Publication: Fusiones y adquisiciones: un análisis de la concentración bancaria en el Perú
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2016-04-26
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Universidad Complutense de Madrid
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Abstract
En este trabajo, se analiza la nueva configuración del sistema bancario luego del proceso de fusiones y adquisiciones, se enfatiza en el estudio sobre la concentración bancaria en el Perú. Las metodologías utilizadas para establecer la existencia de concentración, es la de principales bancos o porcentaje de participación, el índice de concentración de Herfindahl-Hirschamn y estimaciones econométricas, mediante Mínimos Cuadrados Ordinarios, con datos de colocaciones y depósitos en moneda nacional y extranjera, variables clave de la actividad bancaria. La muestra para el estudio está compuesta por todos los bancos que conforman el sistema bancario y se considera el período comprendido entre 1991 y 2014, dividida en tres sub períodos, el primero, que va desde 1991 a 1998, que se caracteriza por la implementación de reformas económicas y financieras, donde el número de bancos muestra una tendencia creciente. El segundo período desde 1999 al 2008, en el cual es notoria la disminución del número de bancos y finalmente, el período comprendido entre 2009 y 2014, caracterizado por la poca variación del número de bancos y la implementación de políticas monetarias, basadas en el esquema de metas explícitas de inflación, con anuncios anticipados del tipo de interés de referencia que afecta el comportamiento de los tipos de interés. Los resultados indican que las políticas de liberalización financiera, favorecieron los procesos de fusiones y adquisiciones de los bancos, cuyas consecuencias fueron: la disminución del número de bancos y la elevada concentración bancaria, incrementando el poder de cuatro bancos: Crédito, Scotiabank, Continental e Interbank. La evidencia empírica, confirma la existencia de concentración bancaria, bajo este contexto, los clientes de los bancos, se convierten en tomador de servicios bancarios bajo las condiciones establecidas por dichas entidades, debido a su poder de mercado y comportamiento oligopólico. Adicionalmente, se destaca la incursión en el mercado de micro créditos por parte de los bancos, donde los tipos de interés cobrados son elevados; se observa un aumento de la eficiencia de los bancos con mayor concentración, las colocaciones según área geográfica muestra una alta concentración en Lima, capital política del Perú y por sector económico, manufactura y comercio son los sectores de mayor concentración, siendo un porcentaje reducido las colocaciones realizadas por los bancos hacia las Pymes, quiénes según los datos pagan altos tipos de interés...
In this paper, it analyzed the new configuration of the banking system after the process of mergers and acquisitions, it emphasizes the study of bank concentration in Peru. The methodologies used to establish the existence of concentration is the main banks or percentage of ownership, the concentration index of Herfindahl-Hirschamn and econometric estimates by Ordinary Least Squares, with data from loans and deposits in local and foreign currency, key variables of the banking activity. The sample for the study is composed by all banks that make the banking system and is considered the period between 1991 and 2014, divided into three sub periods, the first from 1991 to 1998, characterized by the implementation of economic and financial reforms, where the number of banks shows an increasing trend. The second period from 1999 to 2008, which is notorious the decrease in the number of banks and finally, the period between 2009 and 2014, characterized by little variation in the number of banks and the implementation of monetary policies based on the scheme of inflation targeting, with anticipated announcements of the reference interest rate which affects the behavior of interest rates. The results indicate that financial liberalization policies favored mergers and acquisitions of the banks, whose consequences were the reducing the number of banks and the high banking concentration, increasing the power of four banks: Credit, Scotiabank, Continental and Interbank. Empirical evidence, confirm the existence of bank concentration, in this context, customers of banks, become taker banking services under the conditions established by these entities, because of its market power and oligopolistic behavior. Additionally, it is described the market penetration of micro credit by banks, where interest rates charged are high, is observed increased efficiency of banks with the highest concentration, loans by geographic area shows a high concentration in Lima, political capital of Peru and by economic sector, manufacturing and trade are the sectors with the highest concentration, with a small percentage of loans made by banks to Pymes, who according to data pay high interest rates...
In this paper, it analyzed the new configuration of the banking system after the process of mergers and acquisitions, it emphasizes the study of bank concentration in Peru. The methodologies used to establish the existence of concentration is the main banks or percentage of ownership, the concentration index of Herfindahl-Hirschamn and econometric estimates by Ordinary Least Squares, with data from loans and deposits in local and foreign currency, key variables of the banking activity. The sample for the study is composed by all banks that make the banking system and is considered the period between 1991 and 2014, divided into three sub periods, the first from 1991 to 1998, characterized by the implementation of economic and financial reforms, where the number of banks shows an increasing trend. The second period from 1999 to 2008, which is notorious the decrease in the number of banks and finally, the period between 2009 and 2014, characterized by little variation in the number of banks and the implementation of monetary policies based on the scheme of inflation targeting, with anticipated announcements of the reference interest rate which affects the behavior of interest rates. The results indicate that financial liberalization policies favored mergers and acquisitions of the banks, whose consequences were the reducing the number of banks and the high banking concentration, increasing the power of four banks: Credit, Scotiabank, Continental and Interbank. Empirical evidence, confirm the existence of bank concentration, in this context, customers of banks, become taker banking services under the conditions established by these entities, because of its market power and oligopolistic behavior. Additionally, it is described the market penetration of micro credit by banks, where interest rates charged are high, is observed increased efficiency of banks with the highest concentration, loans by geographic area shows a high concentration in Lima, political capital of Peru and by economic sector, manufacturing and trade are the sectors with the highest concentration, with a small percentage of loans made by banks to Pymes, who according to data pay high interest rates...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Economía Financiera y Contabilidad III, leída el 09-12-2015