman-Jones, T.G. (2009). Efficiency of transition banks: inter-country banking industry trends. Applied Financial Economics, 19(19), 1531-1546.
• Kloc, K. (2001). Banking systems of Ukraine, Georgia and Kyrgyzstan and the problem of the banking crisis. Center for Social and Economic Research (CASE), 236.
• Koetter, M. & Porath, D. (2007). Efficient, profitable and safe banking: an oxymoron? Evidence from a panel VAR approach. Discussion Paper No. 2007/02, Series 2: Banking and Financial Supervision. Deutsche Bundesbank, Research Centre.
• Koetter, M. (2006). Measurement matters—alternative input price proxies for bank efficiency analyses. Journal of Financial Services Research, 30(2), 199-227.
• Kök, R., & Deliktaş, E. (2003). Endüstri İktisadında Verimlilik Ölçme ve Strateji Geliştirme Teknikleri. Dokuz Eylül Üniversitesi İİBF Yayını, İzmir.
• Košak, M., Zajc, P. & Zorić, J. (2009). Bank efficiency differences in the new EU member states. Baltic Journal of Economics, 9(2), 67-89.
• Kumar, S. & Gulati, R. (2014). Deregulation and Efficiency of Indian Banks, India Studies in Business and Economics, Springer İndia, 49-131.
• Mamonov, M., Pestova, A. & Solntsev, O. (2013). Estimation of Systemic Effects from Tightening of Prudential Regulation of the Banking Sector: Results of a Stress Test. Problems of Economic Transition, 56(7), 37-74.
• Mamonov, M. (2013). Bad management, skimping, or both? The relationship between cost efficiency and loan quality in Russian banks. Working Paper, No. BRP 19/FE/2013, NRU, Higher School of Economics.
• Maslak, N.G. & Buryak, A.V. (Маслак, Н. Г. & Буряк, А. В.) (2009). Методические подходы к оценке эффективности деятельности банка. Бизнес Информ,12, 2, 187-191 (erişim tarihi: 19.04.2016, http://dspace.uabs.edu.ua/bitstream/123456789/2301/1/Buriak_001.pdf)
• Matthews, K., Xiao, Z. & Zhang, X. (2009). Rational cost inefficiency in Chinese banks . Cardiff University, Cardiff Business School, Economics Section Working Papers (No. E2009/13).
• Meeusen, W. & van Den Broeck, J. (1977). Efficiency estimation from Cobb-Douglas production functions with composed error. International Economic Review, 435-444.
• Mitra, P. K. (2010). The Impact of Global Financial Crisis and Policy Responses The Caucasus, Central Asia and Mongolia. Global Journal of Emerging Market Economies, 2(2), 189-230.
• National Bank of the Kyrgyz Republic (2017), Annual Report of the National Bank of the Kyrgyz Republic for 2016, <http://www.nbkr.kg/DOC/12062017/000000000047196.pdf >, 13.11.2017.
• Nigmonov, A. (2010). Bank Performance and Efficiency in Uzbekistan. Eurasian Journal of Business and Economics, 3(5), 1-25.
• Parmeter, C. F. & Kumbhakar, S. C. (2014). Efficiency analysis: a primer on recent advances. Foundations and Trends in Econometrics, 7(3–4), 191-385.
• Pilyavskyy, A. I., Matsiv, Y. I. & Vovchak, O.D. (2012). Cost Efficiency Of Ukrainian Banks. Does It Make Difference? Warsaw School of Information Technology ve Systems Research Institute.
• Quagliariello, M. (2007). Banks’ riskiness over the business cycle: a panel analysis on Italian intermediaries. Applied Financial Economics, 17(2), 119-138.
• Radic, N., Fiordelisis, F. & Girardone, C. (2012). Efficiency and Risk-Taking in Pre-Crisis Investment Banks. Journal of Financial Services Research, 41, 81-101.
• Ruziev, K. & Majidov, T. (2013). Differing Effects of the Global Financial Crisis on the Central Asian Countries: Kazakhstan, the Kyrgyz Republic and Uzbekistan. Europe-Asia Studies, Vol. 65, No. 4, June 2013, pp. 682–716.
• Sealey, Jr.C.W. & Lindley, J.T. (1977). Inputs, Outputs, and Theory of Production Cost at Depository Financial İnstitutions. Journal of Finance, 32, 1251-1266.
• Seven, Ü., & Yetkiner, H. (2016). Financial intermediation and economic growth: Does income matter?. Economic Systems, 40(1), 39-58.
• Shen, Z., Liao, H. & Weyman-Jones, T. (2009). Cost efficiency analysis in banking industries of ten Asian countries and regions). Journal of Chinese Economic and Business Studies, 7(2), 199-218.
• Sherman, J. D. & Gold, F. (1985). Bank Branch Operating Efficiency: Evaluation With Data Envelopment Analysis. Journal of Banking and Finance, 9, 297-316.
• Spulbăr, C., Niţoi, M. & Anghel, I. (2015). Efficiency in Cooperative Banks and Savings Banks: A Stochastic Frontier Approach. Romanian Journal of Economic Forecasting, 18(1), 5-21.
• Staikouras, C., Mamatzakis, E. & Koutsomanoli-Filippaki, A. (2008). Cost efficiency of the banking industry in the South Eastern European region. Journal of International Financial Markets, Institutions and Money, 18(5), 483-497.
• Styrin, K. (2005). What Explains Differences in Efficiency Across Russian Banks?. No. 01-258e-1, EERC Research Network, Russia and CIS.
• Sufian, F. & Habibullah, M. S. (2012). Developments in the efficiency of the Malaysian banking sector: the impacts of financial disruptions and exchange rate regimes. Progress in Development Studies, 12(1), 19-46.
• Tente, S.D. (2010). Bank Efficiency Estimation: Methodology and the Problem of Adequation. Faculty of Economics, University of Münster, Inaugural Dissertation for The Academic Degree Doctor of Economic Sciences.
• Williams, J., (2004). Determining Management Behaviour in European Banking. Journal of Banking and Finance, 28, 2427–2460.
• Xu, H. (2016). Financial Intermediation and Economic Growth in China: New Evidence from Panel Data. Emerging Markets Finance and Trade, 52(3), 724-732.