| Acknowledgements |
|
xiv | |
| Contributors |
|
xvi | |
| Foreword |
|
xvii | |
| Preface |
|
xix | |
|
1 Setting the analytical background |
|
|
1 | (12) |
|
1.1 Background and introduction |
|
|
1 | (2) |
|
1.2 Theory of output measurement: features of an ideal output measure for banking and insurance activities |
|
|
3 | (6) |
|
Product-mix representativeness |
|
|
4 | (1) |
|
|
|
4 | (1) |
|
Robustness to regulatory interventions |
|
|
4 | (1) |
|
Endogenous to the production function |
|
|
5 | (1) |
|
Methodological robustness |
|
|
5 | (1) |
|
Availability of multiple proxies |
|
|
6 | (1) |
|
|
|
6 | (1) |
|
Based on an output specification approach rather than ad hoc |
|
|
6 | (1) |
|
Reflect the size of the firm or the industry |
|
|
7 | (1) |
|
High correlation with other possible alternatives |
|
|
7 | (1) |
|
Existence of an optimal corresponding price index |
|
|
7 | (1) |
|
Ability to handle the multi-output nature of banking and insurance activities |
|
|
8 | (1) |
|
Stable and rigid definition |
|
|
8 | (1) |
|
Fully endogenous to the firm |
|
|
9 | (1) |
|
|
|
9 | (1) |
|
|
|
9 | (4) |
|
|
|
10 | (1) |
|
|
|
11 | (2) |
|
PART I Survey of evidences: theoretical and empirical issues |
|
|
13 | (154) |
|
2 Qualitative and quantitative aspects of the survey of literature |
|
|
15 | (12) |
|
2.1 Sample versus population dimensions of literature survey |
|
|
15 | (1) |
|
|
|
16 | (1) |
|
2.3 Quantitative summary of the selected sample of studies |
|
|
17 | (6) |
|
2.4 Problems in the purposive selection of studies |
|
|
23 | (1) |
|
2.5 Background on further sections |
|
|
24 | (3) |
|
|
|
25 | (1) |
|
|
|
26 | (1) |
|
3 Review of evidence on banking output measurement: global perspective |
|
|
27 | (11) |
|
|
|
27 | (1) |
|
3.2 Empirical sensitivity of banking performance estimates to alternative outputs |
|
|
27 | (3) |
|
3.3 Approaches to output specification in the banking literature |
|
|
30 | (8) |
|
|
|
32 | (2) |
|
|
|
34 | (2) |
|
|
|
36 | (1) |
|
|
|
37 | (1) |
|
|
|
37 | (1) |
|
|
|
38 | (72) |
|
3.4 Output measurement in the banking literature |
|
|
39 | (16) |
|
|
|
39 | (4) |
|
|
|
43 | (5) |
|
|
|
48 | (1) |
|
|
|
48 | (3) |
|
Income and off-balance-sheet output |
|
|
51 | (2) |
|
|
|
53 | (1) |
|
National income accounts and banking output |
|
|
54 | (1) |
|
3.5 Thematic issues in banking output measurement |
|
|
55 | (35) |
|
Deflation of banking output |
|
|
55 | (3) |
|
Stock versus flow dimensions in output measurement |
|
|
58 | (1) |
|
Issues in economic aggregation |
|
|
58 | (1) |
|
Some econometric dimensions in the literature |
|
|
59 | (1) |
|
Monetary policy and the banking production function |
|
|
60 | (1) |
|
|
|
61 | (2) |
|
Appendix: Evolution of banking output measurement in the extant wisdom from 1950 to 2022 |
|
|
63 | (27) |
|
|
|
90 | (3) |
|
|
|
93 | (17) |
|
4 Review of evidence on insurance output measurement: global perspective |
|
|
110 | (52) |
|
|
|
110 | (1) |
|
4.2 Empirical sensitivity of insurance performance estimates to alternative outputs |
|
|
110 | (1) |
|
4.3 Approaches to output specification in the insurance literature |
|
|
111 | (2) |
|
|
|
111 | (1) |
|
|
|
112 | (1) |
|
|
|
112 | (1) |
|
|
|
113 | (1) |
|
4.4 Output measurement in the insurance literature |
|
|
113 | (13) |
|
Life versus nonlife insurance output |
|
|
113 | (1) |
|
|
|
114 | (2) |
|
|
|
116 | (3) |
|
Investment and financial assets output |
|
|
119 | (2) |
|
|
|
121 | (1) |
|
|
|
121 | (2) |
|
National income output of insurance |
|
|
123 | (3) |
|
4.5 Thematic issues in insurance output measurement |
|
|
126 | (36) |
|
Market structure, organisational structure and performance estimation |
|
|
126 | (3) |
|
Output mix and output measures |
|
|
129 | (1) |
|
Regulation and output measurement |
|
|
129 | (1) |
|
Insurance output measurement in advanced versus emerging economies |
|
|
130 | (1) |
|
Deflation of nominal output in insurance |
|
|
130 | (1) |
|
Taxation and insurance output measurement |
|
|
131 | (1) |
|
Appendix: Evolution of insurance output measurement in the extant wisdom from 1980 to 2022 |
|
|
132 | (17) |
|
|
|
149 | (2) |
|
|
|
151 | (11) |
|
5 Extended notes on the banking and insurance output measurement problem |
|
|
162 | (5) |
|
5.1 Summarising the literature survey |
|
|
162 | (1) |
|
|
|
162 | (3) |
|
Synthesising the concept and measure of outputs |
|
|
162 | (1) |
|
Stock versus flow outputs |
|
|
163 | (1) |
|
Nominal versus real outputs |
|
|
163 | (1) |
|
Single versus multiple outputs |
|
|
164 | (1) |
|
National income versus economic approaches |
|
|
164 | (1) |
|
Dual nature of output specification problem |
|
|
165 | (1) |
|
5.3 Background for further chapters |
|
|
165 | (2) |
|
|
|
165 | (1) |
|
|
|
165 | (2) |
|
PART II Expert opinions and contributions: emerging markets perspective |
|
|
167 | (62) |
|
|
|
169 | (2) |
|
6.1 Motivation and rationale |
|
|
169 | (1) |
|
|
|
169 | (1) |
|
6.3 Notes for the next chapter |
|
|
170 | (1) |
|
|
|
170 | (1) |
|
7 Expert perspectives on output measurement in banking and insurance |
|
|
171 | (58) |
|
|
|
171 | (1) |
|
Issues specific to the measurement of financial services in the system of national accounts 2008 in emerging economies |
|
|
171 | (1) |
|
Difficulties in generating current price and constant price estimates of services output through the value-added method, including the issue of double deflation |
|
|
172 | (2) |
|
Theory and measurement of financial services output versus other services |
|
|
174 | (1) |
|
The great financial recession and key performance issues of the banking sector of the emerging economies |
|
|
175 | (1) |
|
Structural changes in the composition of banking business from intermediation services to fund-based services and their implications for the importance of the FISIM approach |
|
|
176 | (1) |
|
Further measurement issues in the output of the banking sector |
|
|
177 | (1) |
|
Some issues in the input-output debate in banking output measurement |
|
|
178 | (2) |
|
|
|
180 | (1) |
|
Output measurement in banking services |
|
|
180 | (2) |
|
Some issues with aggregation and aggregation functions in the current context |
|
|
182 | (1) |
|
Some frontier issues in output measurement theory and practice |
|
|
183 | (2) |
|
|
|
185 | (1) |
|
Satellite accounts, financial services and the use of SNA in emerging economies |
|
|
185 | (1) |
|
Output of banks and some comments on its economic aspects |
|
|
186 | (1) |
|
Notes on some allied issues |
|
|
187 | (1) |
|
|
|
188 | (1) |
|
Traditional data collection systems and their emerging alternatives in the construction of macroeconomic statistics |
|
|
188 | (2) |
|
Adoption of emerging alternative data sources in advanced economies and the emerging market economies |
|
|
190 | (1) |
|
Some challenges faced by the emerging economies in traditional data collection |
|
|
191 | (2) |
|
|
|
193 | (1) |
|
Multi-output nature of banking and insurance production |
|
|
193 | (1) |
|
Banking industry in the advanced versus emerging economies |
|
|
194 | (1) |
|
Further remarks on measuring the output of the banking industry |
|
|
195 | (1) |
|
Some issues in using financial statements as the fundamental source of output data for banks |
|
|
195 | (2) |
|
|
|
197 | (1) |
|
Notes on national income and other macroeconomic accounts |
|
|
197 | (1) |
|
Financial services versus the tangibles in the estimation of output |
|
|
198 | (1) |
|
Differences in economic structures and international comparisons |
|
|
198 | (1) |
|
Input-output measurement in financial services, including the FISIM methodology |
|
|
199 | (2) |
|
Some frontier issues in financial services output measurement |
|
|
201 | (1) |
|
|
|
202 | (1) |
|
Emerging economies and the system of national accounts |
|
|
202 | (1) |
|
Under- and overestimation offinancial services output under economic shocks |
|
|
203 | (1) |
|
Defining the output of services versus other industries |
|
|
204 | (1) |
|
Dual intermediation roles of banks and the input-output debate |
|
|
205 | (1) |
|
Finance-growth nexus in emerging economies |
|
|
206 | (1) |
|
Some notes on insurance output measurement |
|
|
206 | (1) |
|
Some frontiers of banking output measurement |
|
|
207 | (1) |
|
|
|
208 | (1) |
|
Theoretical and empirical issues in the system of national accounts of emerging economies |
|
|
208 | (2) |
|
Nature of financial services output |
|
|
210 | (1) |
|
Comments on the FISIM approach in measuring banking output |
|
|
211 | (1) |
|
Possible future developments in the output measurement of financial services |
|
|
212 | (1) |
|
|
|
213 | (1) |
|
Insurance production as a multi-stage activity |
|
|
213 | (2) |
|
Alternative approaches to the empirical estimation of insurance performance |
|
|
215 | (1) |
|
Some issues in insurance input measurement |
|
|
215 | (1) |
|
Some issues in insurance output measurement |
|
|
216 | (1) |
|
Price measurement in insurance |
|
|
217 | (1) |
|
|
|
218 | (1) |
|
Measurement of output and its rationale |
|
|
218 | (1) |
|
Nature of output in the services industry |
|
|
219 | (1) |
|
Some empirical aspects of output measurement in the EMEs |
|
|
219 | (2) |
|
|
|
221 | (5) |
|
|
|
226 | (3) |
|
PART III Empirical case studies: a BRIICS perspective |
|
|
229 | (78) |
|
8 Empirical case studies for the banking industry on implications of using alternative output definitions |
|
|
231 | (54) |
|
8.1 Rationale, methodologies and data |
|
|
231 | (4) |
|
8.2 Empirical sensitivity of selected partial factor productivity estimates across the banking sector of BRIICS |
|
|
235 | (2) |
|
8.3 Empirical sensitivity of total factor productivity and technical efficiency estimates across the banking sector of BRIICS |
|
|
237 | (2) |
|
8.4 Empirical sensitivity of returns to scale estimates across the banking sector of BRIICS |
|
|
239 | (3) |
|
|
|
241 | (1) |
|
|
|
241 | (1) |
|
|
|
241 | (1) |
|
|
|
242 | (1) |
|
|
|
242 | (1) |
|
|
|
242 | (1) |
|
8.5 Cross-country analysis |
|
|
242 | (43) |
|
Appendix 1 Estimates of labour and capital (partial factor) productivities for section 8.2 |
|
|
243 | (5) |
|
Appendix 2 Estimates of residual total factor productivity index and technical efficiency scores for the section 8.3 |
|
|
248 | (9) |
|
Appendix 3 Estimated models for the returns to scale coefficients in section 8.4 |
|
|
257 | (18) |
|
Appendix 4 Estimates for section 8.5 |
|
|
275 | (1) |
|
Appendix 5 Input variables and estimates of output elasticities of inputs used in the construction of the total output index for section 8.3 |
|
|
276 | (3) |
|
|
|
279 | (4) |
|
|
|
283 | (2) |
|
9 Testing the empirical sensitivity of major performance indicators of the insurance industry under alternative output definitions: selected exercises |
|
|
285 | (22) |
|
|
|
285 | (1) |
|
9.2 Partial factor productivity estimates for the insurance industry |
|
|
286 | (1) |
|
9.3 Total factor productivity and technical efficiency estimates for the insurance industry |
|
|
286 | (3) |
|
9.4 Returns to scale estimates for the insurance industry of selected EMEs |
|
|
289 | (18) |
|
Appendix 1 Estimates for Section 9.2 |
|
|
290 | (3) |
|
Appendix 2 Estimates for section 9.3 |
|
|
293 | (7) |
|
Appendix 3 Estimates for section 9.4 |
|
|
300 | (5) |
|
|
|
305 | (2) |
|
PART IV Extended notes and concluding remarks |
|
|
307 | (10) |
|
10 Inputs measurement issues |
|
|
309 | (5) |
|
|
|
309 | (1) |
|
10.2 Inputs measurement in the banking and insurance literature |
|
|
309 | (3) |
|
|
|
312 | (2) |
|
|
|
312 | (1) |
|
|
|
312 | (2) |
|
11 Limitations, future scope and concluding remarks |
|
|
314 | (3) |
|
11.1 Limitations and future scope |
|
|
314 | (2) |
|
11.2 Final concluding remarks |
|
|
316 | (1) |
|
|
|
317 | (1) |
| References |
|
317 | (1) |
| Index |
|
318 | |
Rohkem infot Taylor & Francis e-raamatute kohta