دانلود رایگان مقاله آزادسازی، انگیزه بانکداران و بهره وری

Abstract

Proponents of financial liberalization argue that deregulation motivates bankers to increase their effort and operate at a higher level of efficiency and productivity. Sceptics, however, see that liberalization engenders economic instability and banking crises, and impedes growth. Bank efficiency and productivity, following liberalization, is extensively examined. Nonetheless, the core issue of bankers’ self-motivation remains implicitly assumed and unaddressed. Does liberalization self-motivate bankers and increase their efforts and productivity? This paper models bank productivity from this perspective and evaluates what proportion of banks’ total factor productivity is accounted for by the self-motivated productivity of bankers. We provide a micro-founded framework for the analyses of bankers’ optimal level of effort and effort-driven productivity. Our model also captures banks’ unit input-output prices, optimal wages, bank spread and the overall cost of bank services – measures that are important in evaluating reform policies. We assess the financial liberalization of Nepal as a test case and find that (i) bankers’ efforts and productivity have notably improved in Nepal, although banking services have become costly, and (ii) bank spread has moderately declined in recent years. Our approach is parametric which differs from DEA, hence complements the literature. We hope this analytical framework will be useful to evaluate reform episodes elsewhere.

8. Conclusion

A large body of literature examines whether banking sector efficiency and productivity improves following financial deregulation and reforms, as the proponents of such policies claim. The literature mainly employs non-parametric DEA to investigate some of these issues. We model commercial banks as profit-cum-utility maximizing firms in a parametric approach. Our approach differs from DEA, hence complements the literature. We provide a micro-founded theoretical framework for the analyses of bankers’ optimal level of effort (selfmotivated incentive) and effort-driven productivity following financial liberalization and deregulation of banks. We proxy ex post bank risk through the ratio of non-performing bank loans. Our analytical model also captures issues such as unit prices of banks’ inputs and output, optimal wages, bank spread and the overall cost of bank services. They are issues of relevance in judging the successes and/or failures of liberalization and reform policies.