Different contracts in the Civil Code for different organizations in the market: comparing co-operative and stock banks using a cost frontier approach

GILBERTO TURATI

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Different contracts in the Civil Code for different organizations in the market: comparing co-operative and stock banks using a cost frontier approach

机译：针对市场中不同组织的民法典中的不同合同：使用成本前沿方法比较合作银行和股份银行

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In this paper, I propose an empirical test of the main prediction of the theoretical literature on the firm as an incentive structure using data on the Italian markets, where two types of co-operative banks co-exist together with stock banks. I estimate a standard translog cost frontier and I derive cost efficiency scores. Kruskall-Wallis tests indicate that mean efficiency scores are statistically different among the three types of banks, providing empirical support to the theoretical prediction that different organizations represent different incentive structures. Moreover, co-operatives banks appear more efficient than stock banks. These results are robust also after controlling for the size of banks and the quality of their credit policies in a second-stage analysis. Hence, the efficiency gains stemming from the presence of scale economies seem to be dominated by the efficiency losses caused by the agency relationships within the bank in a more complex organization.

机译：在本文中，我提出了一项使用意大利市场数据对公司作为激励结构的公司理论文献的主要预测进行的实证检验，在意大利市场上，两种类型的合作银行与股票银行共存。我估算了标准的对数成本边界，并得出了成本效率得分。 Kruskall-Wallis检验表明，三种类型的银行之间的平均效率得分在统计上是不同的，这为不同组织代表不同激励结构的理论预测提供了经验支持。而且，合作社银行似乎比股票银行更有效率。在第二阶段分析中控制了银行的规模及其信贷政策的质量之后，这些结果也是可靠的。因此，规模经济的存在带来的效率提高似乎是由更复杂的组织中银行内部代理关系造成的效率损失所支配的。

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《Journal of institutional economics》 |2010年第4期|p.543-567|共25页
作者
GILBERTO TURATI;
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Department of Economics and Public Finance 'G. Prato', University of Torino, Italy;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Different contracts in the Civil Code for different organizations in the market: comparing co-operative and stock banks using a cost frontier approach

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