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Article

Сравнительный анализ эффективности госбанков и частных банков в России: новые расчеты

Деньги и кредит. 2015. № 7. С. 21-32.
Верников А. В., Мамонов М. Е.

The paper examines cot efficiency of various Russian banks over 2005-2013. We amend the method of computation of comparative cost efficiency within stochastic frontier analysis (SFA). Namely, we control for the polluting effect of the revaluations of foreign currency items on bank balance sheet and the revaluation of securities, in order to focus on essential aspects of operational efficiency. All public banks are split into the core ones and other state-controlled banks, for the sake of additional insight and specificity. Our results on comparative bank effi-ciency are qualitatively different from those in mainstream papers. The efficiency scores of Russian banks are higher and less volatile, and spreads between the scores of different bank types are narrower than hitherto believed. Foreign subsidiary banks appear as the least cost-efficient type of market participants, while the core state banks are, on average, nearly as effi-cient as domestic private banks. These findings can have research implications and policy ones as well, with regard to the regulation of state banks and their upgrading.