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1、SUBALC.KUMBHAKARSUBRATASARKARDeregulation,Ownership,andProductivityGrowthintheBankingIndustry:EvidencefromIndiaThispaperanalyzestherelationshipbetweenderegulationandtotalfactorproductivity(TFP)growthintheIndianbankingindustryusingageneral-izedshadowcostfunctionapproach.TF
2、Pgrowthisdecomposedintoatechnologicalchange,ascale,andamiscellaneouscomponent.Adisaggre-gatedpaneldataanalysis,usingthepopulationofpublicandprivatebanksover198596thatcoversbothpre-andpost-deregulationperiods,indi-catesthatasignificantdeclineinregulatorydistortionsandtheant
3、icipatedincreaseinTFPgrowthhavenotyetmaterializedfollowingderegulation.Whileprivatesectorbankshaveimprovedtheirperformancemainlyduetothefreedomtoexpandoutput,publicsectorbankshavenotrespondedwelltothederegulationmeasures.Thebankingindustryinmosteconomieshashistoricallybee
4、nmuchmoreregulatedthanotherindustries.Unlikeotherindustries,thecollapseofbankscanhaveeconomy-widerepercussionsasthepaymentssystemgetsdis-rupted.Suchregulationhasbeenallthemorestringentindevelopingeconomieswherecontrolsonbankingactivitieshavebeenimposedtomeetsocialandecono
5、micobjectivesofdevelopment.Thus,notonlyhavetherebeenstrictcontrolsoninterestrates,therehavealsobeenstringentregulationsrelatingtobranchlicensing,directedcreditprograms,andmergers(Caprio,Atiyas,andHanson1997).Overtime,however,thebankingsystemsofmanydevelopingeconomiesexhib
6、itedpoorperformance,andsuchunder-performancewasseenbymanyasthedirectresultofexcessiveregulationsthatwereinplace.Thus,startinginthe1980s,alargenumberoftheseeconomiesundertookmassiveliberalizationoftheirbankingsectorstomakethemmoreproductiveandefficient.Toalargeextentsuchlib
7、eraliza-tionwasinfluencedbytheexperienceofdevelopedcountries,notablytheU.S.,WethankAllenBergerandtwoanonymousrefereesfortheircommentsonanearlierversionofthepaper.Weare,however,solelyresponsibleforanyremainingerrors.SubalC.KumbhakarisaffiliatedwiththeDepartmentofEconomics,St
8、ateUniversityofNewYorkatBinghamton.E-mail:kkarbinghamton.eduSubrataSarkarisaffiliatedwiththeIndi
