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Competition impact of market structure: The case of banking services markets in two Russian regions
Social Science Research Network
,
2011.
No. 1919817.
Anisimova A. I., Muradyan P. A., Vernikov A. V.
This empirical paper adds to competition and industrial organization literature by exploring the interplay between industry structure and competitiveness on local, rather than nation-wide, markets. We use micro-level statistical data for banks in two Russian regions (Bashkortostan and Tatarstan) to estimate Herfindahl-Hirschman index, Lerner index, and Panzar-Rosse model. We estimate Panzar-Rosse model in two ways: via the widely used price-equation that accounts for scale effects and then via a revenue-equation that disregards scale effects as suggested by Bikker et al. (2009). We find both regional markets to be ruled by monopolistic competition, although estimation by revenue-equation does not reject monopoly hypothesis for Tatarstan. Existence of sizeable locally-owned and operated institutions does not necessarily lead to higher competitiveness of the given regional market, and the results from non-structural methods of estimation suggest that bank competition in Bashkortostan is stronger than in Tatarstan. Going further away from aggregated analysis we compute Lerner indices in two product segments of Tatarstan – retail and corporate loans – and find that retail segment is significantly more competitive. Local banks exert more market power in corporate loans, while federal branches – in retail loans.
Anisimova A. I., Vernikov A. V., Деньги и кредит 2011 № 11 С. 53-62
The paper studies empirically competition on regional markets for banking services in Russia. Bank-level statistics collected in two adjacent Russian regions, namely Bashkortostan and Tatarstan, enabled to compare these markets. Estimation based on Herfindahl-Hirschman index, Lerner index and Panzar-Rosse model suggests that both regional markets are featured by monopolistic competition. Contrary to ex ante expectations, ...
Added: December 12, 2012
Anisimova A. I., Muradyan P. A., Vernikov A. V., , in : XIII Международная научная конференция по проблемам развития экономики и общества. В 4 кн. Кн. 2. Кн. 2.: М. : Издательский дом НИУ ВШЭ, 2012. P. 24-32.
This empirical paper adds to competition and industrial organization literature by exploring the interplay between industry structure and competitiveness on local, rather than nation-wide, markets. We use micro-level statistical data for banks in two Russian regions (Bashkortostan and Tatarstan) to estimate Herfindahl-Hirschman index, Lerner index, and Panzar-Rosse model. We estimate Panzar-Rosse model in two ways: ...
Added: November 20, 2012
Mamonov M. E., Прикладная эконометрика 2012 № 4(28) С. 85-112
В статье проводится эмпирический анализ влияния рыночной власти российских банков на их устойчивость к кредитному риску в период 1 квартал 2004 — 2 квартал 2011 гг. В качестве показателей рыночной власти используются индивидуальный индекс концентрации на рынках активов (структурная мера) и индекс Лернера (неструктурная мера). Кредитные риски банков аппроксимируются долей просроченных кредитов в совокупных кредитах ...
Added: December 28, 2012
Vernikov A. V., / University Library of Munich. Серия "Munich Personal RePEc Archive". 2012. № 40236.
Мы пытаемся оценить эффект от промышленной политики по выращиванию в России государственных банков – «национальных чемпионов» на степень концентрации и конкуренции. Затрагиваются вопросы сравнительной эффективности банков разной формы собственности и замены прямой государственной собственности на опосредованные формы владения. Период наблюдений – с 2000 по 1-й квартал 2012 г. Модифицировав способ расчёта двух основных показателей концентрации, ...
Added: September 3, 2012
Mamonov M. E., Прикладная эконометрика 2015 Т. 39 № 3 С. 18-44
This paper proposes a modification of an industry-wide banking competition indicator, namely the Boone indicator, which does not require information about the interest rates on loans, as opposed to the more popular Lerner index. In previous research, the Boone indicator was estimated as homogeneous effect of the banks marginal costs on their market shares or ...
Added: October 12, 2015
Mamonov M. E., Vernikov A. V., / Social Science Research Network. Series "SSRN Working Paper Series". 2015. No. 2574667.
This paper adds to the literature on banking in transition with regard to the comparative efficiency of different bank groups. We conclude that, to prevent the distoring effect of currency and securities revaluations, a refined definition of bank revenue is proper in comparative bank efficiency computations for countries with substantial volatility in financial markets. ...
Added: March 7, 2015
Rozanova N. M., Общество и экономика 2021 № 2 С. 82-101
The author considers the evolution of traditional offline monopoly forms in the online space, trends in monopoly power realization, competition under digital reality. ...
Added: February 25, 2021
Vernikov A. V., / Social Science Research Network. Series "SSRN Working Paper Series". 2015. No. 2600738.
The paper suggests a classification of Russian commercial banks for the purposes of empirical analysis. While most of the literature on comparative bank performance in transition identifies three broad categories of banks (state, domestic private and foreign), in the Russian case it may be proper to consider separately the core state-controlled banks that jointly account ...
Added: May 1, 2015
Rozanova N. M., США и Канада: экономика, политика, культура 2021 № 6 С. 37-49
The article analyses the latest U.S. research papers in the area of antitrust policy. The key trends and global challenges for U.S. antimonopoly policy in digital economy are provided. Many traditional instruments of competition policy have turned out to be outdated in digital economy. Antitrust regulation needs to be revisited. The U.S. experience that is ...
Added: July 19, 2021
Avdasheva S. B., Golovanova S., Korneeva D. V., International Journal of Public Sector Management 2016 Vol. 29 No. 3 P. 288-306
This paper aims to explain the impact of the incentives of competition authorities concerning antitrust enforcement on the structure of enforcement and understanding of the substantive norms and welfare standards in Russia using case-level evidence.
Design/methodology/approach – The study is based on a unique dataset of appeals to infringement decisions in 2008–2012. Quantitative and qualitative analyses are ...
Added: January 28, 2016
Andrievskaya I. K., Raschupkin M., / Высшая школа экономики. Series FE "Financial Economics". 2015. No. WP BRP 51/FE/2015.
Information disclosure is considered as an important prerequisite for the efficient functioning of a financial system. Costs and benefits of information disclosure in the banking system have been extensively theoretically and empirically investigated. However, the effect of voluntary transparency on bank market power and market share is still empirically unexplored. Our paper fills this gap ...
Added: December 10, 2015
Mikhail Mamonov, Vernikov A. V., / Высшая школа экономики. Series FE "Financial Economics". 2015. No. 46.
This paper adds to the literature on banking in transition with regard to the comparative efficiency of public, private and foreign banks. We perform stochastic frontier analysis (SFA) of Russian bank-level quarterly data from 2005 to 2013. The method of computation of comparative cost efficiency is amended to control for the effect of the revaluations ...
Added: June 15, 2015
Zhelobodko E. V., Sidorov A., Thisse J., Журнал Новой экономической ассоциации 2013 № 19 С. 10-26
The paper studies a market of horizontally differentiated good under increasing return to scale and exogenous number of firms. Three concepts of equilibria are compared: Cournot, Bertrand and monopolistic competition. Under fairly general assumptions on consumer’s preferences, it is shown that Lerner index is the highest in Cournot case, monopolistic competition provides the lowest one ...
Added: November 14, 2013
Vernikov A. V., Проблемы прогнозирования 2015 № 2(149) С. 108-120
В журнале ИНП РАН «Проблемы прогнозирования» в 2009 г. была опубликована статья Т.С. Сперанской, в которой сопоставлено присутствие государства и механизмы финансирования реального сектора экономики России и Китая и сделан вывод: модели развития банков в этих странах разные. За последние несколько лет в России произошел рост государственного присутствия в кредитной сфере в качестве регулятора, органа ...
Added: April 27, 2015
Vernikov A. V., / Институт экономики РАН. Серия "Научные доклады Института экономики РАН". 2014.
We use statistical data for the period 2000-2013 to compare the macro-level structure and the core institutions of the banking systems in China and Russia. ...
Added: September 26, 2014
Vernikov A. V., Studies on Russian Economic Development 2015 Vol. 26 No. 2 P. 178-187
We look for typological similarity or dissimilarity between the banking systems of China and Russia. In both countries we have identified a multitier and hierarchically organized system of commercial banks headed by several institutions under direct control of the government. These core state-controlled banks combine commercial banking with development banking. The difference between the Chinese ...
Added: March 18, 2015
Vernikov A. V., / НИУ ВШЭ. Серия WP1 "Институциональные проблемы российской экономики". 2014. № 4.
We use statistical data for the period 2000-2013 to compare the macro-level structure and the core institutions of the banking systems in China and Russia. ...
Added: November 17, 2014
Karminsky A. M., Rybalka A., Шевченко Е. А., Российский журнал менеджмента 2018 Т. 16 № 1 С. 95-108
The successful activities of any commercial organization, in particular the bank, are based on a
clear corporate financial architecture: an effective financial strategy and corporate governance
system (relationship management, board of directors and shareholders). CEO is the main representative
of the bank and a reflection of its success or failure in the market. In this regard
there is a ...
Added: April 3, 2018
Vernikov A. V., Деньги и кредит 2014 № 11 С. 20-28
На базе статистических данных за 2000-2013 гг. сопоставляется макро-архитектура и институциональные характеристики банковских систем России и Китая, прежде всего состав и структура. ...
Added: February 20, 2015
Karminsky A. M., Kostrov A., Murzenkov T., / Высшая школа экономики. Series FE "Financial Economics". 2012. No. WP BRP 06/FE/2012.
Under the Basel II accord, improving probability of default models is a key risk-management priority. There are four main aspects of this research: suggesting the bank default classification; using a wide time horizon (quarterly Russian banking statistics from 1998 to 2011); investigating the macroeconomic and institutional characteristics of the banking sector environment and finally, testing ...
Added: December 10, 2012
Vernikov A. V., / Social Science Research Network. Series "SSRN Working Paper Series". 2013. No. 2223686.
This paper tries to assess some of the effects from industrial policy of growing state-controlled "national champions" in the Russian banking industry. We look at market concentration and competitiveness and average bank efficiency. A modified method of calculating the indicators of market concentration suggests that main segments of the market have crossed the threshold of high ...
Added: February 25, 2013
Kirdina S., Vernikov A. V., Journal of Economic Issues 2013 Vol. 47 No. 2 P. 475-484
We undertook an institutional anbalysis of commercial banks in Russia. After the failed experiment with private financial intermediation in the 1990s, Russia migrated towards a banking system consisting of three -- rather than two -- tiers and featuring core institutions controlled by the state directly or indirectly. This evolution is consistent with this country's historical ...
Added: May 28, 2013
Vernikov A. V., Desenvolvimento em debate 2015 Vol. 3 No. 2 P. 29-45
The article examines the role of the state in the Russian banking industry. ...
Added: May 31, 2016
Vernikov A. V., / IWH - Halle Institute for Economic Research. Series "IWH Discussion Papers". 2011. No. 13.
State-controlled banks are currently at the core of financial intermediation in Russia. This paper aims to assess the magnitude of government banking, and to reveal some of its special features and arrangements. We distinguish between directly and indirectly state-controlled banks and construct a set of bank-level statistical data covering the period between 2000 and 2011. ...
Added: September 3, 2012