No abstract

Abstract:The paper emphasizes that any approach to defi ning technical effi ciency in banking is just a diff erent outlook on manifold goals and functions that commercial banks pursue. Three commonly applied approaches, i.e. the service-oriented approach, the intermediation approach and the profi toriented approach, are not in confl ict but are complementary in providing information on how commercial banks perform in fi nancial intermediation, provision of banking services and profi t seeking. In addition to the methodological contribution of the paper, it investigates the effi ciency of the Slovak banking industry over the years 2000-2011 so as to fi nd whether employment of a specifi c approach changes the view on effi ciency of individual commercial banks. To this end, the non-parametric method of evaluation is employed based on the slack-based measure model of data envelopment analysis. The results suggest that general impressions of the effi ciency status of individual banks as obtained within the three approaches are similar in most cases.Keywords: effi ciency, the Slovak banking industry, SBM model, the intermediation approach, the service-oriented approach, the profi t-oriented approach JEL Classifi cation: G21, C44

No abstract

In this paper, the technical effi ciency and the super-effi ciency of a representative sample of insurance institutions in Slovakia is analyzed with the aid of data envelopment analysis (DEA). This paper diff ers from the so far published literature, as it extends the application of radial DEA models (the CCR model of Charnes, Cooper and Rodes; the BCC model of Banker, Charnes and Cooper) by a non-radial model (the SBM model of Tone) and a super-effi ciency model. The supper-effi ciency can be used either to rank effi cient units or to indicate outliers in the analyzed group of decision making units. Achieved results also reveal that in the year 2013, among 13 Slovak insurance companies under evaluation, the AXA poisťovňa, a. s. was the super-effi cient insurance company. The implications of gained results are then drawn for managerial and regulatory purposes. Firstly, it is shown how the management of the insurance institutions with the poorest performances should change their managerial procedures and adopt enhanced-incentive policy. Secondly, the regulatory body of the insurance institutions should utilize the gained technical effi ciency of the analyzed institutions for the prediction of their competitiveness in the long run.

It is common practice in data envelopment analysis to assess commercial banks by the efficiency that they display in their operations under different outlooks on their behaviour; yet, even the intermediation approach does not measure actually the success with which commercial banks or a banking sector fulfil their mission of financial intermediaries. Such an assessment is traditionally accomplished by means of the loan-to-deposit ratio that captures rather size or depth of financial intermediation, but no link is sought to best practices that are observed in the banking sector. The paper proposes a model of financial intermediation that permits assessing on a comparative basis the attainment in financial intermediation. The devised index of financial intermediation recognizes through weights that diverse outcomes of financial intermediation exhibit differentiated importance to the economy and is closely connected with the weighted slacks-based measure (WSBM). The WSBM that emerges in this respect encompasses only production variables that define financial intermediation (i.e. deposits and intermediated outputs) whilst other production variables are treated as non-discretionary. The model can be applied in variants for a single commercial bank in one specific year (Model I) or for aggregated bankyears such as one particular bank over the entire period or various banks in one year (Model II). The ideas are demonstrated on a data set of Slovak commercial banks for the period between 2008 and 2016 and the difference of the proposed approach with traditional efficiency measurement under the intermediation approach is discussed. KeywordsFinancial intermediation • Loan-to-deposit ratio • Data envelopment analysis (DEA) • Weighted slacks-based measure (WSBM) • Aggregation over years or banks JEL Classification G20 • E59 • O50

Front page design Grzegorz Rogoziński CD cover design Beata DębskaArticles published in the form submitted by the authors All rights reserved. No part of this book may be reproduced in any form or in any means without the prior permission in writing of the Publisher

Emí lia Zim ko vá, Ja ro slav Ba ro chov ský, Uni ver zi ta Ma teja Bela v Ban skej Bys t ri ci ÚvodPo zna nie ak tu ál ne ho sta vu eko no mi ky je zá kla dom úspeš ných hos po dár sko-po li tických roz hod nu tí. Za žela te¾ ný sa považuje stav, kedy je eko no mic ká ak ti vi ta dlho do bo na udržate¾ nej, pri me ra ne vy so kej a vyváženej úrov ni. Pre kra èo va nie tej to úrov ne je pre hos po dárstvo ve¾ká zá•až spô so buj ú ca eko no mic ké ne rov no váhy. Na o pak, rast eko no mi ky pod jej možnos ti je tak tiež spre vád za ný ne ga tív ny mi eko no mic ký mi javmi. Pro dukè ná med ze ra -roz diel med zi sku toè ným a po ten ci ál nym vý stupom eko no mi kyje dôležitým eko no mic kým in di ká to rom. Pla tí kon venè ná prav da, že cen t rál na ban ka ur èu je krát ko do bé úro ko vé mie ry, kto ré ná sled ne ovplyvòujú agre go va ný do pyt a produkè nú med ze ru a pro stred níc tvom vz•ahov ako Phil lip so vá kriv ka (Smets, 1995; Sven son, 1998; Ger lach, Smets, 1999) ovplyvnia in flá ciu. V prí pa de, že je sku toè ný hos po dár sky rast nad svo jou po ten ci ál nou úrov òou, cen t rál na ban ka sa môže obá va• inflaè ných tla kov a zvý ši• svo ju k¾ úèo vú úro ko vú mie ru. V prí pa de, že je pod úrov òou hos po dár ske ho ras tu, cen t rál na ban ka môže uvažova• o znížení k¾ úèo vých úro ko vých sad zieb a pod po re hos po dár ske ho ras tu. V každom prí pa de in for má cia, èi sa eko no mi ka na chád za nad ale bo pod úrov òou svoj ho po ten ci ál ne ho ras tu pa trí med zi mi mo ri a d ne dôležité pri for mu lo va ní me no vej i ïal ších hos po dár skych po li tík a tiež pri vý poète štruk tu rál nej bi lan cie ve rej ných roz poètov.Cie¾om nášho príspe vku 1 je priblíži• od had po ten ci ál ne ho pro duk tu a pro dukènej med ze ry v slo ven ských pod mi en kach pro stred níc tvom vy bra ných me tód. V prvých èas ti ach po dá va me struè né te o re tic ké vý cho dis ká ana ly zo va nej pro ble ma ti ky a cha rakte ri zu je me me tó dy od ha du pro dukènej med ze ry. Tie sa naj èas tej šie èle nia na šta tis tic ké, štruk tu rál ne a kom bi no va né. Kým šta tis tic ké fil trujú iba pre men nú hrubé ho do má ce ho pro duk tu, štruk tu rál ne a kom bi no va né me tó dy ana ly zujú do py to vé ale bo po nu ko vé prí -èi ny cyk lic ké ho vý voja hrubé ho do má ce ho pro duk tu. Apli ká cie Hod rick-Prescot to vho fil tra a Cobb-Dougla so vej pro dukènej funk cie za celú eko no mi ku ná sled ne apli ku je me v ïal šej èas ti príspe vku. V zá ve re ana ly zu je me od ve tvo vý rast slo ven skej eko no mi ky a po rov ná va me ho s od ve tvo vým ras tom èes kej eko no mi ky 2 . Teoretické východiskáTradièný poh¾ad na hospodársky cyklus je, že expanzia a recesia sú fluktuáciami reálneho domáceho produktu okolo potenciálneho produktu. Predmetom skúmania bývajú príèiny cyklického kolísania, priebeh cyklu a možnosti obmedzenia cyklických výkyvov. Teória hospodárskeho cyklu definuje potenciálny produkt ako taký domáci produkt, ktorý ekonomika vytvára pri prirodzenej miere nezamestnanosti a pri oèakávanom vyu...

An ageing European population and, therefore, a rising dependency ratio of retirees to the working population, strongly suggests that a pension funding gap will be a key social issue in future. Yet many older people have significant real estate assets that they could access using equity release products. They could sell their assets in exchange for lifelong or temporary monthly payments. Equity release products are relatively new to Poland, but are not yet offered by commercial banks in Czechia and Slovakia. This paper estimates the potential benefits of marriage reverse annuity, and reverse mortgage contracts, using the Svensson model function, and empirical property data from selected Czech, Slovak and Polish cities. The results are also compared to the average pension of inhabitants in the selected cities. It is shown that there is substantial scope for boosting retirement income in all the cases considered, though the precise size of the increase depends on factors such as contract buyers' age and life expectancy, the value of their assets, the payment consequences of a spouse's death, and contract suppliers' pricing policies.