竞争度、集中度和金融体系的稳定性——基于新兴市场经济国家的数据

Competition,Concentration and Stability of the Financial System——Based on the Data of the Emerging Markets

本文研究新兴市场经济国家银行业市场的竞争度、集中度与金融体系稳定性的关系,基于Bankscope数据库以及IMF数据库的数据,运用Z得分、赫芬达尔指数(HHI)和经效率调整后的Lerner指数,并引进一系列控制变量进行实证研究,结果表明,新兴市场经济国家银行业在1997—2012年间的集中度不断下降,从而有助于降低银行体系的风险,实证结论支持竞争稳定性假说和集中脆弱性假说,即银行业竞争度越高,集中度越低,则银行体系的稳定性越高。

Based on the data from the Bankscope and IMF database, and using Z score, HHI index adjusted Lern- er index and a series of control variables, this paper studies the relationship among competition, concentration and sta- bility of financial system in emerging markets. The results indicate that the banking industry concentration of emerging markets was declining from 1997 to 2012, which helps to reduce the risk of financial system. Our empirical conclusion supports the ＂competition-stability hypothesis＂ and ＂concentration-fragility hypothesis＂, that is to say, the higher de- gree of concentration, the higher degree of stability of financial system.