글로벌 금융위기가 국내 일반은행과 저축은행의 효율성에 미친 영향 분석
The Impact of the Global Financial Crisis on Efficiency of the Domestic Commercial Banks and Savings Banks
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In this study, we analyze how the global financial crisis has affected the efficiency of the domestic commercial banks and savings banks. Using selected input and output variables of the each banking industry, we estimate the bank efficiency by applying the data envelopment analysis (DEA). Based on the efficiency estimates, we study which factors affect bank efficiency. Our result shows that the efficiency of commercial banks substantially deteriorated after 2007. On the contrary, the efficiency of savings banks has continuously improved since 2006. We attribute these results to special management policies on saving banks by the Korean government, self-efforts of savings banks, near completion of restructuring on commercial banks in the 1997 crisis, etc. To find the determinants of efficiency, we use a bootstrap Tobit method because the dependent variable (the efficiency estimate) is censored and a endogeneity problem between the dependent variable and independent variables arises from using a simple Tobit method. We find two important things from the regression analysis. First, among the independent variables, BIS ratio has a positive effect on efficiency before the global crisis, but it has nothing to do with efficiency after the crisis. Second, the bigger the scale or the credit of banks, the less the efficiency of banks. These two findings are based on improper operations of the savings banks. From the results of this research, we arguably say that savings banks overcome the global financial crisis more rapidly than commercial banks. In order to judge, however, whether this argument is right or not, subsequent analyses with more accumulated data sets are needed.
Abstract
In this study, we analyze how the global financial crisis has affected the efficiency of the domestic commercial banks and savings banks. Using selected input and output variables of the each banking industry, we estimate the bank efficiency by applying the data envelopment analysis (DEA). Based on the efficiency estimates, we study which factors affect bank efficiency. Our result shows that the efficiency of commercial banks substantially deteriorated after 2007. On the contrary, the efficiency of savings banks has continuously improved since 2006. We attribute these results to special management policies on saving banks by the Korean government, self-efforts of savings banks, near completion of restructuring on commercial banks in the 1997 crisis, etc. To find the determinants of efficiency, we use a bootstrap Tobit method because the dependent variable (the efficiency estimate) is censored and a endogeneity problem between the dependent variable and independent variables arises from using a simple Tobit method. We find two important things from the regression analysis. First, among the independent variables, BIS ratio has a positive effect on efficiency before the global crisis, but it has nothing to do with efficiency after the crisis. Second, the bigger the scale or the credit of banks, the less the efficiency of banks. These two findings are based on improper operations of the savings banks. From the results of this research, we arguably say that savings banks overcome the global financial crisis more rapidly than commercial banks. In order to judge, however, whether this argument is right or not, subsequent analyses with more accumulated data sets are needed.
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