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Competencia en el sector bancario chileno. Una aproximación dinámica

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  • Flores, Yarela

    (Pontificia Universidad Católica de Chile)

  • Watts, David

    (Pontificia Universidad Católica de Chile)

Abstract

Latin America faces a growing concentration of banking markets, situation that worries both the public and the media for its potential impact on competition, access to credit at competitive rates, and thus the potential impact on its economic and social development. This paper provides a brief literature review of banking competition in Latin American, and then assesses market power in the Chilean banking market. Using a novel dynamic reformulation of the static conduct parameter model, we conclude that intertemporal relationships in the supply and demand for credit are very important, so that the use of static models to measure competition would be misleading, delivering biased parameters’ estimates. Finally, it is estimated that Chilean banks exert significant market power, especially in the long run, similar to a symmetric Cournot equilibrium of 40 banks, as the market had in the early 90’s.// La América Latina enfrenta una creciente concentración de la propiedad en el sector bancario, situación que preocupa a la población y los medios por su eventual efecto en la competencia, en el acceso a crédito a tasas competitivas, así como en el desarrollo económico y social. Este artículo realiza una breve revisión de la bibliografía de la competencia bancaria latinoamericana, para luego estudiar el poder de mercado en el mercado bancario chileno. Utilizando una novedosa reformulación dinámica del modelo estático del parámetro de comportamiento, concluimos que las relaciones intertemporales en la oferta y la demanda de crédito son muy importantes, por lo que el uso de modelos estáticos para medir la competencia sería inadecuado y entregaría parámetros sesgados. Finalmente, se estima que los bancos chilenos ejercen un poder de mercado significativo, particularmente en el largo plazo, similar a un equilibrio de Cournot simétrico de 40 bancos, como se tenía a principios de los años noventa del siglo pasado.

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Bibliographic Info

Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LXXIX (4) (2012)
Issue (Month): 316 (octubre-diciembre)
Pages: 865-903

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Handle: RePEc:elt:journl:v:79:y:2012:i:316:p:865-903

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Related research

Keywords: poder de mercado; método del parámetro de comportamiento; industria bancaria; modelo de corrección de errores; cointegración; concentración; competencia; variación conjetural;

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