Concentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?

En este artículo se analizan los efectos de la concentración de mercado y diversificación de ingresos sobre la estabilidad financiera de la banca en el ámbito mundial. Usamos el estimador GMM de Arellano y Bover (1995) para una muestra de 206 países entre 1994 y 2015. Los resultados demuestran que l...

Full description

Autores:
Muñoz-Mendoza, Jorge Andrés
Sepúlveda-Yelpo, Sandra María
Veloso-Ramos, Carmen Lissette
Delgado-Fuentealba, Carlos Leandro
Tipo de recurso:
Article of investigation
Fecha de publicación:
2020
Institución:
Universidad Católica de Colombia
Repositorio:
RIUCaC - Repositorio U. Católica
Idioma:
eng
OAI Identifier:
oai:repository.ucatolica.edu.co:10983/29433
Acceso en línea:
https://hdl.handle.net/10983/29433
https://doi.org/10.14718/revfinanzpolitecon.v12.n2.2020.3270
Palabra clave:
Financial stability
Bank risk
Market concentration
Income diversification
Estabilidad financiera
Riesgo bancario
Concentración de mercado
Diversificación de ingresos
Rights
openAccess
License
http://purl.org/coar/access_right/c_abf2
id UCATOLICA2_d9b03befed6d60219e673ba2824b2deb
oai_identifier_str oai:repository.ucatolica.edu.co:10983/29433
network_acronym_str UCATOLICA2
network_name_str RIUCaC - Repositorio U. Católica
repository_id_str
dc.title.spa.fl_str_mv Concentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?
dc.title.translated.eng.fl_str_mv Market Concentration and Income Diversification: Do They Always Promote the Financial Stability of Banking Industry?
title Concentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?
spellingShingle Concentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?
Financial stability
Bank risk
Market concentration
Income diversification
Estabilidad financiera
Riesgo bancario
Concentración de mercado
Diversificación de ingresos
title_short Concentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?
title_full Concentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?
title_fullStr Concentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?
title_full_unstemmed Concentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?
title_sort Concentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?
dc.creator.fl_str_mv Muñoz-Mendoza, Jorge Andrés
Sepúlveda-Yelpo, Sandra María
Veloso-Ramos, Carmen Lissette
Delgado-Fuentealba, Carlos Leandro
dc.contributor.author.spa.fl_str_mv Muñoz-Mendoza, Jorge Andrés
Sepúlveda-Yelpo, Sandra María
Veloso-Ramos, Carmen Lissette
Delgado-Fuentealba, Carlos Leandro
dc.subject.eng.fl_str_mv Financial stability
Bank risk
Market concentration
Income diversification
topic Financial stability
Bank risk
Market concentration
Income diversification
Estabilidad financiera
Riesgo bancario
Concentración de mercado
Diversificación de ingresos
dc.subject.spa.fl_str_mv Estabilidad financiera
Riesgo bancario
Concentración de mercado
Diversificación de ingresos
description En este artículo se analizan los efectos de la concentración de mercado y diversificación de ingresos sobre la estabilidad financiera de la banca en el ámbito mundial. Usamos el estimador GMM de Arellano y Bover (1995) para una muestra de 206 países entre 1994 y 2015. Los resultados demuestran que la concentración de mercado y la diversificación de ingresos tienen un efecto positivo y no lineal sobre la estabilidad financiera; y negativo y no lineal sobre el riesgo. La no linealidad sugiere que sus efectos se reversan cuando la industria bancaria tiene una elevada concentración y diversificación, observándose una industria menos estable y más riesgosa. La no linealidad establece valores umbrales que son relevantes para el diseño óptimo de políticas financieras y estrategias bancarias.
publishDate 2020
dc.date.accessioned.none.fl_str_mv 2020-08-21 00:00:00
2023-01-23T16:15:54Z
dc.date.available.none.fl_str_mv 2020-08-21 00:00:00
2023-01-23T16:15:54Z
dc.date.issued.none.fl_str_mv 2020-08-21
dc.type.spa.fl_str_mv Artículo de revista
dc.type.coar.eng.fl_str_mv http://purl.org/coar/resource_type/c_2df8fbb1
dc.type.coarversion.eng.fl_str_mv http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.content.eng.fl_str_mv Text
dc.type.driver.eng.fl_str_mv info:eu-repo/semantics/article
dc.type.local.eng.fl_str_mv Journal article
dc.type.redcol.eng.fl_str_mv http://purl.org/redcol/resource_type/ART
dc.type.version.eng.fl_str_mv info:eu-repo/semantics/publishedVersion
format http://purl.org/coar/resource_type/c_2df8fbb1
status_str publishedVersion
dc.identifier.doi.none.fl_str_mv 10.14718/revfinanzpolitecon.v12.n2.2020.3270
dc.identifier.eissn.none.fl_str_mv 2011-7663
dc.identifier.issn.none.fl_str_mv 2248-6046
dc.identifier.uri.none.fl_str_mv https://hdl.handle.net/10983/29433
dc.identifier.url.none.fl_str_mv https://doi.org/10.14718/revfinanzpolitecon.v12.n2.2020.3270
identifier_str_mv 10.14718/revfinanzpolitecon.v12.n2.2020.3270
2011-7663
2248-6046
url https://hdl.handle.net/10983/29433
https://doi.org/10.14718/revfinanzpolitecon.v12.n2.2020.3270
dc.language.iso.eng.fl_str_mv eng
language eng
dc.relation.bitstream.none.fl_str_mv https://revfinypolecon.ucatolica.edu.co/article/download/3270/3679
https://revfinypolecon.ucatolica.edu.co/article/download/3270/3524
https://revfinypolecon.ucatolica.edu.co/article/download/3270/3813
dc.relation.citationedition.spa.fl_str_mv Núm. 2 , Año 2020 : Vol. 12 Núm. 2 (2020)
dc.relation.citationendpage.none.fl_str_mv 365
dc.relation.citationissue.spa.fl_str_mv 2
dc.relation.citationstartpage.none.fl_str_mv 341
dc.relation.citationvolume.spa.fl_str_mv 12
dc.relation.ispartofjournal.spa.fl_str_mv Revista Finanzas y Política Económica
dc.relation.references.eng.fl_str_mv Agoraki, M., Delis, M., & Pasiouras, F. (2011). Regulations, competition and bank risk-taking in transition countries. Journal of Financial Stability, 7(1), 38–48. https://doi.org/10.1016/j.jfs.2009.08.002.
Allen, F., & Gale, D. (2000). Comparing financial systems. MIT Press, Cambridge, Massachussetts.
Amidu, M., & Wolfe, S. (2013). Does bank competition and diversification lead to greater stability? Evidence from emerging markets. Review of Development Finance, 3(3), 152–166. https://doi.org/10.1016/j.rdf.2013.08.002.
Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D.
Athanasoglou, P., Brissimis, S., & Delis, M. (2008). Bank-specific, industry specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001.
Batten, J., & Vo, X. (2016). Bank risk shifting and diversification in an emergingmarket. Risk Management, 18(4), 217–235. https://doi.org/10.1057/s41283-016-0008-2.
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2006). Bank concentration, competition, and crises: First results. Journal of Banking and Finance, 30(5), 1581–1603. https://doi.org/10.1016/j.jbankfin.2005.05.010.
Beck, T., Dermigüç-Kunt, A., & Levine, R. (2007). Bank Concentration and Fragility: Impact and Mechanics. National Bureau of Economic Research, Volume Title: The Risks of Financial Institutions. Chicago: Chicago University Press.
Beck, T., De Jonghe, O., & Schepens, G. (2013). Bank competition and stability: Cross-country heterogeneity. Journal of Financial Intermediation, 22(2), 218–244. https://doi.org/10.1016/j.jfi.2012.07.001.
Berger, A., Hasan, I., Korhonen, I., & Zhou, M. (2010a). Does diversification increase or decrease bank risk and performance? Evidence on diversification and the risk-return tradeoff in banking (June 21, 2010). BOFIT Discussion Paper No. 9/2010. http://dx.doi.org/10.2139/ssrn.1651131.
Berger, A., Hasan, I., & Zhou, M. (2010b). The effects of focus versus diversification on bank performance: Evidence from Chinese banks. Journal of Banking and Finance, 34(7), 1417–1435. https://doi.org/10.1016/j.jbankfin.2010.01.010.
Berger, A., Klapper, L., & Turk-Ariss, R. (2009). Bank competition and financial stability. Journal of Financial Services Research, 35(2), 99–118. https://doi.org/10.1007/s10693-008-0050-7.
Besanko, D., & Thakor, A. (1993). Relationship banking, deposit insurance and bank portfolio. In: Mayer, C., & Vives, X. (Eds.), Capital Markets and Financial Intermediation. Cambridge University Press, Cambridge, UK, 292–318.
Boyd, J., & De Nicolo, G. (2005). The theory of bank risk taking and competition revisited. The Journal of Finance, 60(3), 1329–1343.
Boyd, J., De Nicolo, G., & Jalal, A. (2006). Bank risk taking and competition revisited: new theory and evidence. IMF Working Paper 06/297.
Boyd, J., & Graham, S. (1988). The profitability and risk effects of allowing bank holding companies to merge with other financial firms: A simulation study. Federal Reserve Bank of Minneapolis Quarterly Review, 12(2), 476–514.
Boyd, J., Graham, S., & Hewitt, R. (1993). Bank holding company mergers with nonbank financial firms: Effects on the risk of failure. Journal of Banking and Finance, 17(1), 43–63. https://doi.org/10.1016/0378-4266(93)90079-S.
Carletti, E., & Vives, X. (2009). Regulation and competition policy in the banking sector. In: Vives, X. (ED.) Competition Policy in the EU: Fifty Years on from the Treaty of Rome. New York: Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199566358.003.0010.
Chan, Y-S., Greenbaum, S., & Thakor A. (1986). Information reusability, competition and bank asset quality. Journal of Banking and Finance, 10(2), 243–253. https://doi.org/10.1016/0378-4266(86)90008-7.
Chen, S. & Liao, C. (2011). Are foreign banks more profitable than domestic banks? Home- and host-country effects of banking market structure, governance, and supervision. Journal of Banking and Finance, 35(4), 819–839. https://doi.org/10.1016/j.jbankfin.2010.11.006.
Chiorazzo, V., Milani, C., & Salvini, F. (2008). Income diversification and bank performance: Evidence from Italian banks. Journal of Financial Services Research, 33(3), 181–203. https://doi.org/10.1007/s10693-008-0029-4.
Demirgüç-Kunt, A., & Huizinga, H. (2000). Financial structure and bank profitability. Policy Research Working Paper Series No. 2430. Washington, DC: The World Bank.
Demirgüç-Kunt, A., & Huizinga, H. (2010). Bank activity and funding strategies: The impact on risk and return. Journal of Financial Economics, 98(3), 626–650. https://doi.org/10.1016/j.jfineco.2010.06.004.
Demirgüç-Kunt, A., Laeven, L., & Levine, R. (2004). Regulations, market structure institutions, and the cost of financial intermediation. Journal of Money, Credit, and Banking, 36(3), 593–622. https://www.jstor.org/stable/3838956.
DeYoung, R., & Roland, K. (2001). A risk-return framework for multiple-product industries. In Emmanuel Acar (Ed.), Added Value in Financial Institutions: Risk or return? London: Financial Times/Prentice Hall, 193–198.
Fernández, A., González, F., & Suárez, N. (2010). How institutions and regulation shape the influence of bank concentration on economic growth: International evidence. International Review of Law and Economics, 30(1), 28–36. https://doi.org/10.1016/j.irle.2009.09.001.
Freixas, X., & Rochet, J. (2008). Microeconomics of banking. Second Edition, MIT Press.
Gelos, G. (2009). Banking spreads in Latin America. Economic Inquiry, 47(4), 796–814. https://doi.org/10.1111/j.1465-7295.2008.00144.x.
Goddard, J., McKillop, D., & Wilson, J. (2008). The diversification and financial performance of US credit unions. Journal of Banking and Finance, 32(9), 1836–1849. https://doi.org/10.1016/j.jbankfin.2007.12.015.
Goddard, J., Molyneux, P., & Wilson, J. (2004). The profitability of European banks: A cross-sectional and dynamic panel analysis. The Manchester School, 72(3), 363–381. https://doi.org/10.1111/j.1467-9957.2004.00397.x.
Gregoire, J., & Mendoza, M. (1990). Estructura del mercado financiero. Estudios de Economía, 17(1), 57–70.
Hauswald, R., & Marquez, R. (2006). Competition and strategic information acquisition in credit markets. The Review of Financial Studies, 19(3), 967–1000. https://doi.org/10.1093/rfs/hhj021.
Hellmann, T., Murdock, K., & Stiglitz, J. (2000). Liberalization, moral hazard in banking, and prudential regulation: Are capital requirements enough? The American Economic Review, 90(1), 147–165. https://www.jstor.org/stable/117285.
Im, K., Pesaran, M., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7
Jara, M., Arias, J., & Rodriguez, A. (2014). Determinants of bank performance: Evidence for Latin America. Academia Revista Latinoamericana de Administración, 27(2), 164–182. https://doi.org/10.1108/ARLA-04-2013-0030.
Jeon, J., & Kyu, K. (2013). Bank competition and financial stability: A comparison of commercial banks and mutual savings banks in Korea. Pacific-Basin Finance Journal, 25, 253–272. https://doi.org/10.1016/j.pacfin.2013.10.003.
Jiménez, G., López, J., & Saurina, J. (2013). How does competition impact bank risk-taking? Journal of Financial Stability, 9(2), 185–195. https://doi.org/10.1016/j.jfs.2013.02.004.
Judson, R., & Owen, A. (1999). Estimating dynamic panel data models: A guide for macroeconomists. Economics Letter, 65(1), 9–15. https://doi.org/10.1016/ S0165-1765(99)00130-5.
Keeley, M. (1990). Deposit insurance, risk, and market power in banking. The American Economic Review, 80(5), 1183–1200. https://www.jstor.org/stable/2006769.
King, R., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717–737. https://doi.org/10.2307/2118406.
Klein, M. (1971). A theory of the banking firm. Journal of Money, Credit and Banking, 3(2), 205–218. https://www.jstor.org/stable/1991279.
Köhler, M. (2015). Which banks are more risky? The impact of business models on bank stability. Journal of Financial Stability, 16, 195–212. https://doi.org/10.1016/j.jfs.2014.02.005.
Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003.
Landi A., & Venturelli V. (2001). The diversification strategy of European banks: Determinants and effects on efficiency and profitability. EFMA 2001 Lugano Meetings. http://dx.doi.org/10.2139/ssrn.269841.
Lee, C., Hsieh, M., & Yang, S. (2014). The relationship between revenue diversification and bank performance: Do financial structures and financial reforms matter? Japan and the World Economy, 29, 18–35. https://doi.org/10.1016/j.japwor.2013.11.002.
Liu, H., Molyneux, P., & Nguyen, L. (2012). Competition and risk in South East Asian commercial banking. Applied Economics, 44(28), 3627–3644. https://doi.org/10.1080/00036846.2011.579066.
Martinez-Peria, M., & Mody, A. (2004). How foreign participation and market concentration impact bank spreads: Evidence from Latin America. Journal of Money, Credit and Banking, 36(3), 511–537. https://www.jstor.org/stable/3838950.
Marquez, R. (2002). Competition, adverse selection, and information dispersion in the banking industry. The Review of Financial Studies, 15(3), 901–926. https://doi.org/10.1093/rfs/15.3.901.
Martinez-Miera, D., & Repullo, R. (2010). Does competition reduce the risk of bank failure? The Review of Financial Studies, 23(10), 3638–3664. https://doi.org/10.1093/rfs/hhq057.
Matutes, C., & Vives, X. (2000). Imperfect competition, risk taking and regulation in banking. European Economic Review, 44(1), 1–34. https://doi.org/10.1016/S0014-2921(98)00057-9.
Maudos, J., & Solís, L. (2009). The determinants of net interest income in the Mexican banking system: An integrated model. Journal of Banking and Finance, 33(10), 1920–1931. https://doi.org/10.1016/j.jbankfin.2009.04.012.
Mercieca, S., Schaeck, K., & Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking and Finance, 31(7), 1975–1998. https://doi.org/10.1016/j.jbankfin.2007.01.004.
Mirzaei, A., Liu, G., & Moore, T. (2011). Does market structure matter on banks’ profitability and stability? Emerging versus advanced economies. Economics and Finance Working Paper Series, Department of Economics and Finance, Working Paper No. 11–12. London: Brunel University of London.
Molyneux, P., & Thornton, J. (1992). Determinants of European bank profitability: A note. Journal of Banking and Finance, 16(6), 1173–1178. https://doi.org/10.1016/0378-4266(92)90065-8.
Monti, M. (1972). Deposit, credit, and interest rate determination under alternative bank objectives. In Szego, G. P. & Shell, K. (Eds.), Mathematical methods in investment and finance. Amsterdam: North-Holland.
Petersen, M., & Rajan, R. (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 110(2), 407–443. https://doi.org/10.2307/2118445.
Rose, P. (1989). Diversification of the banking firm. The Financial Review, 24(2), 251–280.
Schaeck, K., Cihak, M., & Wolfe, S. (2009). Are competitive banking systems more stable? Journal of Money, Credit and Banking, 41(4), 711–734. https://doi.org/10.1111/j.1538-4616.2009.00228.x.
Shim, J. (2013). Bank capital buffer and portfolio risk: The influence of business cycle and revenue diversification. Journal of Banking and Finance, 37(3), 761–772. https://doi.org/10.1016/j.jbankfin.2012.10.002.
Smith, B. (1984). Private information, deposit interest rates and the stability of the banking system. Journal of Monetary Economics, 14(3), 293–317. https://doi.org/10.1016/0304-3932(84)90045-X.
Soedarmono, W., Machrouh, F., & Tarazi, A. (2013). Bank competition, crisis and risk taking: Evidence from emerging markets in Asia. Journal of International Financial Markets, Institutions and Money, 23, 196–221. https://doi.org/10.1016/j.intfin.2012.09.009.
Stiglitz, J., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393–410. http://www.jstor.org/stable/1802787.
Stiroh, K. (2004a). Do community banks benefit from diversification? Journal of Financial Service Research, 25(2-3), 135–160. https://doi. org/10.1023/B:FINA.0000020657.59334.76.
Stiroh, K. (2004b). Diversification in banking: Is noninterest income the answer? Journal of Money, Credit and Banking, 36(5), 853–882. https://doi.org/10.1353/mcb.2004.0076.
Stiroh, K. (2006). New evidence on the determinants of bank risk. Journal of Financial Services Research, 30(3), 237–263. https://doi.org/10.1007/s10693-006-0418-5.
Stiroh, K., & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking and Finance, 30(8), 2131–2161. https://doi.org/10.1016/j.jbankfin.2005.04.030.
Tabak, B., Fazio, D., & Cajueiro, D. (2012). The relationship between banking market competition and risk-taking: Do size and capitalization matter? Journal of Banking and Finance, 36(12), 3366–3381. https://doi.org/10.1016/j.jbankfin.2012.07.022.
Templeton, W., & Severiens, J. (1992). The effects of non-bank diversification on bank holding company risk. Quarterly Journal of Business and Economics, 31(4), 3–17. http://www.jstor.org/stable/40473066.
Tsai, Y., Lin, C., & Chen, H. (2015). Optimal diversification, bank value maximization and default probability. Applied Economics, 47(24), 2488–2499. https://doi.org/10.1080/00036846.2015.1008766.
Turk-Ariss, R. (2010). On the implications of market power in banking: Evidence from developing countries. Journal of Banking and Finance, 34(4), 765–775. https://doi.org/10.1016/j.jbankfin.2009.09.004.
Uhde, A., & Heimeshoff, U. (2009). Consolidation in banking and financial stability in Europe: Empirical evidence. Journal of Banking and Finance, 33(7), 1299–1311. https://doi.org/10.1016/j.jbankfin.2009.01.006.
Vives, X. (2016). Competition and stability in banking: The role of regulation and competition policy. Princeton: Princeton University Press, 2016. http://www.jstor.org/stable/j.ctt1q1xs80.
Williamson, S.D. (1986). Costly monitoring, loan contracts and equilibrium credit rationing. The Quarterly Journal of Economics, 102(1), 135–146. https://www.jstor.org/stable/1884684.
Yahya, A., Akhtar, A., & Tabash, M. (2017). The impact of political instability, macroeconomic and bank-specific factors on the profitability of Islamic banks: An empirical evidence. Investment Management and Financial Innovations, 14(4), 30–39. https://doi.org/10.21511/imfi.14(4).2017.04.
dc.rights.accessrights.eng.fl_str_mv info:eu-repo/semantics/openAccess
dc.rights.coar.eng.fl_str_mv http://purl.org/coar/access_right/c_abf2
dc.rights.uri.eng.fl_str_mv https://creativecommons.org/licenses/by-nc-sa/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv http://purl.org/coar/access_right/c_abf2
https://creativecommons.org/licenses/by-nc-sa/4.0/
dc.format.mimetype.eng.fl_str_mv text/html
application/pdf
text/xml
dc.publisher.spa.fl_str_mv Universidad Católica de Colombia
dc.source.eng.fl_str_mv https://revfinypolecon.ucatolica.edu.co/article/view/3270
institution Universidad Católica de Colombia
bitstream.url.fl_str_mv https://repository.ucatolica.edu.co/bitstreams/716c9ce0-9ed3-4c58-857e-e949b20ed1b7/download
bitstream.checksum.fl_str_mv 01ddfe4e85fd2591f86107b9aa23ce6f
bitstream.checksumAlgorithm.fl_str_mv MD5
repository.name.fl_str_mv Repositorio Institucional Universidad Católica de Colombia - RIUCaC
repository.mail.fl_str_mv bdigital@metabiblioteca.com
_version_ 1812183376305586176
spelling Muñoz-Mendoza, Jorge Andrésb7576e5b-a6bc-4ed3-87ad-a40e59ecb324Sepúlveda-Yelpo, Sandra Maríac85bdf50-53d0-447f-b95a-21f8134a3c5bVeloso-Ramos, Carmen Lissette65f5b409-880a-407d-871f-6de0661688a3Delgado-Fuentealba, Carlos Leandrob2d1b0b5-6ff6-4b35-bcf1-9301534a70502020-08-21 00:00:002023-01-23T16:15:54Z2020-08-21 00:00:002023-01-23T16:15:54Z2020-08-21En este artículo se analizan los efectos de la concentración de mercado y diversificación de ingresos sobre la estabilidad financiera de la banca en el ámbito mundial. Usamos el estimador GMM de Arellano y Bover (1995) para una muestra de 206 países entre 1994 y 2015. Los resultados demuestran que la concentración de mercado y la diversificación de ingresos tienen un efecto positivo y no lineal sobre la estabilidad financiera; y negativo y no lineal sobre el riesgo. La no linealidad sugiere que sus efectos se reversan cuando la industria bancaria tiene una elevada concentración y diversificación, observándose una industria menos estable y más riesgosa. La no linealidad establece valores umbrales que son relevantes para el diseño óptimo de políticas financieras y estrategias bancarias.This paper analyzes the effects of market concentration and income diversification on the financial stability of the world banking system. It uses the GMM estimator proposed by Arellano and Bover (1995) to study 206 countries between 1994 and 2015. The results show that market concentration and income diversification have a positive and nonlinear effect on financial stability; and a negative and nonlinear effect on bank risk. The nonlinearity shape suggests that the effects are reversed when the banking industry has a higher market concentration and income diversification. In these cases, lower levels of stability and higher risks would characterize the banking industry. Nonlinearity establishes threshold values that are relevant for the empirical discussion oriented to an optimal design of financial policies and banking strategies.text/htmlapplication/pdftext/xml10.14718/revfinanzpolitecon.v12.n2.2020.32702011-76632248-6046https://hdl.handle.net/10983/29433https://doi.org/10.14718/revfinanzpolitecon.v12.n2.2020.3270engUniversidad Católica de Colombiahttps://revfinypolecon.ucatolica.edu.co/article/download/3270/3679https://revfinypolecon.ucatolica.edu.co/article/download/3270/3524https://revfinypolecon.ucatolica.edu.co/article/download/3270/3813Núm. 2 , Año 2020 : Vol. 12 Núm. 2 (2020)365234112Revista Finanzas y Política EconómicaAgoraki, M., Delis, M., & Pasiouras, F. (2011). Regulations, competition and bank risk-taking in transition countries. Journal of Financial Stability, 7(1), 38–48. https://doi.org/10.1016/j.jfs.2009.08.002.Allen, F., & Gale, D. (2000). Comparing financial systems. MIT Press, Cambridge, Massachussetts.Amidu, M., & Wolfe, S. (2013). Does bank competition and diversification lead to greater stability? Evidence from emerging markets. Review of Development Finance, 3(3), 152–166. https://doi.org/10.1016/j.rdf.2013.08.002.Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D.Athanasoglou, P., Brissimis, S., & Delis, M. (2008). Bank-specific, industry specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001.Batten, J., & Vo, X. (2016). Bank risk shifting and diversification in an emergingmarket. Risk Management, 18(4), 217–235. https://doi.org/10.1057/s41283-016-0008-2.Beck, T., Demirgüç-Kunt, A., & Levine, R. (2006). Bank concentration, competition, and crises: First results. Journal of Banking and Finance, 30(5), 1581–1603. https://doi.org/10.1016/j.jbankfin.2005.05.010.Beck, T., Dermigüç-Kunt, A., & Levine, R. (2007). Bank Concentration and Fragility: Impact and Mechanics. National Bureau of Economic Research, Volume Title: The Risks of Financial Institutions. Chicago: Chicago University Press.Beck, T., De Jonghe, O., & Schepens, G. (2013). Bank competition and stability: Cross-country heterogeneity. Journal of Financial Intermediation, 22(2), 218–244. https://doi.org/10.1016/j.jfi.2012.07.001.Berger, A., Hasan, I., Korhonen, I., & Zhou, M. (2010a). Does diversification increase or decrease bank risk and performance? Evidence on diversification and the risk-return tradeoff in banking (June 21, 2010). BOFIT Discussion Paper No. 9/2010. http://dx.doi.org/10.2139/ssrn.1651131.Berger, A., Hasan, I., & Zhou, M. (2010b). The effects of focus versus diversification on bank performance: Evidence from Chinese banks. Journal of Banking and Finance, 34(7), 1417–1435. https://doi.org/10.1016/j.jbankfin.2010.01.010.Berger, A., Klapper, L., & Turk-Ariss, R. (2009). Bank competition and financial stability. Journal of Financial Services Research, 35(2), 99–118. https://doi.org/10.1007/s10693-008-0050-7.Besanko, D., & Thakor, A. (1993). Relationship banking, deposit insurance and bank portfolio. In: Mayer, C., & Vives, X. (Eds.), Capital Markets and Financial Intermediation. Cambridge University Press, Cambridge, UK, 292–318.Boyd, J., & De Nicolo, G. (2005). The theory of bank risk taking and competition revisited. The Journal of Finance, 60(3), 1329–1343.Boyd, J., De Nicolo, G., & Jalal, A. (2006). Bank risk taking and competition revisited: new theory and evidence. IMF Working Paper 06/297.Boyd, J., & Graham, S. (1988). The profitability and risk effects of allowing bank holding companies to merge with other financial firms: A simulation study. Federal Reserve Bank of Minneapolis Quarterly Review, 12(2), 476–514.Boyd, J., Graham, S., & Hewitt, R. (1993). Bank holding company mergers with nonbank financial firms: Effects on the risk of failure. Journal of Banking and Finance, 17(1), 43–63. https://doi.org/10.1016/0378-4266(93)90079-S.Carletti, E., & Vives, X. (2009). Regulation and competition policy in the banking sector. In: Vives, X. (ED.) Competition Policy in the EU: Fifty Years on from the Treaty of Rome. New York: Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199566358.003.0010.Chan, Y-S., Greenbaum, S., & Thakor A. (1986). Information reusability, competition and bank asset quality. Journal of Banking and Finance, 10(2), 243–253. https://doi.org/10.1016/0378-4266(86)90008-7.Chen, S. & Liao, C. (2011). Are foreign banks more profitable than domestic banks? Home- and host-country effects of banking market structure, governance, and supervision. Journal of Banking and Finance, 35(4), 819–839. https://doi.org/10.1016/j.jbankfin.2010.11.006.Chiorazzo, V., Milani, C., & Salvini, F. (2008). Income diversification and bank performance: Evidence from Italian banks. Journal of Financial Services Research, 33(3), 181–203. https://doi.org/10.1007/s10693-008-0029-4.Demirgüç-Kunt, A., & Huizinga, H. (2000). Financial structure and bank profitability. Policy Research Working Paper Series No. 2430. Washington, DC: The World Bank.Demirgüç-Kunt, A., & Huizinga, H. (2010). Bank activity and funding strategies: The impact on risk and return. Journal of Financial Economics, 98(3), 626–650. https://doi.org/10.1016/j.jfineco.2010.06.004.Demirgüç-Kunt, A., Laeven, L., & Levine, R. (2004). Regulations, market structure institutions, and the cost of financial intermediation. Journal of Money, Credit, and Banking, 36(3), 593–622. https://www.jstor.org/stable/3838956.DeYoung, R., & Roland, K. (2001). A risk-return framework for multiple-product industries. In Emmanuel Acar (Ed.), Added Value in Financial Institutions: Risk or return? London: Financial Times/Prentice Hall, 193–198.Fernández, A., González, F., & Suárez, N. (2010). How institutions and regulation shape the influence of bank concentration on economic growth: International evidence. International Review of Law and Economics, 30(1), 28–36. https://doi.org/10.1016/j.irle.2009.09.001.Freixas, X., & Rochet, J. (2008). Microeconomics of banking. Second Edition, MIT Press.Gelos, G. (2009). Banking spreads in Latin America. Economic Inquiry, 47(4), 796–814. https://doi.org/10.1111/j.1465-7295.2008.00144.x.Goddard, J., McKillop, D., & Wilson, J. (2008). The diversification and financial performance of US credit unions. Journal of Banking and Finance, 32(9), 1836–1849. https://doi.org/10.1016/j.jbankfin.2007.12.015.Goddard, J., Molyneux, P., & Wilson, J. (2004). The profitability of European banks: A cross-sectional and dynamic panel analysis. The Manchester School, 72(3), 363–381. https://doi.org/10.1111/j.1467-9957.2004.00397.x.Gregoire, J., & Mendoza, M. (1990). Estructura del mercado financiero. Estudios de Economía, 17(1), 57–70.Hauswald, R., & Marquez, R. (2006). Competition and strategic information acquisition in credit markets. The Review of Financial Studies, 19(3), 967–1000. https://doi.org/10.1093/rfs/hhj021.Hellmann, T., Murdock, K., & Stiglitz, J. (2000). Liberalization, moral hazard in banking, and prudential regulation: Are capital requirements enough? The American Economic Review, 90(1), 147–165. https://www.jstor.org/stable/117285.Im, K., Pesaran, M., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7Jara, M., Arias, J., & Rodriguez, A. (2014). Determinants of bank performance: Evidence for Latin America. Academia Revista Latinoamericana de Administración, 27(2), 164–182. https://doi.org/10.1108/ARLA-04-2013-0030.Jeon, J., & Kyu, K. (2013). Bank competition and financial stability: A comparison of commercial banks and mutual savings banks in Korea. Pacific-Basin Finance Journal, 25, 253–272. https://doi.org/10.1016/j.pacfin.2013.10.003.Jiménez, G., López, J., & Saurina, J. (2013). How does competition impact bank risk-taking? Journal of Financial Stability, 9(2), 185–195. https://doi.org/10.1016/j.jfs.2013.02.004.Judson, R., & Owen, A. (1999). Estimating dynamic panel data models: A guide for macroeconomists. Economics Letter, 65(1), 9–15. https://doi.org/10.1016/ S0165-1765(99)00130-5.Keeley, M. (1990). Deposit insurance, risk, and market power in banking. The American Economic Review, 80(5), 1183–1200. https://www.jstor.org/stable/2006769.King, R., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717–737. https://doi.org/10.2307/2118406.Klein, M. (1971). A theory of the banking firm. Journal of Money, Credit and Banking, 3(2), 205–218. https://www.jstor.org/stable/1991279.Köhler, M. (2015). Which banks are more risky? The impact of business models on bank stability. Journal of Financial Stability, 16, 195–212. https://doi.org/10.1016/j.jfs.2014.02.005.Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003.Landi A., & Venturelli V. (2001). The diversification strategy of European banks: Determinants and effects on efficiency and profitability. EFMA 2001 Lugano Meetings. http://dx.doi.org/10.2139/ssrn.269841.Lee, C., Hsieh, M., & Yang, S. (2014). The relationship between revenue diversification and bank performance: Do financial structures and financial reforms matter? Japan and the World Economy, 29, 18–35. https://doi.org/10.1016/j.japwor.2013.11.002.Liu, H., Molyneux, P., & Nguyen, L. (2012). Competition and risk in South East Asian commercial banking. Applied Economics, 44(28), 3627–3644. https://doi.org/10.1080/00036846.2011.579066.Martinez-Peria, M., & Mody, A. (2004). How foreign participation and market concentration impact bank spreads: Evidence from Latin America. Journal of Money, Credit and Banking, 36(3), 511–537. https://www.jstor.org/stable/3838950.Marquez, R. (2002). Competition, adverse selection, and information dispersion in the banking industry. The Review of Financial Studies, 15(3), 901–926. https://doi.org/10.1093/rfs/15.3.901.Martinez-Miera, D., & Repullo, R. (2010). Does competition reduce the risk of bank failure? The Review of Financial Studies, 23(10), 3638–3664. https://doi.org/10.1093/rfs/hhq057.Matutes, C., & Vives, X. (2000). Imperfect competition, risk taking and regulation in banking. European Economic Review, 44(1), 1–34. https://doi.org/10.1016/S0014-2921(98)00057-9.Maudos, J., & Solís, L. (2009). The determinants of net interest income in the Mexican banking system: An integrated model. Journal of Banking and Finance, 33(10), 1920–1931. https://doi.org/10.1016/j.jbankfin.2009.04.012.Mercieca, S., Schaeck, K., & Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking and Finance, 31(7), 1975–1998. https://doi.org/10.1016/j.jbankfin.2007.01.004.Mirzaei, A., Liu, G., & Moore, T. (2011). Does market structure matter on banks’ profitability and stability? Emerging versus advanced economies. Economics and Finance Working Paper Series, Department of Economics and Finance, Working Paper No. 11–12. London: Brunel University of London.Molyneux, P., & Thornton, J. (1992). Determinants of European bank profitability: A note. Journal of Banking and Finance, 16(6), 1173–1178. https://doi.org/10.1016/0378-4266(92)90065-8.Monti, M. (1972). Deposit, credit, and interest rate determination under alternative bank objectives. In Szego, G. P. & Shell, K. (Eds.), Mathematical methods in investment and finance. Amsterdam: North-Holland.Petersen, M., & Rajan, R. (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 110(2), 407–443. https://doi.org/10.2307/2118445.Rose, P. (1989). Diversification of the banking firm. The Financial Review, 24(2), 251–280.Schaeck, K., Cihak, M., & Wolfe, S. (2009). Are competitive banking systems more stable? Journal of Money, Credit and Banking, 41(4), 711–734. https://doi.org/10.1111/j.1538-4616.2009.00228.x.Shim, J. (2013). Bank capital buffer and portfolio risk: The influence of business cycle and revenue diversification. Journal of Banking and Finance, 37(3), 761–772. https://doi.org/10.1016/j.jbankfin.2012.10.002.Smith, B. (1984). Private information, deposit interest rates and the stability of the banking system. Journal of Monetary Economics, 14(3), 293–317. https://doi.org/10.1016/0304-3932(84)90045-X.Soedarmono, W., Machrouh, F., & Tarazi, A. (2013). Bank competition, crisis and risk taking: Evidence from emerging markets in Asia. Journal of International Financial Markets, Institutions and Money, 23, 196–221. https://doi.org/10.1016/j.intfin.2012.09.009.Stiglitz, J., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393–410. http://www.jstor.org/stable/1802787.Stiroh, K. (2004a). Do community banks benefit from diversification? Journal of Financial Service Research, 25(2-3), 135–160. https://doi. org/10.1023/B:FINA.0000020657.59334.76.Stiroh, K. (2004b). Diversification in banking: Is noninterest income the answer? Journal of Money, Credit and Banking, 36(5), 853–882. https://doi.org/10.1353/mcb.2004.0076.Stiroh, K. (2006). New evidence on the determinants of bank risk. Journal of Financial Services Research, 30(3), 237–263. https://doi.org/10.1007/s10693-006-0418-5.Stiroh, K., & Rumble, A. (2006). The dark side of diversification: The case of US financial holding companies. Journal of Banking and Finance, 30(8), 2131–2161. https://doi.org/10.1016/j.jbankfin.2005.04.030.Tabak, B., Fazio, D., & Cajueiro, D. (2012). The relationship between banking market competition and risk-taking: Do size and capitalization matter? Journal of Banking and Finance, 36(12), 3366–3381. https://doi.org/10.1016/j.jbankfin.2012.07.022.Templeton, W., & Severiens, J. (1992). The effects of non-bank diversification on bank holding company risk. Quarterly Journal of Business and Economics, 31(4), 3–17. http://www.jstor.org/stable/40473066.Tsai, Y., Lin, C., & Chen, H. (2015). Optimal diversification, bank value maximization and default probability. Applied Economics, 47(24), 2488–2499. https://doi.org/10.1080/00036846.2015.1008766.Turk-Ariss, R. (2010). On the implications of market power in banking: Evidence from developing countries. Journal of Banking and Finance, 34(4), 765–775. https://doi.org/10.1016/j.jbankfin.2009.09.004.Uhde, A., & Heimeshoff, U. (2009). Consolidation in banking and financial stability in Europe: Empirical evidence. Journal of Banking and Finance, 33(7), 1299–1311. https://doi.org/10.1016/j.jbankfin.2009.01.006.Vives, X. (2016). Competition and stability in banking: The role of regulation and competition policy. Princeton: Princeton University Press, 2016. http://www.jstor.org/stable/j.ctt1q1xs80.Williamson, S.D. (1986). Costly monitoring, loan contracts and equilibrium credit rationing. The Quarterly Journal of Economics, 102(1), 135–146. https://www.jstor.org/stable/1884684.Yahya, A., Akhtar, A., & Tabash, M. (2017). The impact of political instability, macroeconomic and bank-specific factors on the profitability of Islamic banks: An empirical evidence. Investment Management and Financial Innovations, 14(4), 30–39. https://doi.org/10.21511/imfi.14(4).2017.04.Jorge Andrés Muñoz Mendoza, Sandra María Sepúlveda Yelpo, Carmen Lissette Veloso Ramos, Carlos Leandro Delgado Fuentealba - 2020info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc-sa/4.0/https://revfinypolecon.ucatolica.edu.co/article/view/3270Financial stabilityBank riskMarket concentrationIncome diversificationEstabilidad financieraRiesgo bancarioConcentración de mercadoDiversificación de ingresosConcentración de mercado y diversificación de ingresos: ¿siempre promueven la estabilidad financiera de la industria bancaria?Market Concentration and Income Diversification: Do They Always Promote the Financial Stability of Banking Industry?Artículo de revistahttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionPublicationOREORE.xmltext/xml2851https://repository.ucatolica.edu.co/bitstreams/716c9ce0-9ed3-4c58-857e-e949b20ed1b7/download01ddfe4e85fd2591f86107b9aa23ce6fMD5110983/29433oai:repository.ucatolica.edu.co:10983/294332023-03-24 16:39:39.949https://creativecommons.org/licenses/by-nc-sa/4.0/Jorge Andrés Muñoz Mendoza, Sandra María Sepúlveda Yelpo, Carmen Lissette Veloso Ramos, Carlos Leandro Delgado Fuentealba - 2020https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com

Publicaciones similares