Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia

En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una r...

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Autores:
Sarmiento, Miguel
Mutis, Hernando
Cepeda, Andrés
Pérez, Juan F.
Tipo de recurso:
Article of journal
Fecha de publicación:
2018
Institución:
Universidad Externado de Colombia
Repositorio:
Biblioteca Digital Universidad Externado de Colombia
Idioma:
spa
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oai:bdigital.uexternado.edu.co:001/12179
Acceso en línea:
https://bdigital.uexternado.edu.co/handle/001/12179
https://doi.org/10.18601/01245996.v20n38.07
Palabra clave:
efficiency frontier
financial system
non-parametric methods
fusions and acquisitions
C14
G34
D24
frontera de eficiencia
sistema financiero
métodos no paramétricos
fusiones y adquisiciones
C14
G34
D24
fronteira de eficiência
sistema financeiro
métodos não paramétricos
fusões e aquisições
C14
G34
D24
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http://purl.org/coar/access_right/c_abf2
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network_name_str Biblioteca Digital Universidad Externado de Colombia
repository_id_str
dc.title.spa.fl_str_mv Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
dc.title.translated.eng.fl_str_mv Impact of mergers and acquisitions on the efficiency of banking in Colombia
title Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
spellingShingle Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
efficiency frontier
financial system
non-parametric methods
fusions and acquisitions
C14
G34
D24
frontera de eficiencia
sistema financiero
métodos no paramétricos
fusiones y adquisiciones
C14
G34
D24
fronteira de eficiência
sistema financeiro
métodos não paramétricos
fusões e aquisições
C14
G34
D24
title_short Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_full Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_fullStr Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_full_unstemmed Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_sort Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
dc.creator.fl_str_mv Sarmiento, Miguel
Mutis, Hernando
Cepeda, Andrés
Pérez, Juan F.
dc.contributor.author.spa.fl_str_mv Sarmiento, Miguel
Mutis, Hernando
Cepeda, Andrés
Pérez, Juan F.
dc.subject.eng.fl_str_mv efficiency frontier
financial system
non-parametric methods
fusions and acquisitions
C14
G34
D24
topic efficiency frontier
financial system
non-parametric methods
fusions and acquisitions
C14
G34
D24
frontera de eficiencia
sistema financiero
métodos no paramétricos
fusiones y adquisiciones
C14
G34
D24
fronteira de eficiência
sistema financeiro
métodos não paramétricos
fusões e aquisições
C14
G34
D24
dc.subject.spa.fl_str_mv frontera de eficiencia
sistema financiero
métodos no paramétricos
fusiones y adquisiciones
C14
G34
D24
fronteira de eficiência
sistema financeiro
métodos não paramétricos
fusões e aquisições
C14
G34
D24
description En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una rápida recuperación en las medidas de eficiencia, a excepción de la eficiencia en costos, lo cual sugiere que, ante choques externos, los costos de ajuste de la industria bancaria son mayores. Las fusiones y adquisiciones dentro de la industria contribuyen de forma importante al incremento en la eficiencia bancaria.
publishDate 2018
dc.date.accessioned.none.fl_str_mv 2018-04-04 00:00:00
2022-09-09T21:17:17Z
dc.date.available.none.fl_str_mv 2018-04-04 00:00:00
2022-09-09T21:17:17Z
dc.date.issued.none.fl_str_mv 2018-04-04
dc.type.spa.fl_str_mv Artículo de revista
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dc.relation.citationedition.spa.fl_str_mv Núm. 38 , Año 2018 : Enero-Junio
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dc.relation.references.spa.fl_str_mv Ahn, J. y Sarmiento, M. (2017). Estimating the direct impact of bank liquidity shocks on the real economy: Evidence from letter-of-credit import transactions in Colombia. Mimeo, Washington DC: FMI.
Aigner, D., Lovell, C. y P. Schmidt. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 1(6), 21-37.
Alam, I. M. (2001). A nonparametric approach for assessing productivity dynamics of large U.S. banks. Journal of Money, Credit and Banking, 33(1), 121-139.
Allen, J., Engert, W. y Liu, Y. (2006). Are Canadian banks efficient? A Canada-U.S. comparison. Bank of Canada working paper 2006-33.
Almanza, C. (2012). Eficiencia en costos de la banca en Colombia, 1999-2007: una aproximación no paramétrica. Innovar, 22(44), 67-78.
Altunbas, Y., Gardener, E., Molyneux, P. et al. (2001). Efficiency in European banking. European Economic Review, 45, 1931-1955.
Atkinson, S., Cornwell, C. y Honerkamp, O. (2003). Measuring and decomposing productivity change: Stochastic distance function estimation versus data envelopment analysis. Journal of Business and Economic Statistics, 21(2), 284-294.
Banker, R., Charnes, A. y Cooper, W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 9(30), 1078-1092.
Barajas, A., Steiner, R. y Salazar, A. (2002). The impact of liberalization and foreign direct investment in Colombia’s financial sector. Journal of Development Economics, 23, 157-196.
Battese, G. y Coelli, T. (1995). A model for technical inefficiency effects in stochastic frontier production function for panel data. Empirical Economic, 20(2), 325-332.
Berg, S., Førsund, F. y Jansen, E. (1992). Malmquist indices of productivity growth during the deregulation of Norwegian banking 1980-89. Scandinavian Journal of Economics, 94 (supplement), 211-228.
Berger, A. y Bowman, C. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146-176.
Berger, A. y Humphrey, D. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175-212.
Berrío, D. y Muñoz, S. (2005). Análisis de la eficiencia relativa del sistema bancario en Colombia en el periodo 1993-2003 y propuesta estratégica de fortalecimiento. Pensamiento y Gestión, 18, 1-36.
Carletti, E., Hartmann, P. Y Spagn, G. (2007). Bank mergers, competition, and liquidity. Journal of Money Credit & Banking, 39(5), 1067-1105.
Casu, B., Girardone, C. y Molyneux, P. (2004). Productivity change in European Banking: A comparison of parametric and non-parametric approaches. Journal of Banking & Finance, 28, 2521-2540.
Caves, R., Christensen, L. y Diewert, W. (1982). The economic theory of index numbers and the measurement of input, output and productivity. Econometrica, 50, 1393-1414.
Cepeda, A., Sarmiento, M. y Mutis, H. (2010). Eficiencia del sector bancario en Colombia 2000-2009: una medición a partir de frontera estocástica. Mimeo, presentado en el XX Simposio Nacional de Estadística de la Universidad Nacional de Colombia, Santa Marta.
Chansarn. S. (2008). The relative efficiency of commercial banks in Thailand: DEA Approach. International Research Journal of Finance and Economics, 18, 53-68.
Charnes, A., Cooper, W. y Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2, 429-444.
Claus, I., Jacobsen, V y Jera, B. (2004). Financial systems and economic growth: An evaluation framework for policy. Wellington, New Zealand Treasury working paper 04/17.
Clavijo, S., Rojas, C., Salamanca, C. et al. (2006). Mergers and acquisitions in the Colombian Financial Sector: Impact on Efficiency, 1990-2005. Bogotá: ANIF.
Coelli, T., Prasada, D. y Battese, G. (1998). An introduction to efficiency and productivity analysis. Boston: Kluwer Academic Publisher.
Cooper, W., Seiford, L., y Zhu, J. (2004). Handbook on data envelopment analysis. Boston: Kluwer Academic Publishers.
Davis, K. (2007). Banking concentration, financial stability and public policy. Mimeo, Reserve Bank of Australia Conference.
Decanay, S. J. (2007). Malmquist index and technical efficiency of Philippine commercial banks in the post-Asian financial crisis period. Philippine Management Review, 14, 93-114.
DeYoung, D., Evanoff, D. y Molyneux, P. (2009). Mergers and acquisitions of financial institutions: A review of the post-2000 literature. Journal of Financial Services Research, 36(2-3), 87-110.
Dias, D., Huang, Y., Rey, H. et al. (2017). International channels of monetary policy: Evidence of financial and real effects on emerging markets. Mimeo, Bogotá: Banco de la República.
Dolar, V. y Meh, C. (2002). Financial structure and economic growth: A non-technical survey. Bank of Canada, working paper 2002-24.
Estrada, D., y Osorio, P. (2004). Efectos del capital financiero en la eficiencia del sistema bancario colombiano. Ensayos sobre Política Económica, 47. Bogotá: Banco de la República.
Färe, R., Grifell-T., E., Grosskopf, S. et al. (1997). Biased technical change and the Malmquist productivity index, Scandinavian Journal of Economics, 99(1), 119-127.
Färe, R., Grosskopf, S. Norris, S. et al. (1994). Productivity growth, technical progress, and efficiency changes in industrialized countries. American Economic Review, 84, 66-83.
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of Royal Statical Society, 120, 253-290.
Fiorentino, E., Karmann, A. y Koetter, M. (2006). The cost efficiency of German banks: A comparison of SFA and DEA. Discussion Paper Series 2: Banking and Financial Studies, 10, Deutsche Bundesbank.
Galán, J., Veiga, H. y Wiper, M. (2015). Dynamic effects in inefficiency: Evidence from the Colombian banking sector. European Journal of Operational Research, 240(2), 562-571.
Galán, J. E. y Sarmiento, M. (2008). Banknote printing at modern central banking: Trends, costs and efficiency. Money Affairs, 21(2), 217-262.
Gómez, E., Lizarazo, A., Mendoza, J. y Murcia, A. (2016). Evaluating the impact of macroprudential policies in Colombia. Mimeo, Bogotá: Banco de la República.
Herrera, S. y Pang, G. (2005). How efficient is public spending in education? Ensayos sobre Política Económica, 51, Bogotá: Banco de la República, 136-201.
Hughes, J., Mester, L. y Moon, C. (2001). Are scale economies in banking elusive or illusive? Evidence obtained by incorporating capital structure and risk-taking into models of bank production. Journal of Banking & Finance, 25(12), 2169-2208.
Hughes, J. y Mester, L. (1993). A quality and risk-adjusted cost function for banks: Evidence on the too-big-to-fail doctrine. Journal of Productivity Analysis, 4(3), 293-315.
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Jemric, I. y Vujcic, B. (2002). Efficiency of banks in Croatia: A DEA approach. Comparative Economic Studies, 44(2-3), 169-193.
Jonas, M. y King, S. (2008). Bank efficiency and the effectiveness of monetary policy. Contemporary Economic Policy, 26, 579-589.
Koetter, M. (2008). An assessment of bank merger success in Germany. German Economic Review, 9(2), 232-264.
Kumbhakar, S. y Lovell, C. (2000). Stochastic frontier analysis. Cambridge, Mass.: Cambridge University Press.
León, C., Machado, C., Cepeda, F. et al. (2012). Systemic risk in large value payment systems in Colombia: A network topology and payments simulation approach. En M. Hellqvist y T. Laine (eds.), Diagnostics for the financial markets, computational studies of payment system (pp. 267-313). Helsinki: Bank of Finland.
Pirateque, J., Piñeros, J. y Mondragón, L. (2013). Eficiencia de los establecimientos bancarios (EB): una aproximación mediante modelos DEA. Borradores de Economía 798. Bogotá: Banco de la República.
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spelling Sarmiento, Migueldbc79e43-8a3f-49a5-9388-929b0608e43dMutis, Hernandoc9ee2650-27b7-427b-96a4-bb565978294eCepeda, Andrésb8385955-2825-4254-885d-6bb5780b346dPérez, Juan F.6fbaed5e-6ccb-4d8b-9502-b388f37b594f2018-04-04 00:00:002022-09-09T21:17:17Z2018-04-04 00:00:002022-09-09T21:17:17Z2018-04-04En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una rápida recuperación en las medidas de eficiencia, a excepción de la eficiencia en costos, lo cual sugiere que, ante choques externos, los costos de ajuste de la industria bancaria son mayores. Las fusiones y adquisiciones dentro de la industria contribuyen de forma importante al incremento en la eficiencia bancaria.This article evaluates the efficiency of Colombian banking using nonparametric border models. The results indicate that there has been a gradual increase in efficiency and that the global financial crisis of 2008 affected this trend. Since 2009 there has been a rapid recovery of efficiency measures, except for cost efficiency. This suggests that, in the face of external shocks, the adjustment costs of banks are greater. Mergers and acquisitions contribute to the increase in banking efficiency.application/pdfapplication/xmltext/html10.18601/01245996.v20n38.072346-24500124-5996https://bdigital.uexternado.edu.co/handle/001/12179https://doi.org/10.18601/01245996.v20n38.07spaUniversidad Externado de Colombiahttps://revistas.uexternado.edu.co/index.php/ecoins/article/download/5276/6404https://revistas.uexternado.edu.co/index.php/ecoins/article/download/5276/6768https://revistas.uexternado.edu.co/index.php/ecoins/article/download/5276/6954Núm. 38 , Año 2018 : Enero-Junio1833815720Revista de Economía InstitucionalAhn, J. y Sarmiento, M. (2017). Estimating the direct impact of bank liquidity shocks on the real economy: Evidence from letter-of-credit import transactions in Colombia. Mimeo, Washington DC: FMI.Aigner, D., Lovell, C. y P. Schmidt. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 1(6), 21-37.Alam, I. M. (2001). A nonparametric approach for assessing productivity dynamics of large U.S. banks. Journal of Money, Credit and Banking, 33(1), 121-139.Allen, J., Engert, W. y Liu, Y. (2006). Are Canadian banks efficient? A Canada-U.S. comparison. Bank of Canada working paper 2006-33.Almanza, C. (2012). Eficiencia en costos de la banca en Colombia, 1999-2007: una aproximación no paramétrica. Innovar, 22(44), 67-78.Altunbas, Y., Gardener, E., Molyneux, P. et al. (2001). Efficiency in European banking. European Economic Review, 45, 1931-1955.Atkinson, S., Cornwell, C. y Honerkamp, O. (2003). Measuring and decomposing productivity change: Stochastic distance function estimation versus data envelopment analysis. Journal of Business and Economic Statistics, 21(2), 284-294.Banker, R., Charnes, A. y Cooper, W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 9(30), 1078-1092.Barajas, A., Steiner, R. y Salazar, A. (2002). The impact of liberalization and foreign direct investment in Colombia’s financial sector. Journal of Development Economics, 23, 157-196.Battese, G. y Coelli, T. (1995). A model for technical inefficiency effects in stochastic frontier production function for panel data. Empirical Economic, 20(2), 325-332.Berg, S., Førsund, F. y Jansen, E. (1992). Malmquist indices of productivity growth during the deregulation of Norwegian banking 1980-89. Scandinavian Journal of Economics, 94 (supplement), 211-228.Berger, A. y Bowman, C. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146-176.Berger, A. y Humphrey, D. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175-212.Berrío, D. y Muñoz, S. (2005). Análisis de la eficiencia relativa del sistema bancario en Colombia en el periodo 1993-2003 y propuesta estratégica de fortalecimiento. Pensamiento y Gestión, 18, 1-36.Carletti, E., Hartmann, P. Y Spagn, G. (2007). Bank mergers, competition, and liquidity. Journal of Money Credit & Banking, 39(5), 1067-1105.Casu, B., Girardone, C. y Molyneux, P. (2004). Productivity change in European Banking: A comparison of parametric and non-parametric approaches. Journal of Banking & Finance, 28, 2521-2540.Caves, R., Christensen, L. y Diewert, W. (1982). The economic theory of index numbers and the measurement of input, output and productivity. Econometrica, 50, 1393-1414.Cepeda, A., Sarmiento, M. y Mutis, H. (2010). Eficiencia del sector bancario en Colombia 2000-2009: una medición a partir de frontera estocástica. Mimeo, presentado en el XX Simposio Nacional de Estadística de la Universidad Nacional de Colombia, Santa Marta.Chansarn. S. (2008). The relative efficiency of commercial banks in Thailand: DEA Approach. International Research Journal of Finance and Economics, 18, 53-68.Charnes, A., Cooper, W. y Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2, 429-444.Claus, I., Jacobsen, V y Jera, B. (2004). Financial systems and economic growth: An evaluation framework for policy. Wellington, New Zealand Treasury working paper 04/17.Clavijo, S., Rojas, C., Salamanca, C. et al. (2006). Mergers and acquisitions in the Colombian Financial Sector: Impact on Efficiency, 1990-2005. Bogotá: ANIF.Coelli, T., Prasada, D. y Battese, G. (1998). An introduction to efficiency and productivity analysis. Boston: Kluwer Academic Publisher.Cooper, W., Seiford, L., y Zhu, J. (2004). Handbook on data envelopment analysis. Boston: Kluwer Academic Publishers.Davis, K. (2007). Banking concentration, financial stability and public policy. Mimeo, Reserve Bank of Australia Conference.Decanay, S. J. (2007). Malmquist index and technical efficiency of Philippine commercial banks in the post-Asian financial crisis period. Philippine Management Review, 14, 93-114.DeYoung, D., Evanoff, D. y Molyneux, P. (2009). Mergers and acquisitions of financial institutions: A review of the post-2000 literature. Journal of Financial Services Research, 36(2-3), 87-110.Dias, D., Huang, Y., Rey, H. et al. (2017). International channels of monetary policy: Evidence of financial and real effects on emerging markets. Mimeo, Bogotá: Banco de la República.Dolar, V. y Meh, C. (2002). Financial structure and economic growth: A non-technical survey. Bank of Canada, working paper 2002-24.Estrada, D., y Osorio, P. (2004). Efectos del capital financiero en la eficiencia del sistema bancario colombiano. Ensayos sobre Política Económica, 47. Bogotá: Banco de la República.Färe, R., Grifell-T., E., Grosskopf, S. et al. (1997). Biased technical change and the Malmquist productivity index, Scandinavian Journal of Economics, 99(1), 119-127.Färe, R., Grosskopf, S. Norris, S. et al. (1994). Productivity growth, technical progress, and efficiency changes in industrialized countries. American Economic Review, 84, 66-83.Farrell, M. J. (1957). The measurement of productive efficiency. Journal of Royal Statical Society, 120, 253-290.Fiorentino, E., Karmann, A. y Koetter, M. (2006). The cost efficiency of German banks: A comparison of SFA and DEA. Discussion Paper Series 2: Banking and Financial Studies, 10, Deutsche Bundesbank.Galán, J., Veiga, H. y Wiper, M. (2015). Dynamic effects in inefficiency: Evidence from the Colombian banking sector. European Journal of Operational Research, 240(2), 562-571.Galán, J. E. y Sarmiento, M. (2008). Banknote printing at modern central banking: Trends, costs and efficiency. Money Affairs, 21(2), 217-262.Gómez, E., Lizarazo, A., Mendoza, J. y Murcia, A. (2016). 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Biometrics Bulletin, 1(6), 80-83.info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc-sa/4.0/https://revistas.uexternado.edu.co/index.php/ecoins/article/view/5276efficiency frontierfinancial systemnon-parametric methodsfusions and acquisitionsC14G34D24frontera de eficienciasistema financierométodos no paramétricosfusiones y adquisicionesC14G34D24fronteira de eficiênciasistema financeirométodos não paramétricosfusões e aquisiçõesC14G34D24Impacto de las fusiones y adquisiciones en la eficiencia de la banca en ColombiaImpact of mergers and acquisitions on the efficiency of banking in ColombiaArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTREFinfo:eu-repo/semantics/publishedVersionPublicationOREORE.xmltext/xml2687https://bdigital.uexternado.edu.co/bitstreams/69aba5bc-4b24-47a3-b635-948aca169b0f/downloadcc0f0acd65ddb64e634d027fa0e1324bMD51001/12179oai:bdigital.uexternado.edu.co:001/121792023-08-14 15:18:17.489https://creativecommons.org/licenses/by-nc-sa/4.0/https://bdigital.uexternado.edu.coUniversidad Externado de Colombiametabiblioteca@metabiblioteca.org

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