[雙語翻譯]外文翻譯--相對權力和效率是拉丁美洲銀行盈利能力的主要決定因素

1、4000 英文單詞， 英文單詞，2.1 萬英文字符，中文 萬英文字符，中文 6500 字文獻出處 文獻出處:Guillén J, Rengifo E W, Ozsoz E. Relative power and efficiency as a main determinant of banks' profitability in Latin America[J]. Borsa Istanbul Review, 2014

2、, 14(2):119-125.Relative power and efficiency as a main determinant of banks’ profitability in Latin AmericaJorge Guille´n, Erick W. Rengifo, Emre OzsozAbstractDespite the financial sector liberalization and opennes

3、s that started in the earlier 90’s and significant macroeconomic development as well as increasing inflow of capital toward the region, there is not any evidence of the reduction of interest rates as well as banks’ profi

4、ts in Latin America. In this paper we develop a model to estimate the determinants of Latin American banks’ profitability and, try to understand the reasons why banks are reluctant to decrease their interest rate spreads

5、 even when change in competitiveness in the financial system is improving. By using Data Envelopment Analysis to better exploit the information of several variables at the same time and, by employing a sample of 200 Bank

6、s located in Argentina, Bolivia, Brazil, Costa Rica, Ecuador, El Salvador, Mexico, Nicaragua, Paraguay, Peru, Uruguay and Venezuela; we find that banks’ profits grew consistently above the normal levels of profits adjust

7、ed by risk. Our results show that banks in Latin America have been profiting from their oligopolistic position in detriment of their clients in particular and of their whole economy in general.Keywords: Data Envelopment

8、 Analysis; Latin American banks; Banks’ profitability; Market concentration1. IntroductionDuring the 90’s most of Latin American economies started to open their economies and to liberalize their financial sys- tems which

9、 were mostly controlled by their governments until then (Quispe-Agnoly respectively. Table 1 shows that besides the significant participation of foreign capital in the banking system, there is still an evident banking c

10、oncentration: The top5 banks of each of the economies presented here captured between 44 and 77% of the overall deposits in the system. This table shows that concentration and market imperfection, i.e. oligopoly, appears

11、 to be a typical characteristic in the banking system in this region.From Tables 1 and 2,we can observe that Brazil and Argentina have the largest number of banks. However and even though both countries have more than 10

12、0 banks, their banks’ deposit concentration is not only high but also has increased since 1990 from 44% to 47% and from 16% to 27% for Argentina and Brazil, respectively. Peru’s concentration has decreased (from 77% to 7

13、1%) but it is still one of the highest in the region. Accordingly, the size of the country or the number of banks does not matter and, apparently, there is always a high concentration ratio that term assets that are illi

14、quid. This leaves banks vulnerable to runs in the presence of uncertainty and/or sudden stops in capital flows.● Highly leveraged banks have an incentive to engage in risky behavior. If the gamble works, shareholders ben

15、efit; if it does not, the lenders bear the cost. This is a typical agency problem for banks. There is also asymmetrical information because depositors are not well informed of a bank’s activities and potential risks.Howe

16、ver, Casu, Girardone, and Molyneux (2013) found different result in the relationship between competition stability and competition-fragility described by Northcott (2004). They found empirically some difficulties associa

17、ted with competition and risk in banking industry. In this paper we focus on the determinants of banks’ profitability without discussing the relationship between competition-stability (fragility). We plan to work on this

18、 relationship as future research.Based on the issues described above, our starting hypothesis is that internal relative power and efficiency play against interest rates reductions in the Latin American case. In particula

19、r, we are interested about the relationship of banks’ concentration and efficiency in the system, which potentially can explain the reasons why interest rates did not decrease and, incorporate this knowledge to understan

20、d the determinants of banks’ profitability for a sample of banks in this region. For this, we use measures of efficiency, bank con- centration and relative power that may play important role in determining banks’ profita

21、bility.9 Recent literature such as Kasman and Carvallo (2013) has also shown us that “banks with market power . seem to be able to pass on to customers the cost of raising capital buffers and provisioning for risk” which

22、 leads us to believe that we will find a significant relationship between market power and efficiency.In addition, we analyze the latter variables under the four hypothesis claimed by Berger (1995) for an American datase

23、t of banks. Three of them are: Relative Market Power (RMP), Struc- ture Conduct Performance (SCP) and Efficient Structure Economy (ES). The Relative Market Power hypothesis claims that firms with large market shares and

24、well-differentiated products are able to exercise market power (Monopolistic Competition). The Structure Conduct Performance asserts that concentration permit less favorable condition to consumers: low rates of deposits

25、and higher loan rates. Finally, the Efficient Structure claims that size matter for profits because they are scale-dependent. Efficient Structure permit higher profits because a firm is able to produce at lower cost in c

26、omparison to their competitors.Our findings presented below suggest that efficiency accounts for most of the profitability attained by banks. However, our results also show that concentration (measured as the natural log

27、- arithm of banks’ total assets) is also an important factor explaining banks’ profitability. This latter finding together with the fact that our efficiency measure considers banks’ management decision making process by

28、incorporating the necessary input allocation and product mix decision needed to attract deposits and make favorable loans and investments, controlling at the same time for all risks (market, credit, liquidity, interest,

29、inflation, among others), shows that banks’ profits grew consistently above the normal levels of profits adjusted by risk, i.e. meaning that banks in Latin America have been profiting from their oligopolistic position in

30、 detriment of their clients in particular and of the whole economy in general.The paper is organized as follows. Section 2 presents a brief description of the data used in this paper and Section 3 develops the model spec