Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia

Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia

En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una rápida recuperación en las medidas de eficiencia, a excepción de la eficiencia en costos, lo cual sugiere que, ante choques externos, los costos de ajuste de la industria bancaria son mayores. Las fusiones y adquisiciones dentro de la industria contribuyen de forma importante al incremento en la eficiencia bancaria.

Guardado en:

Revista de Economía Institucional

0124-5996

2346-2450

Pérez, Juan F.

Cepeda, Andrés

Mutis, Hernando

Sarmiento, Miguel

UNIVERSIDAD EXTERNADO DE COLOMBIA

10.18601/01245996.v20n38.07

20

2018-04-04

157

183

Colombia

fusões e aquisições

métodos não paramétricos

sistema financeiro

fronteira de eficiência

fusiones y adquisiciones

métodos no paramétricos

sistema financiero

frontera de eficiencia

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spelling Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
Davis, K. (2007). Banking concentration, financial stability and public policy. Mimeo, Reserve Bank of Australia Conference.
Galán, J. E. y Sarmiento, M. (2008). Banknote printing at modern central banking: Trends, costs and efficiency. Money Affairs, 21(2), 217-262.
Galán, J., Veiga, H. y Wiper, M. (2015). Dynamic effects in inefficiency: Evidence from the Colombian banking sector. European Journal of Operational Research, 240(2), 562-571.
Fiorentino, E., Karmann, A. y Koetter, M. (2006). The cost efficiency of German banks: A comparison of SFA and DEA. Discussion Paper Series 2: Banking and Financial Studies, 10, Deutsche Bundesbank.
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of Royal Statical Society, 120, 253-290.
Färe, R., Grosskopf, S. Norris, S. et al. (1994). Productivity growth, technical progress, and efficiency changes in industrialized countries. American Economic Review, 84, 66-83.
Färe, R., Grifell-T., E., Grosskopf, S. et al. (1997). Biased technical change and the Malmquist productivity index, Scandinavian Journal of Economics, 99(1), 119-127.
Estrada, D., y Osorio, P. (2004). Efectos del capital financiero en la eficiencia del sistema bancario colombiano. Ensayos sobre Política Económica, 47. Bogotá: Banco de la República.
Dolar, V. y Meh, C. (2002). Financial structure and economic growth: A non-technical survey. Bank of Canada, working paper 2002-24.
Dias, D., Huang, Y., Rey, H. et al. (2017). International channels of monetary policy: Evidence of financial and real effects on emerging markets. Mimeo, Bogotá: Banco de la República.
DeYoung, D., Evanoff, D. y Molyneux, P. (2009). Mergers and acquisitions of financial institutions: A review of the post-2000 literature. Journal of Financial Services Research, 36(2-3), 87-110.
Decanay, S. J. (2007). Malmquist index and technical efficiency of Philippine commercial banks in the post-Asian financial crisis period. Philippine Management Review, 14, 93-114.
Cooper, W., Seiford, L., y Zhu, J. (2004). Handbook on data envelopment analysis. Boston: Kluwer Academic Publishers.
Herrera, S. y Pang, G. (2005). How efficient is public spending in education? Ensayos sobre Política Económica, 51, Bogotá: Banco de la República, 136-201.
Coelli, T., Prasada, D. y Battese, G. (1998). An introduction to efficiency and productivity analysis. Boston: Kluwer Academic Publisher.
Clavijo, S., Rojas, C., Salamanca, C. et al. (2006). Mergers and acquisitions in the Colombian Financial Sector: Impact on Efficiency, 1990-2005. Bogotá: ANIF.
Claus, I., Jacobsen, V y Jera, B. (2004). Financial systems and economic growth: An evaluation framework for policy. Wellington, New Zealand Treasury working paper 04/17.
Charnes, A., Cooper, W. y Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2, 429-444.
Chansarn. S. (2008). The relative efficiency of commercial banks in Thailand: DEA Approach. International Research Journal of Finance and Economics, 18, 53-68.
Cepeda, A., Sarmiento, M. y Mutis, H. (2010). Eficiencia del sector bancario en Colombia 2000-2009: una medición a partir de frontera estocástica. Mimeo, presentado en el XX Simposio Nacional de Estadística de la Universidad Nacional de Colombia, Santa Marta.
Caves, R., Christensen, L. y Diewert, W. (1982). The economic theory of index numbers and the measurement of input, output and productivity. Econometrica, 50, 1393-1414.
Casu, B., Girardone, C. y Molyneux, P. (2004). Productivity change in European Banking: A comparison of parametric and non-parametric approaches. Journal of Banking & Finance, 28, 2521-2540.
Carletti, E., Hartmann, P. Y Spagn, G. (2007). Bank mergers, competition, and liquidity. Journal of Money Credit & Banking, 39(5), 1067-1105.
Berrío, D. y Muñoz, S. (2005). Análisis de la eficiencia relativa del sistema bancario en Colombia en el periodo 1993-2003 y propuesta estratégica de fortalecimiento. Pensamiento y Gestión, 18, 1-36.
Berger, A. y Humphrey, D. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175-212.
Berger, A. y Bowman, C. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146-176.
Gómez, E., Lizarazo, A., Mendoza, J. y Murcia, A. (2016). Evaluating the impact of macroprudential policies in Colombia. Mimeo, Bogotá: Banco de la República.
Hughes, J., Mester, L. y Moon, C. (2001). Are scale economies in banking elusive or illusive? Evidence obtained by incorporating capital structure and risk-taking into models of bank production. Journal of Banking & Finance, 25(12), 2169-2208.
Barajas, A., Steiner, R. y Salazar, A. (2002). The impact of liberalization and foreign direct investment in Colombia’s financial sector. Journal of Development Economics, 23, 157-196.
Wang, H., y Schmidt, P. (2002). One step and two step estimation of the effects of exogenous variables on technical efficiency levels. Journal of Productivity Analysis, 18(2), 129-144.
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Wilcoxon, F. (1945). Individual comparisons by ranking methods. Biometrics Bulletin, 1(6), 80-83.
Wheelock, D. y Wilson, P. (1999). Technical progress, inefficiency and productivity change in U.S. banking, 1984-1993. Journal of Money, Credit and Banking, 31(2), 213-234.
Wheelock, D. y Wilson, P. (2003). Robust non-parametric estimation of efficiency and technical change in U.S commercial banking. Federal Reserve Bank of St. Louis working paper.
Weill, L. (2004). Measuring cost efficiency in European banking: A comparison of frontier techniques. Journal of Productivity Analysis, 21(2), 133-152.
Turati, G. (2003). Cost efficiency and profitability in European commercial banking: Implications for antitrust analysis. Tesis de doctorado, Universidad de Turín.
Hughes, J. y Mester, L. (1993). A quality and risk-adjusted cost function for banks: Evidence on the too-big-to-fail doctrine. Journal of Productivity Analysis, 4(3), 293-315.
Staub, R., Da Silva, G. y Tabak, B. (2010). Evolution of bank efficiency in Brazil: A DEA approach. European Journal of Operational Research, 202(1), 204-213.
Seiford, L. y Thrall, R. (1990). Recent developments in DEA: The mathematical approach to frontier analysis. Journal of Econometrics, 46(1-2), 7-38.
Sarmiento, M. y Galán, J. (2017). The influence of risk-taking on bank efficiency: Evidence from Colombia. Emerging Markets Review, 32, 52-73.
Sarmiento, M. (2006). ¿Cómo medir la eficiencia del sector público? Lecciones para Colombia a partir de los recientes enfoques de frontera eficiente. Mimeo, Seminario Técnico del Departamento Nacional de Planeación. Bogotá: DNP.
Resti, A. (1997). Evaluating the cost efficiency of the Italian banking system: What can be learned from the joint application of parametric and nonparametric techniques. Journal of Banking & Finance, 21(2), 221-250.
Pirateque, J., Piñeros, J. y Mondragón, L. (2013). Eficiencia de los establecimientos bancarios (EB): una aproximación mediante modelos DEA. Borradores de Economía 798. Bogotá: Banco de la República.
León, C., Machado, C., Cepeda, F. et al. (2012). Systemic risk in large value payment systems in Colombia: A network topology and payments simulation approach. En M. Hellqvist y T. Laine (eds.), Diagnostics for the financial markets, computational studies of payment system (pp. 267-313). Helsinki: Bank of Finland.
Kumbhakar, S. y Lovell, C. (2000). Stochastic frontier analysis. Cambridge, Mass.: Cambridge University Press.
Koetter, M. (2008). An assessment of bank merger success in Germany. German Economic Review, 9(2), 232-264.
Jonas, M. y King, S. (2008). Bank efficiency and the effectiveness of monetary policy. Contemporary Economic Policy, 26, 579-589.
Jemric, I. y Vujcic, B. (2002). Efficiency of banks in Croatia: A DEA approach. Comparative Economic Studies, 44(2-3), 169-193.
Hughes, J., Land, W., Mester, L. et al. (1996). Efficient banking under interstate branching. Journal of Money, Credit, and Banking, 28(4), 1045-1071.
Berg, S., Førsund, F. y Jansen, E. (1992). Malmquist indices of productivity growth during the deregulation of Norwegian banking 1980-89. Scandinavian Journal of Economics, 94 (supplement), 211-228.
Battese, G. y Coelli, T. (1995). A model for technical inefficiency effects in stochastic frontier production function for panel data. Empirical Economic, 20(2), 325-332.
Banker, R., Charnes, A. y Cooper, W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 9(30), 1078-1092.
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C14
fusões e aquisições
métodos não paramétricos
sistema financeiro
fronteira de eficiência
D24
C14
Artículo de revista
fusiones y adquisiciones
métodos no paramétricos
sistema financiero
frontera de eficiencia
Pérez, Juan F.
Cepeda, Andrés
Mutis, Hernando
Sarmiento, Miguel
En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una rápida recuperación en las medidas de eficiencia, a excepción de la eficiencia en costos, lo cual sugiere que, ante choques externos, los costos de ajuste de la industria bancaria son mayores. Las fusiones y adquisiciones dentro de la industria contribuyen de forma importante al incremento en la eficiencia bancaria.
Núm. 38 , Año 2018 : Enero-Junio
D24
Publication
https://revistas.uexternado.edu.co/index.php/ecoins/article/view/5276
Atkinson, S., Cornwell, C. y Honerkamp, O. (2003). Measuring and decomposing productivity change: Stochastic distance function estimation versus data envelopment analysis. Journal of Business and Economic Statistics, 21(2), 284-294.
Altunbas, Y., Gardener, E., Molyneux, P. et al. (2001). Efficiency in European banking. European Economic Review, 45, 1931-1955.
Almanza, C. (2012). Eficiencia en costos de la banca en Colombia, 1999-2007: una aproximación no paramétrica. Innovar, 22(44), 67-78.
Allen, J., Engert, W. y Liu, Y. (2006). Are Canadian banks efficient? A Canada-U.S. comparison. Bank of Canada working paper 2006-33.
Alam, I. M. (2001). A nonparametric approach for assessing productivity dynamics of large U.S. banks. Journal of Money, Credit and Banking, 33(1), 121-139.
Aigner, D., Lovell, C. y P. Schmidt. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 1(6), 21-37.
https://creativecommons.org/licenses/by-nc-sa/4.0/
Español
Ahn, J. y Sarmiento, M. (2017). Estimating the direct impact of bank liquidity shocks on the real economy: Evidence from letter-of-credit import transactions in Colombia. Mimeo, Washington DC: FMI.
Revista de Economía Institucional
Universidad Externado de Colombia
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application/xml
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fusions and acquisitions
financial system
Journal article
This article evaluates the efficiency of Colombian banking using nonparametric border models. The results indicate that there has been a gradual increase in efficiency and that the global financial crisis of 2008 affected this trend. Since 2009 there has been a rapid recovery of efficiency measures, except for cost efficiency. This suggests that, in the face of external shocks, the adjustment costs of banks are greater. Mergers and acquisitions contribute to the increase in banking efficiency.
Impact of mergers and acquisitions on the efficiency of banking in Colombia
D24
G34
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non-parametric methods
efficiency frontier
2018-04-04
2346-2450
https://revistas.uexternado.edu.co/index.php/ecoins/article/download/5276/6954
https://revistas.uexternado.edu.co/index.php/ecoins/article/download/5276/6768
https://revistas.uexternado.edu.co/index.php/ecoins/article/download/5276/6404
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https://doi.org/10.18601/01245996.v20n38.07
10.18601/01245996.v20n38.07
2018-04-04T00:00:00Z
institution UNIVERSIDAD EXTERNADO DE COLOMBIA
thumbnail https://nuevo.metarevistas.org/UNIVERSIDADEXTERNADODECOLOMBIA/logo.png
country_str Colombia
collection Revista de Economía Institucional
title Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
spellingShingle Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
Pérez, Juan F.
Cepeda, Andrés
Mutis, Hernando
Sarmiento, Miguel
fusões e aquisições
métodos não paramétricos
sistema financeiro
fronteira de eficiência
fusiones y adquisiciones
métodos no paramétricos
sistema financiero
frontera de eficiencia
fusions and acquisitions
financial system
non-parametric methods
efficiency frontier
title_short Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_full Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_fullStr Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_full_unstemmed Impacto de las fusiones y adquisiciones en la eficiencia de la banca en Colombia
title_sort impacto de las fusiones y adquisiciones en la eficiencia de la banca en colombia
title_eng Impact of mergers and acquisitions on the efficiency of banking in Colombia
description En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una rápida recuperación en las medidas de eficiencia, a excepción de la eficiencia en costos, lo cual sugiere que, ante choques externos, los costos de ajuste de la industria bancaria son mayores. Las fusiones y adquisiciones dentro de la industria contribuyen de forma importante al incremento en la eficiencia bancaria.
description_eng This article evaluates the efficiency of Colombian banking using nonparametric border models. The results indicate that there has been a gradual increase in efficiency and that the global financial crisis of 2008 affected this trend. Since 2009 there has been a rapid recovery of efficiency measures, except for cost efficiency. This suggests that, in the face of external shocks, the adjustment costs of banks are greater. Mergers and acquisitions contribute to the increase in banking efficiency.
author Pérez, Juan F.
Cepeda, Andrés
Mutis, Hernando
Sarmiento, Miguel
author_facet Pérez, Juan F.
Cepeda, Andrés
Mutis, Hernando
Sarmiento, Miguel
topicspa_str_mv fusões e aquisições
métodos não paramétricos
sistema financeiro
fronteira de eficiência
fusiones y adquisiciones
métodos no paramétricos
sistema financiero
frontera de eficiencia
topic fusões e aquisições
métodos não paramétricos
sistema financeiro
fronteira de eficiência
fusiones y adquisiciones
métodos no paramétricos
sistema financiero
frontera de eficiencia
fusions and acquisitions
financial system
non-parametric methods
efficiency frontier
topic_facet fusões e aquisições
métodos não paramétricos
sistema financeiro
fronteira de eficiência
fusiones y adquisiciones
métodos no paramétricos
sistema financiero
frontera de eficiencia
fusions and acquisitions
financial system
non-parametric methods
efficiency frontier
citationvolume 20
citationissue 38
citationedition Núm. 38 , Año 2018 : Enero-Junio
publisher Universidad Externado de Colombia
ispartofjournal Revista de Economía Institucional
source https://revistas.uexternado.edu.co/index.php/ecoins/article/view/5276
language Español
format Article
rights http://purl.org/coar/access_right/c_abf2
info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/4.0/
references Davis, K. (2007). Banking concentration, financial stability and public policy. Mimeo, Reserve Bank of Australia Conference.
Galán, J. E. y Sarmiento, M. (2008). Banknote printing at modern central banking: Trends, costs and efficiency. Money Affairs, 21(2), 217-262.
Galán, J., Veiga, H. y Wiper, M. (2015). Dynamic effects in inefficiency: Evidence from the Colombian banking sector. European Journal of Operational Research, 240(2), 562-571.
Fiorentino, E., Karmann, A. y Koetter, M. (2006). The cost efficiency of German banks: A comparison of SFA and DEA. Discussion Paper Series 2: Banking and Financial Studies, 10, Deutsche Bundesbank.
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of Royal Statical Society, 120, 253-290.
Färe, R., Grosskopf, S. Norris, S. et al. (1994). Productivity growth, technical progress, and efficiency changes in industrialized countries. American Economic Review, 84, 66-83.
Färe, R., Grifell-T., E., Grosskopf, S. et al. (1997). Biased technical change and the Malmquist productivity index, Scandinavian Journal of Economics, 99(1), 119-127.
Estrada, D., y Osorio, P. (2004). Efectos del capital financiero en la eficiencia del sistema bancario colombiano. Ensayos sobre Política Económica, 47. Bogotá: Banco de la República.
Dolar, V. y Meh, C. (2002). Financial structure and economic growth: A non-technical survey. Bank of Canada, working paper 2002-24.
Dias, D., Huang, Y., Rey, H. et al. (2017). International channels of monetary policy: Evidence of financial and real effects on emerging markets. Mimeo, Bogotá: Banco de la República.
DeYoung, D., Evanoff, D. y Molyneux, P. (2009). Mergers and acquisitions of financial institutions: A review of the post-2000 literature. Journal of Financial Services Research, 36(2-3), 87-110.
Decanay, S. J. (2007). Malmquist index and technical efficiency of Philippine commercial banks in the post-Asian financial crisis period. Philippine Management Review, 14, 93-114.
Cooper, W., Seiford, L., y Zhu, J. (2004). Handbook on data envelopment analysis. Boston: Kluwer Academic Publishers.
Herrera, S. y Pang, G. (2005). How efficient is public spending in education? Ensayos sobre Política Económica, 51, Bogotá: Banco de la República, 136-201.
Coelli, T., Prasada, D. y Battese, G. (1998). An introduction to efficiency and productivity analysis. Boston: Kluwer Academic Publisher.
Clavijo, S., Rojas, C., Salamanca, C. et al. (2006). Mergers and acquisitions in the Colombian Financial Sector: Impact on Efficiency, 1990-2005. Bogotá: ANIF.
Claus, I., Jacobsen, V y Jera, B. (2004). Financial systems and economic growth: An evaluation framework for policy. Wellington, New Zealand Treasury working paper 04/17.
Charnes, A., Cooper, W. y Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2, 429-444.
Chansarn. S. (2008). The relative efficiency of commercial banks in Thailand: DEA Approach. International Research Journal of Finance and Economics, 18, 53-68.
Cepeda, A., Sarmiento, M. y Mutis, H. (2010). Eficiencia del sector bancario en Colombia 2000-2009: una medición a partir de frontera estocástica. Mimeo, presentado en el XX Simposio Nacional de Estadística de la Universidad Nacional de Colombia, Santa Marta.
Caves, R., Christensen, L. y Diewert, W. (1982). The economic theory of index numbers and the measurement of input, output and productivity. Econometrica, 50, 1393-1414.
Casu, B., Girardone, C. y Molyneux, P. (2004). Productivity change in European Banking: A comparison of parametric and non-parametric approaches. Journal of Banking & Finance, 28, 2521-2540.
Carletti, E., Hartmann, P. Y Spagn, G. (2007). Bank mergers, competition, and liquidity. Journal of Money Credit & Banking, 39(5), 1067-1105.
Berrío, D. y Muñoz, S. (2005). Análisis de la eficiencia relativa del sistema bancario en Colombia en el periodo 1993-2003 y propuesta estratégica de fortalecimiento. Pensamiento y Gestión, 18, 1-36.
Berger, A. y Humphrey, D. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175-212.
Berger, A. y Bowman, C. (2013). How does capital affect bank performance during financial crises? Journal of Financial Economics, 109(1), 146-176.
Gómez, E., Lizarazo, A., Mendoza, J. y Murcia, A. (2016). Evaluating the impact of macroprudential policies in Colombia. Mimeo, Bogotá: Banco de la República.
Hughes, J., Mester, L. y Moon, C. (2001). Are scale economies in banking elusive or illusive? Evidence obtained by incorporating capital structure and risk-taking into models of bank production. Journal of Banking & Finance, 25(12), 2169-2208.
Barajas, A., Steiner, R. y Salazar, A. (2002). The impact of liberalization and foreign direct investment in Colombia’s financial sector. Journal of Development Economics, 23, 157-196.
Wang, H., y Schmidt, P. (2002). One step and two step estimation of the effects of exogenous variables on technical efficiency levels. Journal of Productivity Analysis, 18(2), 129-144.
Wilcoxon, F. (1945). Individual comparisons by ranking methods. Biometrics Bulletin, 1(6), 80-83.
Wheelock, D. y Wilson, P. (1999). Technical progress, inefficiency and productivity change in U.S. banking, 1984-1993. Journal of Money, Credit and Banking, 31(2), 213-234.
Wheelock, D. y Wilson, P. (2003). Robust non-parametric estimation of efficiency and technical change in U.S commercial banking. Federal Reserve Bank of St. Louis working paper.
Weill, L. (2004). Measuring cost efficiency in European banking: A comparison of frontier techniques. Journal of Productivity Analysis, 21(2), 133-152.
Turati, G. (2003). Cost efficiency and profitability in European commercial banking: Implications for antitrust analysis. Tesis de doctorado, Universidad de Turín.
Hughes, J. y Mester, L. (1993). A quality and risk-adjusted cost function for banks: Evidence on the too-big-to-fail doctrine. Journal of Productivity Analysis, 4(3), 293-315.
Staub, R., Da Silva, G. y Tabak, B. (2010). Evolution of bank efficiency in Brazil: A DEA approach. European Journal of Operational Research, 202(1), 204-213.
Seiford, L. y Thrall, R. (1990). Recent developments in DEA: The mathematical approach to frontier analysis. Journal of Econometrics, 46(1-2), 7-38.
Sarmiento, M. y Galán, J. (2017). The influence of risk-taking on bank efficiency: Evidence from Colombia. Emerging Markets Review, 32, 52-73.
Sarmiento, M. (2006). ¿Cómo medir la eficiencia del sector público? Lecciones para Colombia a partir de los recientes enfoques de frontera eficiente. Mimeo, Seminario Técnico del Departamento Nacional de Planeación. Bogotá: DNP.
Resti, A. (1997). Evaluating the cost efficiency of the Italian banking system: What can be learned from the joint application of parametric and nonparametric techniques. Journal of Banking & Finance, 21(2), 221-250.
Pirateque, J., Piñeros, J. y Mondragón, L. (2013). Eficiencia de los establecimientos bancarios (EB): una aproximación mediante modelos DEA. Borradores de Economía 798. Bogotá: Banco de la República.
León, C., Machado, C., Cepeda, F. et al. (2012). Systemic risk in large value payment systems in Colombia: A network topology and payments simulation approach. En M. Hellqvist y T. Laine (eds.), Diagnostics for the financial markets, computational studies of payment system (pp. 267-313). Helsinki: Bank of Finland.
Kumbhakar, S. y Lovell, C. (2000). Stochastic frontier analysis. Cambridge, Mass.: Cambridge University Press.
Koetter, M. (2008). An assessment of bank merger success in Germany. German Economic Review, 9(2), 232-264.
Jonas, M. y King, S. (2008). Bank efficiency and the effectiveness of monetary policy. Contemporary Economic Policy, 26, 579-589.
Jemric, I. y Vujcic, B. (2002). Efficiency of banks in Croatia: A DEA approach. Comparative Economic Studies, 44(2-3), 169-193.
Hughes, J., Land, W., Mester, L. et al. (1996). Efficient banking under interstate branching. Journal of Money, Credit, and Banking, 28(4), 1045-1071.
Berg, S., Førsund, F. y Jansen, E. (1992). Malmquist indices of productivity growth during the deregulation of Norwegian banking 1980-89. Scandinavian Journal of Economics, 94 (supplement), 211-228.
Battese, G. y Coelli, T. (1995). A model for technical inefficiency effects in stochastic frontier production function for panel data. Empirical Economic, 20(2), 325-332.
Banker, R., Charnes, A. y Cooper, W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 9(30), 1078-1092.
Atkinson, S., Cornwell, C. y Honerkamp, O. (2003). Measuring and decomposing productivity change: Stochastic distance function estimation versus data envelopment analysis. Journal of Business and Economic Statistics, 21(2), 284-294.
Altunbas, Y., Gardener, E., Molyneux, P. et al. (2001). Efficiency in European banking. European Economic Review, 45, 1931-1955.
Almanza, C. (2012). Eficiencia en costos de la banca en Colombia, 1999-2007: una aproximación no paramétrica. Innovar, 22(44), 67-78.
Allen, J., Engert, W. y Liu, Y. (2006). Are Canadian banks efficient? A Canada-U.S. comparison. Bank of Canada working paper 2006-33.
Alam, I. M. (2001). A nonparametric approach for assessing productivity dynamics of large U.S. banks. Journal of Money, Credit and Banking, 33(1), 121-139.
Aigner, D., Lovell, C. y P. Schmidt. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 1(6), 21-37.
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