Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
Titulo:

Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
.

Sumario:

En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una rápida recuperación en las medidas de eficiencia, a excepción de la eficiencia en costos, lo cual sugiere que, ante choques externos, los costos de ajuste de la industria bancaria son mayores. Las fusiones y adquisiciones dentro de la industria contribuyen de forma importante al incremento en la eficiencia bancaria.

Guardado en:

Revista de Economía Institucional

0124-5996

2346-2450

Sarmiento, Miguel

Mutis, Hernando

Cepeda, Andrés

Pérez, Juan F.

UNIVERSIDAD EXTERNADO DE COLOMBIA

10.18601/01245996.v20n38.07

20

2018-04-04

157

183

Colombia

frontera de eficiencia

sistema financiero

métodos no paramétricos

fusiones y adquisiciones

fronteira de eficiência

sistema financeiro

métodos não paramétricos

fusões e aquisições

info:eu-repo/semantics/openAccess

http://purl.org/coar/access_right/c_abf2

id metarevistapublica_uexternado_revistadeeconomiainstitucional_17_article_5276
record_format ojs
spelling Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
Impact of mergers and acquisitions on the efficiency of banking in Colombia
En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una rápida recuperación en las medidas de eficiencia, a excepción de la eficiencia en costos, lo cual sugiere que, ante choques externos, los costos de ajuste de la industria bancaria son mayores. Las fusiones y adquisiciones dentro de la industria contribuyen de forma importante al incremento en la eficiencia bancaria.
This article evaluates the efficiency of Colombian banking using nonparametric border models. The results indicate that there has been a gradual increase in efficiency and that the global financial crisis of 2008 affected this trend. Since 2009 there has been a rapid recovery of efficiency measures, except for cost efficiency. This suggests that, in the face of external shocks, the adjustment costs of banks are greater. Mergers and acquisitions contribute to the increase in banking efficiency.
Sarmiento, Miguel
Mutis, Hernando
Cepeda, Andrés
Pérez, Juan F.
efficiency frontier
financial system
non-parametric methods
fusions and acquisitions
C14
G34
D24
frontera de eficiencia
sistema financiero
métodos no paramétricos
fusiones y adquisiciones
C14
G34
D24
fronteira de eficiência
sistema financeiro
métodos não paramétricos
fusões e aquisições
C14
G34
D24
20
38
Núm. 38 , Año 2018 : Enero-Junio
Artículo de revista
Journal article
2018-04-04T00:00:00Z
2018-04-04T00:00:00Z
2018-04-04
application/pdf
application/xml
text/html
Universidad Externado de Colombia
Revista de Economía Institucional
0124-5996
2346-2450
https://revistas.uexternado.edu.co/index.php/ecoins/article/view/5276
10.18601/01245996.v20n38.07
https://doi.org/10.18601/01245996.v20n38.07
spa
https://creativecommons.org/licenses/by-nc-sa/4.0/
157
183
Ahn, J. y Sarmiento, M. (2017). Estimating the direct impact of bank liquidity shocks on the real economy: Evidence from letter-of-credit import transactions in Colombia. Mimeo, Washington DC: FMI.
Aigner, D., Lovell, C. y P. Schmidt. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 1(6), 21-37.
Alam, I. M. (2001). A nonparametric approach for assessing productivity dynamics of large U.S. banks. Journal of Money, Credit and Banking, 33(1), 121-139.
Allen, J., Engert, W. y Liu, Y. (2006). Are Canadian banks efficient? A Canada-U.S. comparison. Bank of Canada working paper 2006-33.
Almanza, C. (2012). Eficiencia en costos de la banca en Colombia, 1999-2007: una aproximación no paramétrica. Innovar, 22(44), 67-78.
Altunbas, Y., Gardener, E., Molyneux, P. et al. (2001). Efficiency in European banking. European Economic Review, 45, 1931-1955.
Atkinson, S., Cornwell, C. y Honerkamp, O. (2003). Measuring and decomposing productivity change: Stochastic distance function estimation versus data envelopment analysis. Journal of Business and Economic Statistics, 21(2), 284-294.
Banker, R., Charnes, A. y Cooper, W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 9(30), 1078-1092.
Barajas, A., Steiner, R. y Salazar, A. (2002). The impact of liberalization and foreign direct investment in Colombia’s financial sector. Journal of Development Economics, 23, 157-196.
Battese, G. y Coelli, T. (1995). A model for technical inefficiency effects in stochastic frontier production function for panel data. Empirical Economic, 20(2), 325-332.
Berg, S., Førsund, F. y Jansen, E. (1992). Malmquist indices of productivity growth during the deregulation of Norwegian banking 1980-89. Scandinavian Journal of Economics, 94 (supplement), 211-228.
Berger, A. y Bowman, C. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146-176.
Berger, A. y Humphrey, D. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175-212.
Berrío, D. y Muñoz, S. (2005). Análisis de la eficiencia relativa del sistema bancario en Colombia en el periodo 1993-2003 y propuesta estratégica de fortalecimiento. Pensamiento y Gestión, 18, 1-36.
Carletti, E., Hartmann, P. Y Spagn, G. (2007). Bank mergers, competition, and liquidity. Journal of Money Credit & Banking, 39(5), 1067-1105.
Casu, B., Girardone, C. y Molyneux, P. (2004). Productivity change in European Banking: A comparison of parametric and non-parametric approaches. Journal of Banking & Finance, 28, 2521-2540.
Caves, R., Christensen, L. y Diewert, W. (1982). The economic theory of index numbers and the measurement of input, output and productivity. Econometrica, 50, 1393-1414.
Cepeda, A., Sarmiento, M. y Mutis, H. (2010). Eficiencia del sector bancario en Colombia 2000-2009: una medición a partir de frontera estocástica. Mimeo, presentado en el XX Simposio Nacional de Estadística de la Universidad Nacional de Colombia, Santa Marta.
Chansarn. S. (2008). The relative efficiency of commercial banks in Thailand: DEA Approach. International Research Journal of Finance and Economics, 18, 53-68.
Charnes, A., Cooper, W. y Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2, 429-444.
Claus, I., Jacobsen, V y Jera, B. (2004). Financial systems and economic growth: An evaluation framework for policy. Wellington, New Zealand Treasury working paper 04/17.
Clavijo, S., Rojas, C., Salamanca, C. et al. (2006). Mergers and acquisitions in the Colombian Financial Sector: Impact on Efficiency, 1990-2005. Bogotá: ANIF.
Coelli, T., Prasada, D. y Battese, G. (1998). An introduction to efficiency and productivity analysis. Boston: Kluwer Academic Publisher.
Cooper, W., Seiford, L., y Zhu, J. (2004). Handbook on data envelopment analysis. Boston: Kluwer Academic Publishers.
Davis, K. (2007). Banking concentration, financial stability and public policy. Mimeo, Reserve Bank of Australia Conference.
Decanay, S. J. (2007). Malmquist index and technical efficiency of Philippine commercial banks in the post-Asian financial crisis period. Philippine Management Review, 14, 93-114.
DeYoung, D., Evanoff, D. y Molyneux, P. (2009). Mergers and acquisitions of financial institutions: A review of the post-2000 literature. Journal of Financial Services Research, 36(2-3), 87-110.
Dias, D., Huang, Y., Rey, H. et al. (2017). International channels of monetary policy: Evidence of financial and real effects on emerging markets. Mimeo, Bogotá: Banco de la República.
Dolar, V. y Meh, C. (2002). Financial structure and economic growth: A non-technical survey. Bank of Canada, working paper 2002-24.
Estrada, D., y Osorio, P. (2004). Efectos del capital financiero en la eficiencia del sistema bancario colombiano. Ensayos sobre Política Económica, 47. Bogotá: Banco de la República.
Färe, R., Grifell-T., E., Grosskopf, S. et al. (1997). Biased technical change and the Malmquist productivity index, Scandinavian Journal of Economics, 99(1), 119-127.
Färe, R., Grosskopf, S. Norris, S. et al. (1994). Productivity growth, technical progress, and efficiency changes in industrialized countries. American Economic Review, 84, 66-83.
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of Royal Statical Society, 120, 253-290.
Fiorentino, E., Karmann, A. y Koetter, M. (2006). The cost efficiency of German banks: A comparison of SFA and DEA. Discussion Paper Series 2: Banking and Financial Studies, 10, Deutsche Bundesbank.
Galán, J., Veiga, H. y Wiper, M. (2015). Dynamic effects in inefficiency: Evidence from the Colombian banking sector. European Journal of Operational Research, 240(2), 562-571.
Galán, J. E. y Sarmiento, M. (2008). Banknote printing at modern central banking: Trends, costs and efficiency. Money Affairs, 21(2), 217-262.
Gómez, E., Lizarazo, A., Mendoza, J. y Murcia, A. (2016). Evaluating the impact of macroprudential policies in Colombia. Mimeo, Bogotá: Banco de la República.
Herrera, S. y Pang, G. (2005). How efficient is public spending in education? Ensayos sobre Política Económica, 51, Bogotá: Banco de la República, 136-201.
Hughes, J., Mester, L. y Moon, C. (2001). Are scale economies in banking elusive or illusive? Evidence obtained by incorporating capital structure and risk-taking into models of bank production. Journal of Banking & Finance, 25(12), 2169-2208.
Hughes, J. y Mester, L. (1993). A quality and risk-adjusted cost function for banks: Evidence on the too-big-to-fail doctrine. Journal of Productivity Analysis, 4(3), 293-315.
Hughes, J., Land, W., Mester, L. et al. (1996). Efficient banking under interstate branching. Journal of Money, Credit, and Banking, 28(4), 1045-1071.
Jemric, I. y Vujcic, B. (2002). Efficiency of banks in Croatia: A DEA approach. Comparative Economic Studies, 44(2-3), 169-193.
Jonas, M. y King, S. (2008). Bank efficiency and the effectiveness of monetary policy. Contemporary Economic Policy, 26, 579-589.
Koetter, M. (2008). An assessment of bank merger success in Germany. German Economic Review, 9(2), 232-264.
Kumbhakar, S. y Lovell, C. (2000). Stochastic frontier analysis. Cambridge, Mass.: Cambridge University Press.
León, C., Machado, C., Cepeda, F. et al. (2012). Systemic risk in large value payment systems in Colombia: A network topology and payments simulation approach. En M. Hellqvist y T. Laine (eds.), Diagnostics for the financial markets, computational studies of payment system (pp. 267-313). Helsinki: Bank of Finland.
Pirateque, J., Piñeros, J. y Mondragón, L. (2013). Eficiencia de los establecimientos bancarios (EB): una aproximación mediante modelos DEA. Borradores de Economía 798. Bogotá: Banco de la República.
Resti, A. (1997). Evaluating the cost efficiency of the Italian banking system: What can be learned from the joint application of parametric and nonparametric techniques. Journal of Banking & Finance, 21(2), 221-250.
Sarmiento, M. (2006). ¿Cómo medir la eficiencia del sector público? Lecciones para Colombia a partir de los recientes enfoques de frontera eficiente. Mimeo, Seminario Técnico del Departamento Nacional de Planeación. Bogotá: DNP.
Sarmiento, M. y Galán, J. (2017). The influence of risk-taking on bank efficiency: Evidence from Colombia. Emerging Markets Review, 32, 52-73.
Seiford, L. y Thrall, R. (1990). Recent developments in DEA: The mathematical approach to frontier analysis. Journal of Econometrics, 46(1-2), 7-38.
Staub, R., Da Silva, G. y Tabak, B. (2010). Evolution of bank efficiency in Brazil: A DEA approach. European Journal of Operational Research, 202(1), 204-213.
Turati, G. (2003). Cost efficiency and profitability in European commercial banking: Implications for antitrust analysis. Tesis de doctorado, Universidad de Turín.
Wang, H., y Schmidt, P. (2002). One step and two step estimation of the effects of exogenous variables on technical efficiency levels. Journal of Productivity Analysis, 18(2), 129-144.
Weill, L. (2004). Measuring cost efficiency in European banking: A comparison of frontier techniques. Journal of Productivity Analysis, 21(2), 133-152.
Wheelock, D. y Wilson, P. (2003). Robust non-parametric estimation of efficiency and technical change in U.S commercial banking. Federal Reserve Bank of St. Louis working paper.
Wheelock, D. y Wilson, P. (1999). Technical progress, inefficiency and productivity change in U.S. banking, 1984-1993. Journal of Money, Credit and Banking, 31(2), 213-234.
Wilcoxon, F. (1945). Individual comparisons by ranking methods. Biometrics Bulletin, 1(6), 80-83.
https://revistas.uexternado.edu.co/index.php/ecoins/article/download/5276/6404
https://revistas.uexternado.edu.co/index.php/ecoins/article/download/5276/6768
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Text
Publication
institution UNIVERSIDAD EXTERNADO DE COLOMBIA
thumbnail https://nuevo.metarevistas.org/UNIVERSIDADEXTERNADODECOLOMBIA/logo.png
country_str Colombia
collection Revista de Economía Institucional
title Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
spellingShingle Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
Sarmiento, Miguel
Mutis, Hernando
Cepeda, Andrés
Pérez, Juan F.
efficiency frontier
financial system
non-parametric methods
fusions and acquisitions
frontera de eficiencia
sistema financiero
métodos no paramétricos
fusiones y adquisiciones
fronteira de eficiência
sistema financeiro
métodos não paramétricos
fusões e aquisições
title_short Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_full Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_fullStr Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_full_unstemmed Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_sort impacto de las fusiones y adquisiciones en la eficiencia de la banca en colombia
title_eng Impact of mergers and acquisitions on the efficiency of banking in Colombia
description En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una rápida recuperación en las medidas de eficiencia, a excepción de la eficiencia en costos, lo cual sugiere que, ante choques externos, los costos de ajuste de la industria bancaria son mayores. Las fusiones y adquisiciones dentro de la industria contribuyen de forma importante al incremento en la eficiencia bancaria.
description_eng This article evaluates the efficiency of Colombian banking using nonparametric border models. The results indicate that there has been a gradual increase in efficiency and that the global financial crisis of 2008 affected this trend. Since 2009 there has been a rapid recovery of efficiency measures, except for cost efficiency. This suggests that, in the face of external shocks, the adjustment costs of banks are greater. Mergers and acquisitions contribute to the increase in banking efficiency.
author Sarmiento, Miguel
Mutis, Hernando
Cepeda, Andrés
Pérez, Juan F.
author_facet Sarmiento, Miguel
Mutis, Hernando
Cepeda, Andrés
Pérez, Juan F.
topic efficiency frontier
financial system
non-parametric methods
fusions and acquisitions
frontera de eficiencia
sistema financiero
métodos no paramétricos
fusiones y adquisiciones
fronteira de eficiência
sistema financeiro
métodos não paramétricos
fusões e aquisições
topic_facet efficiency frontier
financial system
non-parametric methods
fusions and acquisitions
frontera de eficiencia
sistema financiero
métodos no paramétricos
fusiones y adquisiciones
fronteira de eficiência
sistema financeiro
métodos não paramétricos
fusões e aquisições
topicspa_str_mv frontera de eficiencia
sistema financiero
métodos no paramétricos
fusiones y adquisiciones
fronteira de eficiência
sistema financeiro
métodos não paramétricos
fusões e aquisições
citationvolume 20
citationissue 38
citationedition Núm. 38 , Año 2018 : Enero-Junio
publisher Universidad Externado de Colombia
ispartofjournal Revista de Economía Institucional
source https://revistas.uexternado.edu.co/index.php/ecoins/article/view/5276
language spa
format Article
rights https://creativecommons.org/licenses/by-nc-sa/4.0/
info:eu-repo/semantics/openAccess
http://purl.org/coar/access_right/c_abf2
references Ahn, J. y Sarmiento, M. (2017). Estimating the direct impact of bank liquidity shocks on the real economy: Evidence from letter-of-credit import transactions in Colombia. Mimeo, Washington DC: FMI.
Aigner, D., Lovell, C. y P. Schmidt. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 1(6), 21-37.
Alam, I. M. (2001). A nonparametric approach for assessing productivity dynamics of large U.S. banks. Journal of Money, Credit and Banking, 33(1), 121-139.
Allen, J., Engert, W. y Liu, Y. (2006). Are Canadian banks efficient? A Canada-U.S. comparison. Bank of Canada working paper 2006-33.
Almanza, C. (2012). Eficiencia en costos de la banca en Colombia, 1999-2007: una aproximación no paramétrica. Innovar, 22(44), 67-78.
Altunbas, Y., Gardener, E., Molyneux, P. et al. (2001). Efficiency in European banking. European Economic Review, 45, 1931-1955.
Atkinson, S., Cornwell, C. y Honerkamp, O. (2003). Measuring and decomposing productivity change: Stochastic distance function estimation versus data envelopment analysis. Journal of Business and Economic Statistics, 21(2), 284-294.
Banker, R., Charnes, A. y Cooper, W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 9(30), 1078-1092.
Barajas, A., Steiner, R. y Salazar, A. (2002). The impact of liberalization and foreign direct investment in Colombia’s financial sector. Journal of Development Economics, 23, 157-196.
Battese, G. y Coelli, T. (1995). A model for technical inefficiency effects in stochastic frontier production function for panel data. Empirical Economic, 20(2), 325-332.
Berg, S., Førsund, F. y Jansen, E. (1992). Malmquist indices of productivity growth during the deregulation of Norwegian banking 1980-89. Scandinavian Journal of Economics, 94 (supplement), 211-228.
Berger, A. y Bowman, C. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146-176.
Berger, A. y Humphrey, D. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175-212.
Berrío, D. y Muñoz, S. (2005). Análisis de la eficiencia relativa del sistema bancario en Colombia en el periodo 1993-2003 y propuesta estratégica de fortalecimiento. Pensamiento y Gestión, 18, 1-36.
Carletti, E., Hartmann, P. Y Spagn, G. (2007). Bank mergers, competition, and liquidity. Journal of Money Credit & Banking, 39(5), 1067-1105.
Casu, B., Girardone, C. y Molyneux, P. (2004). Productivity change in European Banking: A comparison of parametric and non-parametric approaches. Journal of Banking & Finance, 28, 2521-2540.
Caves, R., Christensen, L. y Diewert, W. (1982). The economic theory of index numbers and the measurement of input, output and productivity. Econometrica, 50, 1393-1414.
Cepeda, A., Sarmiento, M. y Mutis, H. (2010). Eficiencia del sector bancario en Colombia 2000-2009: una medición a partir de frontera estocástica. Mimeo, presentado en el XX Simposio Nacional de Estadística de la Universidad Nacional de Colombia, Santa Marta.
Chansarn. S. (2008). The relative efficiency of commercial banks in Thailand: DEA Approach. International Research Journal of Finance and Economics, 18, 53-68.
Charnes, A., Cooper, W. y Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2, 429-444.
Claus, I., Jacobsen, V y Jera, B. (2004). Financial systems and economic growth: An evaluation framework for policy. Wellington, New Zealand Treasury working paper 04/17.
Clavijo, S., Rojas, C., Salamanca, C. et al. (2006). Mergers and acquisitions in the Colombian Financial Sector: Impact on Efficiency, 1990-2005. Bogotá: ANIF.
Coelli, T., Prasada, D. y Battese, G. (1998). An introduction to efficiency and productivity analysis. Boston: Kluwer Academic Publisher.
Cooper, W., Seiford, L., y Zhu, J. (2004). Handbook on data envelopment analysis. Boston: Kluwer Academic Publishers.
Davis, K. (2007). Banking concentration, financial stability and public policy. Mimeo, Reserve Bank of Australia Conference.
Decanay, S. J. (2007). Malmquist index and technical efficiency of Philippine commercial banks in the post-Asian financial crisis period. Philippine Management Review, 14, 93-114.
DeYoung, D., Evanoff, D. y Molyneux, P. (2009). Mergers and acquisitions of financial institutions: A review of the post-2000 literature. Journal of Financial Services Research, 36(2-3), 87-110.
Dias, D., Huang, Y., Rey, H. et al. (2017). International channels of monetary policy: Evidence of financial and real effects on emerging markets. Mimeo, Bogotá: Banco de la República.
Dolar, V. y Meh, C. (2002). Financial structure and economic growth: A non-technical survey. Bank of Canada, working paper 2002-24.
Estrada, D., y Osorio, P. (2004). Efectos del capital financiero en la eficiencia del sistema bancario colombiano. Ensayos sobre Política Económica, 47. Bogotá: Banco de la República.
Färe, R., Grifell-T., E., Grosskopf, S. et al. (1997). Biased technical change and the Malmquist productivity index, Scandinavian Journal of Economics, 99(1), 119-127.
Färe, R., Grosskopf, S. Norris, S. et al. (1994). Productivity growth, technical progress, and efficiency changes in industrialized countries. American Economic Review, 84, 66-83.
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of Royal Statical Society, 120, 253-290.
Fiorentino, E., Karmann, A. y Koetter, M. (2006). The cost efficiency of German banks: A comparison of SFA and DEA. Discussion Paper Series 2: Banking and Financial Studies, 10, Deutsche Bundesbank.
Galán, J., Veiga, H. y Wiper, M. (2015). Dynamic effects in inefficiency: Evidence from the Colombian banking sector. European Journal of Operational Research, 240(2), 562-571.
Galán, J. E. y Sarmiento, M. (2008). Banknote printing at modern central banking: Trends, costs and efficiency. Money Affairs, 21(2), 217-262.
Gómez, E., Lizarazo, A., Mendoza, J. y Murcia, A. (2016). Evaluating the impact of macroprudential policies in Colombia. Mimeo, Bogotá: Banco de la República.
Herrera, S. y Pang, G. (2005). How efficient is public spending in education? Ensayos sobre Política Económica, 51, Bogotá: Banco de la República, 136-201.
Hughes, J., Mester, L. y Moon, C. (2001). Are scale economies in banking elusive or illusive? Evidence obtained by incorporating capital structure and risk-taking into models of bank production. Journal of Banking & Finance, 25(12), 2169-2208.
Hughes, J. y Mester, L. (1993). A quality and risk-adjusted cost function for banks: Evidence on the too-big-to-fail doctrine. Journal of Productivity Analysis, 4(3), 293-315.
Hughes, J., Land, W., Mester, L. et al. (1996). Efficient banking under interstate branching. Journal of Money, Credit, and Banking, 28(4), 1045-1071.
Jemric, I. y Vujcic, B. (2002). Efficiency of banks in Croatia: A DEA approach. Comparative Economic Studies, 44(2-3), 169-193.
Jonas, M. y King, S. (2008). Bank efficiency and the effectiveness of monetary policy. Contemporary Economic Policy, 26, 579-589.
Koetter, M. (2008). An assessment of bank merger success in Germany. German Economic Review, 9(2), 232-264.
Kumbhakar, S. y Lovell, C. (2000). Stochastic frontier analysis. Cambridge, Mass.: Cambridge University Press.
León, C., Machado, C., Cepeda, F. et al. (2012). Systemic risk in large value payment systems in Colombia: A network topology and payments simulation approach. En M. Hellqvist y T. Laine (eds.), Diagnostics for the financial markets, computational studies of payment system (pp. 267-313). Helsinki: Bank of Finland.
Pirateque, J., Piñeros, J. y Mondragón, L. (2013). Eficiencia de los establecimientos bancarios (EB): una aproximación mediante modelos DEA. Borradores de Economía 798. Bogotá: Banco de la República.
Resti, A. (1997). Evaluating the cost efficiency of the Italian banking system: What can be learned from the joint application of parametric and nonparametric techniques. Journal of Banking & Finance, 21(2), 221-250.
Sarmiento, M. (2006). ¿Cómo medir la eficiencia del sector público? Lecciones para Colombia a partir de los recientes enfoques de frontera eficiente. Mimeo, Seminario Técnico del Departamento Nacional de Planeación. Bogotá: DNP.
Sarmiento, M. y Galán, J. (2017). The influence of risk-taking on bank efficiency: Evidence from Colombia. Emerging Markets Review, 32, 52-73.
Seiford, L. y Thrall, R. (1990). Recent developments in DEA: The mathematical approach to frontier analysis. Journal of Econometrics, 46(1-2), 7-38.
Staub, R., Da Silva, G. y Tabak, B. (2010). Evolution of bank efficiency in Brazil: A DEA approach. European Journal of Operational Research, 202(1), 204-213.
Turati, G. (2003). Cost efficiency and profitability in European commercial banking: Implications for antitrust analysis. Tesis de doctorado, Universidad de Turín.
Wang, H., y Schmidt, P. (2002). One step and two step estimation of the effects of exogenous variables on technical efficiency levels. Journal of Productivity Analysis, 18(2), 129-144.
Weill, L. (2004). Measuring cost efficiency in European banking: A comparison of frontier techniques. Journal of Productivity Analysis, 21(2), 133-152.
Wheelock, D. y Wilson, P. (2003). Robust non-parametric estimation of efficiency and technical change in U.S commercial banking. Federal Reserve Bank of St. Louis working paper.
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