Abstract:ResumoNeste artigo, o objetivo é rever os testes empíricos existentes para o grau de competição no setor bancário brasileiro, assim como propor algumas alternativas. Após a descrição do ambiente institucional do sistema bancário brasileiro, os testes sobre a competição, presentes na literatura, foram revisados, começando com o proposto por Panzar e Rosse (1987). A principal conclusão que pode ser extraída desta análise é que o mercado não aparenta estar em equilíbrio de longo prazo, indicando que o mercado não… Show more
“…If seasonality is not removed from the database, all bank profi les would be erroneously classifi ed as operating in monopolistic competition. This result is in accordance with Belaisch (2003), Lucinda (2010) and Araujo and Jorge Neto (2007), who do not mention any treatment for seasonal effects in their database. Table 5 presents, side by side, the estimates from the seasonally-adjusted and non-seasonally-adjusted series.…”
Section: Seasonal Adjustmentsupporting
confidence: 90%
“…Lucinda (2010) attempted to estimate a model without including scale variables (not reported in his paper), but argued that the estimates of the H-statistics were even greater than when scale variables were included. Finally, it is noteworthy that the similarity of the non-seasonally-adjusted results from Table 5 with those of Tabak, Gomes, and Medeiros Junior (2015) reinforces the fact that omitting such treatment might bias the assessment of the correct market structure for the Brazilian banking sector.…”
Section: Seasonal Adjustmentmentioning
confidence: 99%
“…Thus, changes in names or classifications of banks during the period did not generate any diffi culty for the 7 It is worth mentioning that the effects of seasonality might be smaller in lower frequency data (semi-annual, for instance). Thus, the potential problems for the estimates might be smaller in Belaisch (2003) and Araújo and Jorge Neto (2007), who used semi-annual data, and Lucinda (2010), who used quarterly data, when compared to our estimates, which are based on monthly data. organization of information.…”
mentioning
confidence: 93%
“…Evidence of a competitive banking sector is provided by Lucinda (2010), Araújo, Jorge Neto, and Ponce (2006), Araújo and Jorge Neto (2007), and Nakane (2002). It is noteworthy that Lucinda (2010) applies the Panzar-Rosse model to panel data, while Tabak, Gomes, and Medeiros Jr. (2015) and Araujo and Jorge Neto (2007) perform the estimation for various cross sections. Nakane (2002) applies the model by Bresnahan (1982) and Lau (1982) to aggregate the time series of the Brazilian banking system.…”
Resumo
Códigos JEL C33; G21; L11.
AbstractThis paper applies the Panzar-Rosse model to assess the level of competition in the Brazilian banking sector. The sample covers 62 banks in the period from July 1994 to February 2012. Special attention is paid to the presence of scale variables in the regression, the existence of seasonal components in the fi nancial time series, and the normalization of the price of banking inputs. The inclusion of scale variables in the model and the presence of seasonality in the data tend to erroneously indicate a competitive market structure. Contrary to the literature, in the seasonally-adjusted model without scale variables, the H-statistics indicates that banks in general and specifi c subgroups are non-competitive in the market. While large banks have high market power, public banks have intermediary market power, compatible with the various kinds of political interference in their management decisions.
“…If seasonality is not removed from the database, all bank profi les would be erroneously classifi ed as operating in monopolistic competition. This result is in accordance with Belaisch (2003), Lucinda (2010) and Araujo and Jorge Neto (2007), who do not mention any treatment for seasonal effects in their database. Table 5 presents, side by side, the estimates from the seasonally-adjusted and non-seasonally-adjusted series.…”
Section: Seasonal Adjustmentsupporting
confidence: 90%
“…Lucinda (2010) attempted to estimate a model without including scale variables (not reported in his paper), but argued that the estimates of the H-statistics were even greater than when scale variables were included. Finally, it is noteworthy that the similarity of the non-seasonally-adjusted results from Table 5 with those of Tabak, Gomes, and Medeiros Junior (2015) reinforces the fact that omitting such treatment might bias the assessment of the correct market structure for the Brazilian banking sector.…”
Section: Seasonal Adjustmentmentioning
confidence: 99%
“…Thus, changes in names or classifications of banks during the period did not generate any diffi culty for the 7 It is worth mentioning that the effects of seasonality might be smaller in lower frequency data (semi-annual, for instance). Thus, the potential problems for the estimates might be smaller in Belaisch (2003) and Araújo and Jorge Neto (2007), who used semi-annual data, and Lucinda (2010), who used quarterly data, when compared to our estimates, which are based on monthly data. organization of information.…”
mentioning
confidence: 93%
“…Evidence of a competitive banking sector is provided by Lucinda (2010), Araújo, Jorge Neto, and Ponce (2006), Araújo and Jorge Neto (2007), and Nakane (2002). It is noteworthy that Lucinda (2010) applies the Panzar-Rosse model to panel data, while Tabak, Gomes, and Medeiros Jr. (2015) and Araujo and Jorge Neto (2007) perform the estimation for various cross sections. Nakane (2002) applies the model by Bresnahan (1982) and Lau (1982) to aggregate the time series of the Brazilian banking system.…”
Resumo
Códigos JEL C33; G21; L11.
AbstractThis paper applies the Panzar-Rosse model to assess the level of competition in the Brazilian banking sector. The sample covers 62 banks in the period from July 1994 to February 2012. Special attention is paid to the presence of scale variables in the regression, the existence of seasonal components in the fi nancial time series, and the normalization of the price of banking inputs. The inclusion of scale variables in the model and the presence of seasonality in the data tend to erroneously indicate a competitive market structure. Contrary to the literature, in the seasonally-adjusted model without scale variables, the H-statistics indicates that banks in general and specifi c subgroups are non-competitive in the market. While large banks have high market power, public banks have intermediary market power, compatible with the various kinds of political interference in their management decisions.
“…Um dos aspectos estudados é o das margens dos bancos, que têm sido relativamente elevadas, e o nível de competição no mercado bancário brasileiro (Belaisch, 2003;FMI, 2012). Lucinda (2010) não encontrou evidência de colusão perfeita, L. S. Alencar (2011) encontrou evidência de que a consolidação no setor bancário impactou o nível de spreads e Nakane & Rocha (2010) concluíram haver razoável nível de competição no mercado bancário brasileiro. Barbosa, Rocha & Salazar (2015) e Barbosa, Cardoso & Azevedo (2016), no entanto, alertaram para a existência de viés de superestimação da intensidade de concorrência bancária.…”
Section: O Problema Dos Spreads Bancários No Brasilunclassified
O consenso da literatura é o de que o baixo nível de enforcement dos contratos e garantias seja uma causa importante do alto spread bancário no Brasil. No entanto, por conta de uma dinâmica de causalidade reversa, pode haver uma endogeneidade na estimação deste efeito causal. O presente trabalho formula esta hipótese, apresenta evidência empírica preliminar e retira implicações normativas. Ao final, apresenta lições úteis para a análise econômica do direito e do Poder Judiciário.
The consensus in the literature is that the low level of enforcement of contracts and guarantees is an important cause of Brazil
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