非洲的银行竞争：机构质量和跨境银行业重要吗？（英）-2021-58页

Bank Competition in Africa: Do Institutional Quality and Cross-border Banking Matter? Mohammed Amidu Research Paper 458 Bringing Rigour and Evidence to Economic Policy Making in Africa Bank Competition in Africa: Do Institutional Quality and Cross-border Banking Matter? By Mohammed Amidu University of Ghana AERC Research Paper 458 African Economic Research Consortium, Nairobi August 2021 This research study was supported by a grant from the African Economic Research Consortium. The findings, opinions and recommendations are those of the author, however, and do not necessarily reflect the views of the Consortium, its individual members or the AERC Secretariat. Published by: The African Economic Research Consortium P.O. Box 62882 - City Square Nairobi 00200, Kenya ISBN 9789966-61-156-7 © 2021, African Economic Research Consortium. Contents 1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2. Evolution of Banking in Africa and literature review. . . . . . . . . . . . . . . . . . . . 4 3. Data and methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 4. Empirical results. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 5. Conclusion and policy implications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 List of tables Table 1: Estimates of bank competition using Boone method . . . . . . . . . . . .18 Table 2: Average bank competition in Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 Table 3: Pair-wise correlation coefficient between selected variables . . . . .22 Table 4: Determinants of bank competition with institutional quality . . . . .24 Table 5: Determinants of bank competition with cross-border banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 Table 6: Determinants of bank competition using Boone indicator and Lerner index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 Table 7: The sensitivity of competition to cross-border banking and institutional quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Table 8: Determinants of bank competition: Controlling for banking freedom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 Table 9: Determinants of bank competition: Controlling for capital stringent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 Table 10: Determinants of bank competition: Controlling for risk expropriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 Table 11: Determinants of bank competition: Controlling regulatory variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38 Table A1: Sample coverage and average of country level variables . . . . . . .46 Table A2: Bank-specific variables: Averages for the period 2002-2009 . . . . .47 Table A3: Summary of variables definition and sources. . . . . . . . . . . . . . . . . .48 List of figures Figure 1: Ownership structure of banks in Africa . . . . . . . . . . . . . . . . . . . . . . . . . 5 Figure A1: Trend in bank competition for regions of Africa over time . . . . . .17 Figure A1: Trend in bank competition for regions of Africa over time . . . . . .49 List of abbreviations and acronyms BMCE CBB Banque Marocaine du Commerce Extérieur Cross-border Banking CPI Consumer Price Index EAC East African Community ECOWAS GDP ICRG IQ Economic Community of West African States Gross Domestic Product International Country Risk Guide Institutional Quality NEIO SCP SADC UBA New Empirical Industrial Organization Structure Conduct Performance Southern African Development Community United Bank for Africa Abstract This study analyses the implications of cross-border banking (CBB) and institutional quality (IQ) for bank competition in Africa. We apply a two-step estimation procedure using bank-level panel data for 29 African countries. In step one, the Boone indicator and the Lerner index are used to gauge bank competition in a given country in Africa. In the second step, we analyse the sources of bank competition, placing emphasis on the impact of CBB and IQ. The results suggest that competition increased in the period2002-2005,before decreasing somewhat between 2006 and 2007 and increasing again there competition in African countries with stronger governance structures and instituti