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1、SUBALC.KUMBHAKARSUBRATASARKARDeregulation,Ownership,andProductivityGrowthintheBankingIndustry:EvidencefromIndiaThispaperanalyzestherelationshipbetweenderegulationandtotalfactorproductivity(TFP)growthintheIndianbankingindustryusingageneral-izedshadowcostfunctionapproach.TFPgrowthisdec
2、omposedintoatechnologicalchange,ascale,andamiscellaneouscomponent.Adisaggre-gatedpaneldataanalysis,usingthepopulationofpublicandprivatebanksover198596thatcoversbothpre-andpost-deregulationperiods,indi-catesthatasignificantdeclineinregulatorydistortionsandtheanticipatedincreaseinTFPgro
3、wthhavenotyetmaterializedfollowingderegulation.Whileprivatesectorbankshaveimprovedtheirperformancemainlyduetothefreedomtoexpandoutput,publicsectorbankshavenotrespondedwelltothederegulationmeasures.Thebankingindustryinmosteconomieshashistoricallybeenmuchmoreregulatedthanotherindustrie
4、s.Unlikeotherindustries,thecollapseofbankscanhaveeconomy-widerepercussionsasthepaymentssystemgetsdis-rupted.Suchregulationhasbeenallthemorestringentindevelopingeconomieswherecontrolsonbankingactivitieshavebeenimposedtomeetsocialandeconomicobjectivesofdevelopment.Thus,notonlyhavethere
5、beenstrictcontrolsoninterestrates,therehavealsobeenstringentregulationsrelatingtobranchlicensing,directedcreditprograms,andmergers(Caprio,Atiyas,andHanson1997).Overtime,however,thebankingsystemsofmanydevelopingeconomiesexhibitedpoorperformance,andsuchunder-performancewasseenbymanyast
6、hedirectresultofexcessiveregulationsthatwereinplace.Thus,startinginthe1980s,alargenumberoftheseeconomiesundertookmassiveliberalizationoftheirbankingsectorstomakethemmoreproductiveandefficient.Toalargeextentsuchliberaliza-tionwasinfluencedbytheexperienceofdevelopedcountries,notablytheU.
7、S.,WethankAllenBergerandtwoanonymousrefereesfortheircommentsonanearlierversionofthepaper.Weare,however,solelyresponsibleforanyremainingerrors.SubalC.KumbhakarisaffiliatedwiththeDepartmentofEconomics,StateUniversityofNewYorkatBinghamton.E-mail:kkarbinghamton.eduSubrataSarkarisaffiliate
8、dwiththeIndi
