學術產出-Theses
Article View/Open
Publication Export
-
題名 金融監理制度對商業銀行利潤效率之影響--亞洲12國之實證分析
Effects of Financial Supervision Regimes on Commercial Banks’ Profit Efficiency in 12 Asian Countries作者 黃國睿
Huang, Kuo Jui貢獻者 廖四郎
Liao, Szu Lang
黃國睿
Huang, Kuo Jui關鍵詞 金融監理
隨機共同利潤邊界
兩階段估計法
環境變數
已開發國家群組
開發中國家群組
技術缺口比率
共同邊界技術效率
金融監理單位整合程度
中央銀行獨立程度
financial supervision
stochastic meta-profit frontier
two-stage estimation procedure
environmental variables
developed countries
developing countries
technology gap ratios
meta-profit efficiencies
unification of supervisory authority
independence日期 2015 上傳時間 3-Aug-2015 13:22:04 (UTC+8) 摘要 金融監理制度影響一國商業銀行經營績效的相關議題，一直受到學者與政府當局的重視，為瞭解亞洲地區銀行業在中央銀行與監理單位不同管理下的利潤效率，找出最適的制度設計，本研究根據Huang、Huang與Liu（2014）提出之隨機共同利潤邊界（stochastic meta-profit frontier），採用兩階段估計法，蒐集中國大陸、香港、印度、日本、韓國、馬來西亞、巴基斯坦、菲律賓、新加坡、斯里蘭卡、泰國以及阿拉伯聯合大公國等十二國商業銀行資料，分成開發中和已開發國家兩個群組，將環境變數納入無效率模型中，進行實證分析，比較不同群組的利潤效率差異，發掘影響效率的主要變數與方向，從而獲得重要政策意涵。 根據實證分析結果，中央銀行介入銀行監理程度越高，商業銀行利潤效率越低；金融監理單位整合程度越高，商業銀行利潤效率越高；中央銀行獨立程度越高，商業銀行利潤效率越低；已開發國家群組的平均技術缺口比率與共同邊界技術效率值皆高於開發中國家群組，符合預期。共同利潤效率最高的是日本，最低的是韓國。平均而言，各國若在共同利潤邊界上從事生產，能提升41.9%至75%的利潤。
The effects of degrees of financial supervision on performance of commercial banks have long been important issues and drawn much attention to academic researchers and government authorities. This study applies the stochastic meta-profit frontier, recently developed by Huang, Huang, and Liu (2014), to estimate and compare profit efficiencies of commercial banks from 12 Asian countries, i.e., Mainland China, Hong Kong, India, Japan, South Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and United Arab Emirates. We divide the sample countries into two groups, i.e., developing and developed countries. This enables us to further investigate the effects of different supervisory systems, enforced by central banks (CB) and supervisory authorities, on commercial banks’ profit efficiencies, as well as to make a suggestion about the optimal supervision regimes in the area. Note that a set of supervisory indices are considered as environmental variables that explain profit inefficiency. Using the two-stage estimation procedure, the empirical results are summarized as follows. First, it is found that bank’s profit efficiency decreases with the increase in a CB’s supervision sectors. Second, the unification of supervisory authority has positive effect on bank’s profit efficiency. Third, the more independent is the CB, the less profit efficient the commercial bank is. Fourth, banks in the group of developed countries are found to have higher technology gap ratios and meta-profit efficiencies than those in the group of developing countries, as expected. Fifth and finally, Japan and South Korea has the highest and the lowest level of meta-profit efficiency, respectively. Evidence is found that if an average commercial bank were adopting the best technology, it can earn roughly 41.9% to 75% more profits than otherwise.參考文獻 鄭政秉、梁連文、許智偉，2010。「差異化管理對台灣與日本銀行業成本效率之影響」，『2009生產力與效率特刊』，頁145-189。中興大學應用經濟系。謝人俊，2009。「第七章 美國金融監理制度改革方案」，147-166。刊於中央銀行編，『全球金融危機專輯』。臺北市：中央銀行。Aigner, Dennis, C. A. Knox Lovell, and Peter Schmidt, 1977. “Formulation and Estimation of Stochastic Frontier Production Function Models,” Journal of Econometrics. 6(1): 21-37. Akhigbe, Aigbe and James E. McNulty, 2003. “The Profit Efficiency of Small US Commercial Banks,” Journal of Banking & Finance. 27(2): 307-325. Arnone, Marco, Bernard J. Laurens, Jean-François Segalotto, and Martin Sommer, 2007. “Central Bank Autonomy: Lessons from Global Trends,” IMF Working Paper, No. 07/88. Washington, D.C.: International Monetary Fund (IMF). Barth, James R., Luis G. Dopico, Daniel E. Nolle, and James A. Wilcox, 2002. “Bank Safety and Soundness and the Structure of Bank Supervision: A Cross-Country Analysis,” International Review of Finance. 3(3-4): 163-188. Barth, James R., Daniel E. Nolle, Triphon Phumiwasana, and Glenn Yago, 2003. “A Cross-Country Analysis of the Bank Supervisory Framework and Bank Performance,” Financial Markets, Institutions & Instruments. 12(2): 67-120. Barth, James R., Gerard Caprio, Jr., and Ross Levine, 2008. “Bank Regulations are Changing: For Better or Worse?” Policy Research Working Paper, No. 4646. Washington, D.C.: World Bank (WB). Battese, G. E. and T. J. Coelli, 1988. “Prediction of Firm-Level Technical Efficiencies with a Generalized Frontier Production Function and Panel Data,” Journal of Econometrics. 38(3): 387-399. Battese, G. E. and T. J. Coelli, 1992. “Frontier Production Functions, Technical Efficiency, and Panel Data: With Application to Paddy Farmers in India,” Journal of Productivity Analysis. 3(1-2): 153-169. Battese, G. E. and T. J. Coelli, 1995. “A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data,” Empirical Economics. 20(2): 325-332. Battese, G. E. and D. S. Prasada Rao, 2002. “Technology Gap, Efficiency, and a Stochastic Metafrontier Function,” International Journal of Business and Economics. 1(2): 87-93. Battese, G. E., D. S. Prasada Rao, and Christopher J. O’Donnell, 2004. “A Metafrontier Production Function for Estimation of Technical Efficiencies and Technology Gaps for Firms Operating under Different Technologies,” Journal of Productivity Analysis. 21(1): 91-103. Belotti, Federico, Silvio Daidone, Giuseppe Ilardi, and Vincenzo Atella, 2013. “Stochastic Frontier Analysis Using Stata,” The Stata Journal. 13(4): 1-39. Berger, Allen N. and David B. Humphrey, 1991. “The Dominance of Inefficiencies over Scale and Product Mix Economies in Banking,” Journal of Monetary Economics. 28(1): 117-148. Berger, Allen N., John H. Leusner, and John J. Mingo, 1997. “The Efficiency of Bank Branches,” Journal of Monetary Economics. 40(1): 141-162. Berger, Allen N. and Loretta J. Mester, 1997. “Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions?” Journal of Banking & Finance. 21(7): 895-947. Berger, Allen N. and Emilia Bonaccorsi di Patti, 2006. “Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to the Banking Industry,” Journal of Banking & Finance. 30(4): 1065-1102. Boskin, Michael J. and Lawrence J. Lau, 1992. “International and Intertemporal Comparison of Productive Efficiency: An Application of the Meta-Production Function Approach to the Group-of-Five (G-5) Countries,” The Economic Studies Quarterly. 43(4): 298-312. Coelli, T. J., D. S. Prasada Rao, Christopher J. O’Donnell, and G. E. Battese, 2005. An Introduction to Efficiency and Productivity Analysis. New York, N.Y.: Springer Science + Media. Cornwell, Christopher, Peter Schmidt, and Robin C. Sickles, 1990. “Production Frontiers with Cross-Sectional and Time-Series Variation in Efficiency Levels,” Journal of Econometrics. 46(1-2): 185-200. Gaganis, Chrysovalantis and Fotios Pasiouras, 2013. “Financial Supervision Regimes and Bank Efficiency: International Evidence,” Journal of Banking & Finance. 37(12): 5463-5475. Greene, William, 2005. “Fixed and Random Effects in Stochastic Frontier Models,” Journal of Productivity Analysis. 23(1): 7-32. Grilli, Vittorio, Donato Masciandaro, and Guido Tabellini, 1991. “Political and Monetary Institutions and Public Financial Policies in the Industrial Countries,” Economic Policy. 6(13): 341-392. Gunaratne, Lokugam H. P. and PingSun Leung, 2001. “Asian Black Tiger Shrimp Industry: A Productivity Analysis,” in Economics and Management of Shrimp and Carp Farming in Asia: A Collection of Research Papers Based on the ADB/NACA Farm Performance Survey, pp. 55-68. Edited by PingSun Leung and Khem R. Sharma. Bangkok, Thailand: Network of Aquaculture Centers in Asia-Pacific (NACA). Hayami, Yujiro, 1969. “Sources of Agricultural Productivity Gap among Selected Countries,” American Journal of Agricultural Economics. 51(3): 564-575. Hayami, Yujiro and V. W. Ruttan, 1970. “Agricultural Productivity Differences among Countries,” The American Economic Review. 60(5): 895-911. Hayami, Yujiro and V. W. Ruttan, 1971. Agricultural Development: An International Perspective. Baltimore, M.D.: John Hopkins University Press. Huang, Cliff J. and Jin-Tan Liu, 1994. “Estimation of a Non-Neutral Stochastic Frontier Production Function,” Journal of Productivity Analysis. 5(2): 171-180. Huang, Cliff J., Tai-Hsin Huang, and Nan-Hung Liu, 2014. “A New Approach to Estimating the Metafrontier Production Function Based on a Stochastic Frontier Framework,” Journal of Productivity Analysis. 42(3): 241-254. Huang, Tai-Hsin, 2000. “Estimating X-Efficiency in Taiwanese Banking Using a Translog Shadow Profit Function,” Journal of Productivity Analysis. 14(3): 225-245. Hughes, Joseph and Loretta J. Mester, 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. International Monetary Fund (IMF), 2015. World Economic Outlook, April 2015. Washington, D.C.: International Monetary Fund (IMF). Kim, Jong Il and Lawrence J. Lau, 1994. “The Sources of Economic Growth of the East Asian Newly Industrialized Countries,” Journal of the Japanese and International Economies. 8(3): 235-271. Kumbhakar, Subal C., 1990. “Production Frontiers, Panel Data, and Time-Varying Technical Inefficiency,” Journal of Econometrics. 46(1-2): 201-211. Kumbhakar, Subal C., 1996. “A Parametric Approach to Efficiency Measurement Using a Flexible Profit Function,” Southern Economic Journal. 63(2): 473-487. Kumbhakar, Subal C., Hung-Jen Wang, and Alan P. Horncastle, 2015. A Practitioner’s Guide to Stochastic Frontier Analysis Using Stata. New York, N.Y.: Cambridge University Press. Lau, Lawrence J. and Pan A. Yotopoulos, 1989. “The Meta-Production Function Approach to Technological Change in World Agriculture,” Journal of Development Economics. 31(2): 241-269. Lee, Young Hoon and Peter Schmidt, 1993. “A Production Frontier Model with Flexible Temporal Variation in Technical Inefficiency,” in The Measurement of Productive Efficiency: Techniques and Applications, pp. 237-255. Edited by Harold O. Fried, C. A. Knox Lovell, and Shelton S. Schmidt. New York, N.Y.: Oxford University Press. Masciandaro, D., 2009. “Politicians and Financial Supervision Unification Outside the Central Bank: Why do they do it?” Journal of Financial Stability. 5(2): 124-146. Meeusen, Wim and Julien van den Broeck, 1977. “Efficiency Estimation from Cobb-Douglas Production Functions with Composed Error,” International Economic Review. 18(2): 435-444. Mundlak, Yair and René Hellinghausen, 1982. “The Intercountry Agricultural Production Function: Another View,” American Journal of Agricultural Economics. 64(4): 664-672. O’Donnell, Christopher J., D. S. Prasada Rao, and G. E. Battese, 2008. “Metafrontier Frameworks for the Study of Firm-Level Efficiencies and Technology Ratios,” Empirical Economics. 34(2): 231-255. Pitt, Mark M. and Lung-Fei Lee, 1981. “The Measurement and Sources of Technical Inefficiency in the Indonesian Weaving Industry,” Journal of Development Economics. 9(1): 43-64. Schmidt, Peter and Robin C. Sickles, 1984. “Production Frontiers and Panel Data,” Journal of Business and Economic Statistics. 2(4): 367-374. Sharma, Khem R. and PingSun Leung, 2000. “Technical Efficiency of Carp Pond Culture in South Asia: An Application of Stochastic Meta-Production Frontier Model,” Aquaculture Economics and Management. 4(3-4): 169-189. Stevenson, Rodney E., 1980. “Likelihood Functions for Generalized Stochastic Frontier Estimation,” Journal of Econometrics. 13(1): 57-66. Sun, Jianjun, Kozo Harimaya, and Nobuyoshi Yamori, 2013. “Regional Economic Development, Strategic Investors, and Efficiency of Chinese City Commercial Banks,” Journal of Banking & Finance. 37(5): 1602-1611. White, Halbert, 1982. “Maximum Likelihood Estimation of Misspecified Models,” Econometrica. 50(1): 1-25. 描述 碩士
國立政治大學
金融研究所
102352008資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102352008 資料類型 thesis dc.contributor.advisor 廖四郎 zh_TW dc.contributor.advisor Liao, Szu Lang en_US dc.contributor.author (Authors) 黃國睿 zh_TW dc.contributor.author (Authors) Huang, Kuo Jui en_US dc.creator (作者) 黃國睿 zh_TW dc.creator (作者) Huang, Kuo Jui en_US dc.date (日期) 2015 en_US dc.date.accessioned 3-Aug-2015 13:22:04 (UTC+8) - dc.date.available 3-Aug-2015 13:22:04 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2015 13:22:04 (UTC+8) - dc.identifier (Other Identifiers) G0102352008 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/77184 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 金融研究所 zh_TW dc.description (描述) 102352008 zh_TW dc.description.abstract (摘要) 金融監理制度影響一國商業銀行經營績效的相關議題，一直受到學者與政府當局的重視，為瞭解亞洲地區銀行業在中央銀行與監理單位不同管理下的利潤效率，找出最適的制度設計，本研究根據Huang、Huang與Liu（2014）提出之隨機共同利潤邊界（stochastic meta-profit frontier），採用兩階段估計法，蒐集中國大陸、香港、印度、日本、韓國、馬來西亞、巴基斯坦、菲律賓、新加坡、斯里蘭卡、泰國以及阿拉伯聯合大公國等十二國商業銀行資料，分成開發中和已開發國家兩個群組，將環境變數納入無效率模型中，進行實證分析，比較不同群組的利潤效率差異，發掘影響效率的主要變數與方向，從而獲得重要政策意涵。 根據實證分析結果，中央銀行介入銀行監理程度越高，商業銀行利潤效率越低；金融監理單位整合程度越高，商業銀行利潤效率越高；中央銀行獨立程度越高，商業銀行利潤效率越低；已開發國家群組的平均技術缺口比率與共同邊界技術效率值皆高於開發中國家群組，符合預期。共同利潤效率最高的是日本，最低的是韓國。平均而言，各國若在共同利潤邊界上從事生產，能提升41.9%至75%的利潤。 zh_TW dc.description.abstract (摘要) The effects of degrees of financial supervision on performance of commercial banks have long been important issues and drawn much attention to academic researchers and government authorities. This study applies the stochastic meta-profit frontier, recently developed by Huang, Huang, and Liu (2014), to estimate and compare profit efficiencies of commercial banks from 12 Asian countries, i.e., Mainland China, Hong Kong, India, Japan, South Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and United Arab Emirates. We divide the sample countries into two groups, i.e., developing and developed countries. This enables us to further investigate the effects of different supervisory systems, enforced by central banks (CB) and supervisory authorities, on commercial banks’ profit efficiencies, as well as to make a suggestion about the optimal supervision regimes in the area. Note that a set of supervisory indices are considered as environmental variables that explain profit inefficiency. Using the two-stage estimation procedure, the empirical results are summarized as follows. First, it is found that bank’s profit efficiency decreases with the increase in a CB’s supervision sectors. Second, the unification of supervisory authority has positive effect on bank’s profit efficiency. Third, the more independent is the CB, the less profit efficient the commercial bank is. Fourth, banks in the group of developed countries are found to have higher technology gap ratios and meta-profit efficiencies than those in the group of developing countries, as expected. Fifth and finally, Japan and South Korea has the highest and the lowest level of meta-profit efficiency, respectively. Evidence is found that if an average commercial bank were adopting the best technology, it can earn roughly 41.9% to 75% more profits than otherwise. en_US dc.description.tableofcontents 謝辭 i摘要 iiAbstract iii第一章 緒論 1第一節 研究動機 1第二節 研究目的 3第三節 本文架構 3第二章 文獻回顧 5第一節 隨機生產邊界模型 5第二節 隨機利潤邊界模型 8第三章 分析模型 10第一節 理論架構 10第二節 實證模型與研究方法 20第四章 資料分析 24第一節 變數處理與來源 24第二節 重要環境變數 26第三節 敘述統計 30第五章 實證結果 34第六章 結論與建議 50參考文獻 52附錄一：其它環境變數 57附錄二：受限制模型估計結果 64附錄三：穩健性測試 68附錄四：數理規劃法 75 zh_TW dc.format.extent 939652 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102352008 en_US dc.subject (關鍵詞) 金融監理 zh_TW dc.subject (關鍵詞) 隨機共同利潤邊界 zh_TW dc.subject (關鍵詞) 兩階段估計法 zh_TW dc.subject (關鍵詞) 環境變數 zh_TW dc.subject (關鍵詞) 已開發國家群組 zh_TW dc.subject (關鍵詞) 開發中國家群組 zh_TW dc.subject (關鍵詞) 技術缺口比率 zh_TW dc.subject (關鍵詞) 共同邊界技術效率 zh_TW dc.subject (關鍵詞) 金融監理單位整合程度 zh_TW dc.subject (關鍵詞) 中央銀行獨立程度 zh_TW dc.subject (關鍵詞) financial supervision en_US dc.subject (關鍵詞) stochastic meta-profit frontier en_US dc.subject (關鍵詞) two-stage estimation procedure en_US dc.subject (關鍵詞) environmental variables en_US dc.subject (關鍵詞) developed countries en_US dc.subject (關鍵詞) developing countries en_US dc.subject (關鍵詞) technology gap ratios en_US dc.subject (關鍵詞) meta-profit efficiencies en_US dc.subject (關鍵詞) unification of supervisory authority en_US dc.subject (關鍵詞) independence en_US dc.title (題名) 金融監理制度對商業銀行利潤效率之影響--亞洲12國之實證分析 zh_TW dc.title (題名) Effects of Financial Supervision Regimes on Commercial Banks’ Profit Efficiency in 12 Asian Countries en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 鄭政秉、梁連文、許智偉，2010。「差異化管理對台灣與日本銀行業成本效率之影響」，『2009生產力與效率特刊』，頁145-189。中興大學應用經濟系。謝人俊，2009。「第七章 美國金融監理制度改革方案」，147-166。刊於中央銀行編，『全球金融危機專輯』。臺北市：中央銀行。Aigner, Dennis, C. A. Knox Lovell, and Peter Schmidt, 1977. “Formulation and Estimation of Stochastic Frontier Production Function Models,” Journal of Econometrics. 6(1): 21-37. Akhigbe, Aigbe and James E. McNulty, 2003. “The Profit Efficiency of Small US Commercial Banks,” Journal of Banking & Finance. 27(2): 307-325. Arnone, Marco, Bernard J. Laurens, Jean-François Segalotto, and Martin Sommer, 2007. “Central Bank Autonomy: Lessons from Global Trends,” IMF Working Paper, No. 07/88. Washington, D.C.: International Monetary Fund (IMF). Barth, James R., Luis G. Dopico, Daniel E. Nolle, and James A. Wilcox, 2002. “Bank Safety and Soundness and the Structure of Bank Supervision: A Cross-Country Analysis,” International Review of Finance. 3(3-4): 163-188. Barth, James R., Daniel E. Nolle, Triphon Phumiwasana, and Glenn Yago, 2003. “A Cross-Country Analysis of the Bank Supervisory Framework and Bank Performance,” Financial Markets, Institutions & Instruments. 12(2): 67-120. Barth, James R., Gerard Caprio, Jr., and Ross Levine, 2008. “Bank Regulations are Changing: For Better or Worse?” Policy Research Working Paper, No. 4646. Washington, D.C.: World Bank (WB). Battese, G. E. and T. J. Coelli, 1988. “Prediction of Firm-Level Technical Efficiencies with a Generalized Frontier Production Function and Panel Data,” Journal of Econometrics. 38(3): 387-399. Battese, G. E. and T. J. Coelli, 1992. “Frontier Production Functions, Technical Efficiency, and Panel Data: With Application to Paddy Farmers in India,” Journal of Productivity Analysis. 3(1-2): 153-169. Battese, G. E. and T. J. Coelli, 1995. “A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data,” Empirical Economics. 20(2): 325-332. Battese, G. E. and D. S. Prasada Rao, 2002. “Technology Gap, Efficiency, and a Stochastic Metafrontier Function,” International Journal of Business and Economics. 1(2): 87-93. Battese, G. E., D. S. Prasada Rao, and Christopher J. O’Donnell, 2004. “A Metafrontier Production Function for Estimation of Technical Efficiencies and Technology Gaps for Firms Operating under Different Technologies,” Journal of Productivity Analysis. 21(1): 91-103. Belotti, Federico, Silvio Daidone, Giuseppe Ilardi, and Vincenzo Atella, 2013. “Stochastic Frontier Analysis Using Stata,” The Stata Journal. 13(4): 1-39. Berger, Allen N. and David B. Humphrey, 1991. “The Dominance of Inefficiencies over Scale and Product Mix Economies in Banking,” Journal of Monetary Economics. 28(1): 117-148. Berger, Allen N., John H. Leusner, and John J. Mingo, 1997. “The Efficiency of Bank Branches,” Journal of Monetary Economics. 40(1): 141-162. Berger, Allen N. and Loretta J. Mester, 1997. “Inside the Black Box: What Explains Differences in the Efficiencies of Financial Institutions?” Journal of Banking & Finance. 21(7): 895-947. Berger, Allen N. and Emilia Bonaccorsi di Patti, 2006. “Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to the Banking Industry,” Journal of Banking & Finance. 30(4): 1065-1102. Boskin, Michael J. and Lawrence J. Lau, 1992. “International and Intertemporal Comparison of Productive Efficiency: An Application of the Meta-Production Function Approach to the Group-of-Five (G-5) Countries,” The Economic Studies Quarterly. 43(4): 298-312. Coelli, T. J., D. S. Prasada Rao, Christopher J. O’Donnell, and G. E. Battese, 2005. An Introduction to Efficiency and Productivity Analysis. New York, N.Y.: Springer Science + Media. Cornwell, Christopher, Peter Schmidt, and Robin C. Sickles, 1990. “Production Frontiers with Cross-Sectional and Time-Series Variation in Efficiency Levels,” Journal of Econometrics. 46(1-2): 185-200. Gaganis, Chrysovalantis and Fotios Pasiouras, 2013. “Financial Supervision Regimes and Bank Efficiency: International Evidence,” Journal of Banking & Finance. 37(12): 5463-5475. Greene, William, 2005. “Fixed and Random Effects in Stochastic Frontier Models,” Journal of Productivity Analysis. 23(1): 7-32. Grilli, Vittorio, Donato Masciandaro, and Guido Tabellini, 1991. “Political and Monetary Institutions and Public Financial Policies in the Industrial Countries,” Economic Policy. 6(13): 341-392. Gunaratne, Lokugam H. P. and PingSun Leung, 2001. “Asian Black Tiger Shrimp Industry: A Productivity Analysis,” in Economics and Management of Shrimp and Carp Farming in Asia: A Collection of Research Papers Based on the ADB/NACA Farm Performance Survey, pp. 55-68. Edited by PingSun Leung and Khem R. Sharma. Bangkok, Thailand: Network of Aquaculture Centers in Asia-Pacific (NACA). Hayami, Yujiro, 1969. “Sources of Agricultural Productivity Gap among Selected Countries,” American Journal of Agricultural Economics. 51(3): 564-575. Hayami, Yujiro and V. W. Ruttan, 1970. “Agricultural Productivity Differences among Countries,” The American Economic Review. 60(5): 895-911. Hayami, Yujiro and V. W. Ruttan, 1971. Agricultural Development: An International Perspective. Baltimore, M.D.: John Hopkins University Press. Huang, Cliff J. and Jin-Tan Liu, 1994. “Estimation of a Non-Neutral Stochastic Frontier Production Function,” Journal of Productivity Analysis. 5(2): 171-180. Huang, Cliff J., Tai-Hsin Huang, and Nan-Hung Liu, 2014. “A New Approach to Estimating the Metafrontier Production Function Based on a Stochastic Frontier Framework,” Journal of Productivity Analysis. 42(3): 241-254. Huang, Tai-Hsin, 2000. “Estimating X-Efficiency in Taiwanese Banking Using a Translog Shadow Profit Function,” Journal of Productivity Analysis. 14(3): 225-245. Hughes, Joseph and Loretta J. Mester, 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. International Monetary Fund (IMF), 2015. World Economic Outlook, April 2015. Washington, D.C.: International Monetary Fund (IMF). Kim, Jong Il and Lawrence J. Lau, 1994. “The Sources of Economic Growth of the East Asian Newly Industrialized Countries,” Journal of the Japanese and International Economies. 8(3): 235-271. Kumbhakar, Subal C., 1990. “Production Frontiers, Panel Data, and Time-Varying Technical Inefficiency,” Journal of Econometrics. 46(1-2): 201-211. Kumbhakar, Subal C., 1996. “A Parametric Approach to Efficiency Measurement Using a Flexible Profit Function,” Southern Economic Journal. 63(2): 473-487. Kumbhakar, Subal C., Hung-Jen Wang, and Alan P. Horncastle, 2015. A Practitioner’s Guide to Stochastic Frontier Analysis Using Stata. New York, N.Y.: Cambridge University Press. Lau, Lawrence J. and Pan A. Yotopoulos, 1989. “The Meta-Production Function Approach to Technological Change in World Agriculture,” Journal of Development Economics. 31(2): 241-269. Lee, Young Hoon and Peter Schmidt, 1993. “A Production Frontier Model with Flexible Temporal Variation in Technical Inefficiency,” in The Measurement of Productive Efficiency: Techniques and Applications, pp. 237-255. Edited by Harold O. Fried, C. A. Knox Lovell, and Shelton S. Schmidt. New York, N.Y.: Oxford University Press. Masciandaro, D., 2009. “Politicians and Financial Supervision Unification Outside the Central Bank: Why do they do it?” Journal of Financial Stability. 5(2): 124-146. Meeusen, Wim and Julien van den Broeck, 1977. “Efficiency Estimation from Cobb-Douglas Production Functions with Composed Error,” International Economic Review. 18(2): 435-444. Mundlak, Yair and René Hellinghausen, 1982. “The Intercountry Agricultural Production Function: Another View,” American Journal of Agricultural Economics. 64(4): 664-672. O’Donnell, Christopher J., D. S. Prasada Rao, and G. E. Battese, 2008. “Metafrontier Frameworks for the Study of Firm-Level Efficiencies and Technology Ratios,” Empirical Economics. 34(2): 231-255. Pitt, Mark M. and Lung-Fei Lee, 1981. “The Measurement and Sources of Technical Inefficiency in the Indonesian Weaving Industry,” Journal of Development Economics. 9(1): 43-64. Schmidt, Peter and Robin C. Sickles, 1984. “Production Frontiers and Panel Data,” Journal of Business and Economic Statistics. 2(4): 367-374. Sharma, Khem R. and PingSun Leung, 2000. “Technical Efficiency of Carp Pond Culture in South Asia: An Application of Stochastic Meta-Production Frontier Model,” Aquaculture Economics and Management. 4(3-4): 169-189. Stevenson, Rodney E., 1980. “Likelihood Functions for Generalized Stochastic Frontier Estimation,” Journal of Econometrics. 13(1): 57-66. Sun, Jianjun, Kozo Harimaya, and Nobuyoshi Yamori, 2013. “Regional Economic Development, Strategic Investors, and Efficiency of Chinese City Commercial Banks,” Journal of Banking & Finance. 37(5): 1602-1611. White, Halbert, 1982. “Maximum Likelihood Estimation of Misspecified Models,” Econometrica. 50(1): 1-25. zh_TW
