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Economics of Financial Services in Emerging Markets: Measuring the Output of the Banking and Insurance Industries [Kõva köide]

  • Formaat: Hardback, 320 pages, kõrgus x laius: 234x156 mm, kaal: 453 g, 93 Tables, black and white; 23 Line drawings, black and white; 23 Illustrations, black and white
  • Sari: Banking, Money and International Finance
  • Ilmumisaeg: 06-Dec-2022
  • Kirjastus: Routledge
  • ISBN-10: 036771213X
  • ISBN-13: 9780367712136
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Economics of Financial Services in Emerging Markets: Measuring the Output of the Banking and Insurance IndustriesSuurem pilt
  • Formaat: Hardback, 320 pages, kõrgus x laius: 234x156 mm, kaal: 453 g, 93 Tables, black and white; 23 Line drawings, black and white; 23 Illustrations, black and white
  • Sari: Banking, Money and International Finance
  • Ilmumisaeg: 06-Dec-2022
  • Kirjastus: Routledge
  • ISBN-10: 036771213X
  • ISBN-13: 9780367712136
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Märksõnad:
"Any enquiry into the nature, performance, role, demerits, growth, efficiency, or other aspects of financial services such as banking and insurance activities, requires rigorous estimates of their economic output, i.e., the economic contributions made bythese firms, as well as by the industries as a whole. Accordingly, this book condenses several theoretical, methodological, empirical, and philosophical issues in conceptualizing, measuring, and empirically operationalizing the economic output of the banking and insurance industries. The analytical focus is on both Global and Emerging Markets perspectives. The book synthesizes applied and conceptual evidence to locate the chosen theme's analytical patterns, consensus, and disagreements. The selected subject matter is studied within the firm-level and aggregate settings, bringing literature of varied scopes together. Contributions from various international academics, practitioners, and policymakers further enrich the narrative. The book concludes with data-driven case studies that analyze the extent to which the critical performance parameters of the banking and insurance industries in the BRIICS economies - including estimation of aggregate industry-level partial factor productivities, total factor productivity, technical efficiency, and returns to scale - vary concerning alternate measures of their output. The present work also provides a brief note on the inputs measurement dimension, following which there is a discussion on the limitations, future scope, and conclusions. This work will be valuable for researchers and policymakers undertaking performance analyses related to banking and insurance activities. It shall provide them with the examination of a plethora of analytical options and related issues on the theory and praxis of output measurement, all finely organized into one single volume"--

This book condenses several theoretical, methodological, empirical, and philosophical issues in conceptualizing, measuring, and empirically operationalizing the economic output of the banking and insurance industries. The analytical focus is on both Global and Emerging Markets perspectives.

Arvustused

"The author has drawn together a vast body of literature on the output measurement dimensions of financial services into this book. The breadth and depth of the work are unique and shall act as a highly reliable reference for all major aspects related to output analysis for financial services." - Prof. Justin Paul, Editor-in-chief of the International Journal of Consumer Studies, University of Puerto Rico, U.S.A. & University of Reading Henley Business school, U.K.

"The book condenses a large volume of literature on the banking and insurance output measurement problem. It is further enriched by expert opinions and empirical case studies on the BRIICS countries, providing a fresh perspective which will surely enrich the literature in new directions. I highly recommend this book." - Prof. Kabir M. Hassan, University of New Orleans, U.S.A.

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)
Quality-adjusted measure
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)
Maximisation criterion
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)
Unitary influence factor
9(1)
1.3 Final remarks
9(4)
Notes
10(1)
References
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)
2.2 Review strategy
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)
Notes
25(1)
References
26(1)
3 Review of evidence on banking output measurement: global perspective
27(11)
3.1 Introduction
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)
Production approach
32(2)
Intermediation approach
34(2)
Asset approach
36(1)
Value-added approach
37(1)
User cost approach
37(1)
7 Index numbers approach
38(72)
3.4 Output measurement in the banking literature
39(16)
Loan outputs
39(4)
Deposit outputs
43(5)
Asset output
48(1)
Investment output
48(3)
Income and off-balance-sheet output
51(2)
FISIM output
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)
Other issues
61(2)
Appendix: Evolution of banking output measurement in the extant wisdom from 1950 to 2022
63(27)
Notes
90(3)
References
93(17)
4 Review of evidence on insurance output measurement: global perspective
110(52)
4.1 Introduction
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)
Production approach
111(1)
Intermediation approach
112(1)
Value-added approach
112(1)
National income approach
113(1)
4.4 Output measurement in the insurance literature
113(13)
Life versus nonlife insurance output
113(1)
Premium output
114(2)
Claims and loss output
116(3)
Investment and financial assets output
119(2)
Reserves as output
121(1)
Income output
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)
Notes
149(2)
References
151(11)
5 Extended notes on the banking and insurance output measurement problem
162(5)
5.1 Summarising the literature survey
162(1)
5.2 Extended notes
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)
Notes
165(1)
References
165(2)
PART II Expert opinions and contributions: emerging markets perspective
167(62)
6 Method and rationale
169(2)
6.1 Motivation and rationale
169(1)
6.2 Sampling strategy
169(1)
6.3 Notes for the next chapter
170(1)
Notes
170(1)
7 Expert perspectives on output measurement in banking and insurance
171(58)
Barendra Kumar Bhoi
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)
Debashis Acharya
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)
Edoardo Pizzoli
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)
Frauke Kreuter
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)
Justin Paul
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)
N. R. Bhanumurthy
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)
Pronab Sen
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)
R. B. Barman
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)
Ram Pratap Sinha
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)
Zhu Haiju
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)
Notes
221(5)
References
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)
Brazil
241(1)
Russia
241(1)
India
241(1)
Indonesia
242(1)
China
242(1)
South Africa
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)
Notes
279(4)
References
283(2)
9 Testing the empirical sensitivity of major performance indicators of the insurance industry under alternative output definitions: selected exercises
285(22)
9.1 Background
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)
Notes
305(2)
PART IV Extended notes and concluding remarks
307(10)
10 Inputs measurement issues
309(5)
10.1 Introductory note
309(1)
10.2 Inputs measurement in the banking and insurance literature
309(3)
10.3 Concluding remarks
312(2)
Notes
312(1)
References
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)
Notes
317(1)
References 317(1)
Index 318
Bhagirath Prakash Baria is Assistant Professor at the Department of Banking and Insurance, Faculty of Commerce, Maharaja Sayajirao University of Baroda, India. The broad areas of his interest include macroeconomics of banking, agricultural productivity, and performance analysis of banking and insurance industries. The author strongly believes in pluralism in both teaching and research. He has a Masters Degree in Business Economics with two Gold Medals, has published in several reputed national and international journals, won a Young Researcher Award, founded a non-profit educational initiative called The Cafe Economics (TCE), and is pursuing a Ph.D. in the area of International Finance.