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 andCross-border BankingMatter?Mohammed AmiduResearch Paper 458Bringing Rigour and Evidence to Economic Policy Making in Africa Bank Competition in Africa:Do Institutional Quality andCross-border Banking Matter?ByMohammed AmiduUniversity of GhanaAERC Research Paper 458African Economic Research Consortium, NairobiAugust 2021 This research study was supported by a grant from the African Economic ResearchConsortium. The findings, opinions and recommendations are those of the author,however, and do not necessarily reflect the views of the Consortium, its individualmembers or the AERC Secretariat.Published by: The African Economic Research ConsortiumP.O. Box 62882 - City SquareNairobi 00200, KenyaISBN9789966-61-156-7© 2021, African Economic Research Consortium. Contents1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. Evolution of Banking in Africa and literature review. . . . . . . . . . . . . . . . . . . . 43. Data and methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84. Empirical results. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165. Conclusion and policy implications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 List of tablesTable 1: Estimates of bank competition using Boone method . . . . . . . . . . . .18Table 2: Average bank competition in Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . .20Table 3: Pair-wise correlation coeicient between selected variables . . . . .22Table 4: Determinants of bank competition with institutional quality . . . . .24Table 5: Determinants of bank competition withcross-border banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26Table 6: Determinants of bank competition usingBoone indicator and Lerner index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28Table 7: The sensitivity of competition to cross-borderbanking and institutional quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30Table 8: Determinants of bank competition:Controlling for banking freedom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32Table 9: Determinants of bank competition: Controllingfor capital stringent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34Table 10: Determinants of bank competition:Controlling for risk expropriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36Table 11: Determinants of bank competition:Controlling regulatory variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38Table A1: Sample coverage and average of country level variables . . . . . . .46Table A2: Bank-specific variables: Averages for the period 2002-2009 . . . . .47Table A3: Summary of variables definition and sources. . . . . . . . . . . . . . . . . .48 List of guresFigure 1: Ownership structure of banks in Africa . . . . . . . . . . . . . . . . . . . . . . . . . 5Figure A1: Trend in bank competition for regions of Africa over time . . . . . .17Figure A1: Trend in bank competition for regions of Africa over time . . . . . .49 List of abbreviations and acronymsBMCECBBBanque Marocaine du Commerce ExtérieurCross-border BankingCPIConsumer Price IndexEACEast African CommunityECOWASGDPICRGIQEconomic Community of West African StatesGross Domestic ProductInternational Country Risk GuideInstitutional QualityNEIOSCPSADCUBANew Empirical Industrial OrganizationStructure Conduct PerformanceSouthern African Development CommunityUnited Bank for Africa AbstractThis study analyses the implications of cross-border banking (CBB) and institutionalquality (IQ) for bank competition in Africa. We apply a two-step estimation procedureusing bank-level panel data for 29 African countries. In step one, the Boone indicatorand 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 emphasison the impact of CBB and IQ. The results suggest that competition increased in theperiod2002-2005,before decreasing somewhat between 2006 and 2007 and increasingagain therecompetition in African countries with stronger governance structures and instituti