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Evolución Del Margen De Intermediación En España: ¿Tipos De Intéres, Riesgo, Costes O Competencia?

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  • Juan Francisco Fernández de Guevara Radoselovics

    (Instituto Valenciano de Investigaciones Económicas)

Abstract

This paper analyses the determinants of interest margins of the banking firms.Our starting point is the methodology developed in the original study by Ho andSaunders (1981) and later extensions, but widened to take banks¿ operating costsexplicitly into account. In the developed model the interest margin depends on theoperating expenses of the banks in addition to the interest and credit risks and the levelof competition in the banking markets. For the empirical contrast of the model a panelof firms of the Spanish banking sector for the period 1992-1999 is used. The resultsshow that the fall of margins in the Spanish banking system are due to a reduction in theoperating expenses and in the uncertainty in the financial markets (interest rate risk) thathave counteracted the increase in the market power in the banking firms. Este trabajo analiza los determinantes del margen de intermediación de las entidades bancarias. El modelo desarrollado por Ho y Saunders (1981) es ampliado para tener en cuenta los costes de producción. En el modelo elaborado, el margen de intermediación de las entidades bancarias tiene como elementos fundamentales, además del riesgo de tipo de interés, de crédito y el grado de competencia, los costes operativos medios en los que incurre la entidad. El contraste empírico se realiza para un panel de entidades del sector bancario español durante el periodo 1992-1999. Los resultados muestran que los descensos en el margen de intermediación se derivan de una reducción en los costes operativos y en la incertidumbre de los mercados monetarios (riesgo de tipos de interés) que han contrarrestado el efecto de un crecimiento en el poder de mercado de las empresas bancarias durante el periodo analizado.

Suggested Citation

  • Juan Francisco Fernández de Guevara Radoselovics, 2003. "Evolución Del Margen De Intermediación En España: ¿Tipos De Intéres, Riesgo, Costes O Competencia?," Working Papers. Serie EC 2003-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasec:2003-05
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Márgenes bancarios; riesgo de tipos de interés; competencia. Bank margins; interest rate risk; competition.;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms

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