II Jornadas de Integración Económica. Grupo INTECO. Valencia, 1-2 de Diciembre de 2005. Comments on: ‘Efficiency and market power in Spanish banking’ Andrés.

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Presentation transcript:

II Jornadas de Integración Económica. Grupo INTECO. Valencia, 1-2 de Diciembre de Comments on: ‘Efficiency and market power in Spanish banking’ Andrés J. Picazo Universitat de València II Jornadas de Integración Económica. Grupo INTECO. Valencia, 1-2 de Diciembre de Comments on: ‘Efficiency and market power in Spanish banking’ by R. Färe, S. Grosskopf and E. Tortosa-Ausina Andrés J. Picazo Universitat de València

II Jornadas de Integración Económica. Grupo INTECO. Universidad de Valencia, 1-2 de Diciembre de Efficiency and market power in Spanish banking Comments on ‘Efficiency and market power in Spanish banking’, by R. Färe, S. Grosskopf and E. Tortosa-Ausina. Aim of the paper:  The manuscript explores how efficiency is related to profitability in Spanish banking.  In a first stage, both cost and revenue efficiencies are computed using Data Envelopment Analysis.  In a second stage, the relationship between efficiency and profitability (return-to-the-dollar) is investigated using non-parametric procedures.

II Jornadas de Integración Económica. Grupo INTECO. Universidad de Valencia, 1-2 de Diciembre de Efficiency and market power in Spanish banking Comments on ‘Efficiency and market power in Spanish banking’, by R. Färe, S. Grosskopf and E. Tortosa-Ausina. Main results:  Results show a wide casuistry.  Nonetheless, let me highlight that:  Considering both revenue and cost inefficiencies adds a noteworthy value to the paper.  Simultaneous existence of low (allocative) efficiency and high profitability suggests the existence of market power in the Spanish banking industry.

II Jornadas de Integración Económica. Grupo INTECO. Universidad de Valencia, 1-2 de Diciembre de Efficiency and market power in Spanish banking Comments on ‘Efficiency and market power in Spanish banking’, by R. Färe, S. Grosskopf and E. Tortosa-Ausina. General comments:  High quality manuscript.  The paper embodies both highly sophisticated methodology and sound empirical results.  Beyond their academic interest, findings might provide policy-makers with meaningful information.

II Jornadas de Integración Económica. Grupo INTECO. Universidad de Valencia, 1-2 de Diciembre de Efficiency and market power in Spanish banking Comments on ‘Efficiency and market power in Spanish banking’, by R. Färe, S. Grosskopf and E. Tortosa-Ausina. Concerning the first stage:  Unlike most of the existing literature, profit efficiency in banking is analysed.  DEA: a good choice!!!.  Generally speaking, empirical results make sense.  Just a thought: are all tables and figures strictly necessary????.

II Jornadas de Integración Económica. Grupo INTECO. Universidad de Valencia, 1-2 de Diciembre de Efficiency and market power in Spanish banking Comments on ‘Efficiency and market power in Spanish banking’, by R. Färe, S. Grosskopf and E. Tortosa-Ausina. As to the second stage:  Relationship between efficiency and profitability is analysed in a (non-conventional) way, considering that profitability can explain efficiency (‘inverse causality’).  More intuition on this issue is, perhaps, needed.  A methodological novelty is also proposed: nonparametric and spline smoothing regression.

II Jornadas de Integración Económica. Grupo INTECO. Universidad de Valencia, 1-2 de Diciembre de Efficiency and market power in Spanish banking Comments on ‘Efficiency and market power in Spanish banking’, by R. Färe, S. Grosskopf and E. Tortosa-Ausina. As to the second stage (one more comment):  Just a suggestion: have a look to L. Simar and P. Wilson (2006), ‘Estimation and inference in two- stage, semi-parametric models of production processes’. Journal of Econometrics, in press.

II Jornadas de Integración Económica. Grupo INTECO. Universidad de Valencia, 1-2 de Diciembre de Efficiency and market power in Spanish banking Comments on ‘Efficiency and market power in Spanish banking’, by R. Färe, S. Grosskopf and E. Tortosa-Ausina.  Summing up: Really good paper!!!!!! Congratulations.