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Bank competition in India: revisiting the application of Panzar-Rosse model

机译：印度银行竞争：重新审视Panzar-Rosse模型的应用

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Purpose - The paper measures the degree of bank competition in Indian banking over the period 1996-2016. Using bank-level annual data, we revisit the case of banking competitiveness during the prefinancial and postfinancial crisis and examine whether the global financial crisis alters the level of bank competition in India. Additionally, this paper addresses the misspecification issues associated with the widely used Panzar-Rosse model in Indian banking context. Design/methodology/approach - We apply Panzar and Rosse (1987) //-statistic and evaluate the degree of bank competition by estimating the extent to which changes in input prices are reflected in revenues earned by banks. Subsequently, we link this measure of competitiveness to a number of structural indicators (HHI and CRn) to examine the structure«mduct-performance hypothesis, which assumes that a concentrated banking system can impair competition. The simple panel regression model was used to handle the empirical estimations. Findings - findings reveal that the Indian banking system operates under competitive conditions and earns revenues as if under the monopolistic competition. We also find evidence that Indian banks are competitive, even under a concentrated market structure. This observation runs, in contrary, to the prediction of the structure-conduct-performance hypothesis. The findings also indicate the differences in the estimated //-statistic value after considering the misspecifications of the P-R model. Practical implications - From policy perspectives, policymakers should focus more on maintaining an optimal level of bank competition by mitigating entry restrictions, exercising less consolidation and withdrawing overregulation from banking activities. A competitive banking industry ensures both efficiency and stability. Social implications - A competitive banking sector by lowering interest rates margin provides easier access to finance to both households and small and medium enterprises (SMEs). Originality/value - This is the only study that addresses the misspecification of the P-R model while assessing competition in Indian banking and provides a thorough understanding of the role of concentration on bank competition.
机译：目的 - 论文在1996 - 2016年期间衡量印度银行银行竞争的程度。使用银行级别的年度数据，我们重新审视了流行金融危机期间银行竞争力的案例，并审查了全球金融危机是否改变了印度银行竞争的水平。此外，本文涉及与印度银行环境中广泛使用的Panzar-Rosse模型相关的误操作问题。设计/方法/方法 - 我们应用Panzar和Rosse（1987）// - 通过估计投入价格变化的程度来评估银行的变化的统计程度，并评估银行所赚取的收入的程度。随后，我们将这种竞争力的竞争力联系起来的一些结构指标（HHI和CRN）来检查结构«MDCUC-PESSIGHT假设，这假设集中的银行系统可以损害竞争。简单的面板回归模型用于处理经验估计。调查结果表明，印度银行体系在竞争条件下运作，赢得众多垄断竞争的收入。我们还发现，即使在集中的市场结构下，印度银行也具有竞争力。相反，该观察结果彼此运行，对结构进行性能假设进行预测。调查结果还指示考虑P-R模型的误解后估计// - 统计值的差异。实际意义 - 从政策角度来看，政策制定者应更多地关注通过减轻进入限制来维持银行竞争的最佳水平，从银行业活动中行使减少巩固和撤回超过调整。竞争性的银行业确保效率和稳定性。社会影响 - 降低利率利率的竞争性银行业可以更容易地获得融资对家庭和中小型企业（中小企业）。原创性/值 - 这是唯一一个解决P-R模型的误解的研究，同时评估印度银行业的竞争，并对集中竞争的作用提供了彻底的了解。

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