Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD regression significantly affect bank spreads except non-deposit funding. Credit risk, risk aversion, implicit payment, labor cost and internal cash flows are positive and significantly influence bank spread in SSA. The positive coefficient of the credit risk indicates that SSA banks apply a risk premium implicitly in the interest rate charged for their operation. The results on the implicit payment are consistent with Maudos and Fernandez de Guevara’s (2004) findings on European banks, that banks charge an extra fee for their services more implicitly through lower remuneration of liabilities, presenting higher interest spreads. The inclusion of labor cost provides a strong indication of the importance of labor expenditure in evaluating the determinants of spread in SSA. One percent increase in labor cost increases spread by more than 52 percent, ceteris paribus. A similar result is found on the coefficient on market power. On macro variables shock on the spread of SSA banks, the result is consistent with most previous studies where inflation, the growth in GDP and monetary policy stance significantly influence spread. The positive sign of inflation suggest that banks in SSA increase their interest margin to overcome the adverse effect associated with increase in inflation level. The most significant result of macro variables is that of monetary policy shock. The positive and statistical result of the variable across all the regression means that spread increases among African banks with the contraction of monetary policy indicator. A percentage change in the tightening of monetary policy increases banks’ spread by more than 3 percent. Table 2: Determinants of bank spread in SSA Dependent variable: bank spread (1) (2) (3) Credit risk 0.0471*** 0.0558*** 0.0819*** (0.0133) (0.0142) (0.0154) Risk aversion 0.0754** 0.1055*** 0.1473*** (0.0344) (0.0366) (0.0370) Size -0.0039* -0.0008 0.0049** (0.0020) (0.0021) (0.0024) Implicit payment 0.9922*** 1.0059*** 1.0847*** (0.0885) (0.0929) (0.0824) Labour cost 0.5229*** 0.6482*** 0.7536*** (0.1751) (0.1800) (0.1820) Internal fund 0.1480*** 0.1625*** 0.3302*** (0.0205) (0.0218) (0.0216) Non-deposit fund -0.0170 -0.0156 -0.0103 (0.0106) (0.0111) (0.0131) Efficiency ratio 0.0491*** -0.0277** (0.0170) (0.0139) Conventional Lerner index 0.1206*** (0.0155) Funding-adjusted Lerner 0.0671*** (0.0221) Efficiency-adjusted Lerner 0.0171 (0.0158) Bank spreadt-1 0.1507*** 0.1770*** 0.0321 (0.0394) (0.0415) (0.0464) Banking freedom 0.0134** 0.0112* 0.0085 (0.0058) (0.0060) (0.0071) Monetary policy 0.0380*** 0.0357*** 0.0315*** 16
Challenges in the Era of Globalization Edited by Emmanuel Obuah (0.0049) (0.0051) (0.0052) GDP growth 0.0836* 0.0918** 0.1223** (0.0429) (0.0450) (0.0536) Inflation 0.0291*** 0.0211*** 0.0180*** (0.00625) (0.0064) (0.0069) Number of observation R2 Hausman Prob>chi2 691 0.7118 837.31 0.0000 687 0.7456 344.66 0.0000 716 0.6967 704.38 0.000 The estimation is based on data for 24 SSA countries using fixed effects estimators. The dependent variable is bank spread. Constant term included but not reported. Standard errors are reported in parentheses. ***, **, and * indicates statistical significance at the 1% 5% and 10% level respectively As banks profit increases with tightening of monetary policy, the monetary policy indicator is interacted with bank credit risk, cash flow, funding strategy and market power to investigate monetary policy sensitivity of spreads. The result is presented in table 3. The sensitivity of spreads to monetary policy shock increases as the cash flows of the bank increases. The same results are obtained when bank funding strategy, credit risk and the bank market structure are used. All these results are statistically significant at 0.01 significance level. The economic significance of these results is that the spread channel is much stronger among banks with higher market power and credit risk with a significant coefficient of 6 and 7 percent respectively. The implication of this result is that the tightening of monetary policy indicator is less effective with respect to banks with higher market power funding their investment from internal cash flow and experiencing high credit risk. Table 3: Sensitivity of monetary policy to bank spread Dependent variable: bank spread (1) (2) (3) (4) Credit risk 0.0453*** 0.0424*** 0.0437*** 0.0515*** Risk aversion (0.0133) 0.0760** (0.0342) (0.0130) 0.0721** (0.0334) (0.0126) 0.0805** (0.0324) (0.0128) 0.0539 (0.0330) Size -0.0033 -0.0026 -0.0042** -0.0048** (0.0020) (0.0020) (0.0019) (0.0019) Implicit payment 1.0142*** 1.0246*** 1.1641*** 0.9928*** (0.0887) (0.0861) (0.0861) (0.0847) Labour cost 0.5505*** 0.6968*** 0.4600*** 0.5035*** (0.1748) (0.1727) (0.1652) (0.1676) Internal fund 0.0451*** 0.0439*** 0.0286* 0.0277* (0.0170) (0.0165) (0.0162) (0.0165) Non-deposit fund 0.1318*** 0.1610*** 0.1807*** 0.1453*** (0.0217) (0.0201) (0.0198) (0.0196) Efficiency ratio -0.0190* -0.0345*** -0.0154 -0.01843* (0.0106) (0.0107) (0.0100) (0.0101) Conventional Lerner index 0.1181*** 0.1155*** 0.0990*** 0.0770*** (0.0155) (0.0151) (0.0149) (0.0161) Banking freedom 0.0132** 0.0131** 0.0118** 0.0108** (0.0057) (0.0056) (0.0054) (0.0055) Internal fund*Monetary policy 0.0310** 17
Page 1 and 2: Challenges in the Era of Globalizat
Page 3 and 4: Table of Contents Challenges in the
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Challenges in the Era of Globalizat
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract Challenges in the Era of G
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Convenient location of banks Challe
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Relationship Commitment Total 1264.
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Conclusion Dissatisfied 6 3.4 3.6 7
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Methodology Challenges in the Era o
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Discussion Challenges in the Era of
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