The quality and quantity of bank intermediation and economic growth: evidence from Asia Pacific

References

• Aghion, P., P. Howitt, and D. Mayer-Foulkes. 2005. “The Effect of Financial Development on Convergence: Theory and Evidence.” Quarterly Journal of Economics 120: 173–222.
   Web of Science ®Google Scholar
• Aigner, D., C. A. K. Lovell, and P. Schmidt. 1977. “Formulation and Estimation of Stochastic Frontier Production Function Models.” Journal of Econometrics 6: 21–37.
   Google Scholar
• Auster, A., and M. Foo, 2015. “Financial integration in the Asia-Pacific: fact and fiction.” Working Paper. Financial Services Institute of Australasia, Sydney, Australia.
   Google Scholar
• Barth, J. R., G. Caprio Jr, and R. Levine., 2012. “The Evolution and Impact of Bank Regulations.” Policy Research Working Paper 6288. World Bank.
   Google Scholar
• Battese, G. E., and T. J. Coelli. 1995. “A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Date.” Empirical Economics 120: 325−332.
   Google Scholar
• Beck, T., and R. Levine. 2002. “Industry Growth and Capital Allocation. Does Having a Market- or Bank-Based System Matter?” Journal of Financial Economics 64: 147–180.
   Web of Science ®Google Scholar
• Beck, T., and R. Levine. 2004. “Stock Markets, Banks, and Growth: Panel Evidence.” Journal of Banking and Finance 28: 423–442.
   Web of Science ®Google Scholar
• Berger, A. N., and C. H. S. Bouwman. 2009. “Bank Liquidity Creation.” Review of Financial Studies 22: 3779–3837.
   Web of Science ®Google Scholar
• Berger, A. N., I. Hasan, and L. F. Klapper. 2004. “Further Evidence on the Link between Finance and Growth: An International Analysis of Community Banking and Economic Performance.” Journal of Financial Services Research 25 (2/3): 169–202.
   Google Scholar
• Berger, A. N., and L. J. Mester. 1997. “Inside the Black Box: What Explains Differences in the Efficiency of Financial Institutions.” Journal of Banking and Finance 21: 895–947.
   Web of Science ®Google Scholar
• Bos, J., M. Koetter, J. Kolari, and C. Kool. 2008. “Effects of Heterogeneity on Bank Efficiency Scores.” European Journal of Operational Research 195: 251–261.
   Web of Science ®Google Scholar
• Calderon, C., and L. Liu. 2003. “The Direction of Causality between Financial Development and Economic Growth.” Journal of Development Economics 72: 321–334.
   Web of Science ®Google Scholar
• Fernández, P., J. Aguirreamalloa, and L. Corres, 2011. “Market Risk Premium Used in 56 Countries in 2011: A Survey with 6,014 Answers.” Working Paper No. WP-920. IESE Business School, University of Navarra.
   Google Scholar
• Fiordelisi, F. 2007. “Shareholder Value Efficiency in European Banking.” Journal of Banking and Finance 31: 2151–2171.
   Web of Science ®Google Scholar
• Fiordelisi, F., and P. Molyneux. 2010. “The Determinants of Shareholder Value in European Banking.” Journal of Banking and Finance 34: 1189–1200.
   Web of Science ®Google Scholar
• Fu, X., and S. Heffernan. 2007. “Cost X-Efficiency in China’s Banking Sector.” China Economic Review 18: 35–53.
   Web of Science ®Google Scholar
• Fu, X., and S. Heffernan. 2009. “The Effects of Reform on China’s Bank Structure and Performance.” Journal of Banking and Finance 33: 39–52.
   Web of Science ®Google Scholar
• Fu, X., Y. Lin, and P. Molyneux. 2014. “Bank Competition and Financial Stability in Asia Pacific.” Journal of Banking and Finance 38: 64–77.
   Web of Science ®Google Scholar
• Fungacova, Z., L. Weill, and M. Zhou, 2010. “Bank Capital, Liquidity Creation and Deposit Insurance.” BOFIT Discussion Paper No. 17.
   Google Scholar
• Goldsmith, R. 1969. Financial Structure and Development. New Haven, Yale University Press.
   Google Scholar
• Grabowski, R. J. 2009. “Cost of Capital Estimation in the Current Distressed Environment.” The Journal of Applied Research in Accounting and Finance 4: 31–40.
   Google Scholar
• Hasan, I., M. Koetter, and M. Wedow. 2009. “Regional Growth and Finance in Europe: Is There a Quality Effect of Bank Efficiency?” Journal of Banking and Finance 33: 1413–1422.
   Web of Science ®Google Scholar
• Hasan, I., and K. Marton. 2003. “Development and Efficiency of a Banking Sector in a Transitional Economy: Hungarian Experience.” Journal of Banking and Finance 27: 249−2271.
   Web of Science ®Google Scholar
• Heffernan, S., and X. Fu. 2010. “Determinants of Financial Performance in Chinese Banking.” Applied Financial Economics 20: 1585–1600.
   Google Scholar
• Hicks, J. 1969. A Theory of Economic History. Oxford: Clarendon Press.
   Google Scholar
• Horvath, R., S. Jakub, and L. Weill. 2014. “Bank Capital and Liquidity Creation: Granger Causality Evidence.” Journal of Financial Services Research 45: 341–361.
   Web of Science ®Google Scholar
• International Monetary Fund (IMF). April 2013. World Economic Outlook. Washington, DC: International Monetary Fund.
   Google Scholar
• Jiang, C., S. Yao, and G. Feng. 2013. “Bank Ownership, Privatization, and Performance: Evidence from a Transition Country.” Journal of Banking and Finance 37: 3364–3372.
   Web of Science ®Google Scholar
• Jiang, C., S. Yao, and Z. Zhang. 2009. “The Effects of Governance Changes on Bank Efficiency in China: A Stochastic Distance Function Approach.” Chine Economic Review 20: 717–731.
   Web of Science ®Google Scholar
• Kalirajan, K. 1981. “An Econometric Analysis of Yield Variability in Paddy Production.” Canadian Journal of Agricultural Economics 29: 283–294.
   Web of Science ®Google Scholar
• King, R., and R. Levine. 1993. “Finance and Growth: Schumpeter Might Be Right.” Quarterly Journal of Economics 108: 717–737.
   Web of Science ®Google Scholar
• Klapper, L., M. S. Martinez-Peria, and B. Zia, 2014. Banking in Developing Nations of Asia: Changes in Ownership Structure and Lending over the Financial Crisis, Chapter 38 in the Oxford Handbook of Banking, 2nd ed. edited by A. Berger, P. Molyneux, J. Wilson, and O. U. P. Oxford: Oxford University Press.
   Google Scholar
• Klock, M. S., S. A. Mansi, and W. F. Maxwell. 2005. “Does Corporate Governance Matter to Bondholders?” Journal of Financial and Quantitative Analysis 40: 693–719.
   Web of Science ®Google Scholar
• Koetter, M., and M. Wedow. 2010. “Finance and Growth in a Bank-Based Economy: Is It Quantity or Quality that Matters?” Journal of International Money and Finance 29: 1529–1545.
   Web of Science ®Google Scholar
• La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 1998. “Law and Finance.” Journal of Political Economy 106: 1113–1155.
   Web of Science ®Google Scholar
• La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny. 1997. “Legal Determinants of External Finance.” Journal of Finance 52: 1131–1150.
   Web of Science ®Google Scholar
• Levine, R. 1998. “The Legal Environment, Banks, and Long-Run Economic Growth.” Journal of Money, Credit, and Banking 30: 596–613.
   Web of Science ®Google Scholar
• Levine, R., N. Loayza, and T. Beck. 2000. “Financial Intermediation and Growth: Causality and Causes.” Journal of Monetary Economics 46: 31–77.
   Web of Science ®Google Scholar
• Liadaki, A., and C. Gaganis. 2010. “Efficiency and Stock Performance of EU Banks: Is There a Relationship?” Omega 38: 254–259.
   Web of Science ®Google Scholar
• Lozano-Vivas, A., and F. Pasiouras. 2010. “The Impact of Non-Traditional Activities on the Estimation of Bank Efficiency: International Evidence.” Journal of Banking and Finance 34: 1436–1449.
   Web of Science ®Google Scholar
• Lozano-Vivas, A., and F. Pasiouras. 2014. “Bank Productivity Change and Off-Balance-Sheet Activities across Different Levels of Economic Development.” Journal of Financial Services Research 46: 271–294.
   Web of Science ®Google Scholar
• Lucchetti, R., L. Papi, and A. Zazzaro. 2001. “Bank’s Inefficiency and Economic Growth: A Micro–Macro Approach.” Scottish Journal of Political Economy 48 (4): 400–424.
   Web of Science ®Google Scholar
• McKinnon, R. I. 1973. Money and Capital in Economic Development. Washington, DC: Brookings Institution.
   Google Scholar
• Meeusen, W., and J. van den Broeck. 1977. “Efficiency Estimation from Cobb-Douglas Production Functions with Composed Error.” International Economic Review 18: 435–444.
   Web of Science ®Google Scholar
• OECD. 2015. Financing SMEs and Entrepreneurs 2015: An OECD Scoreboard. Paris: OECD Publishing.
   Google Scholar
• Pitt, M. M., and M. F. Lee. 1981. “The Measurement and Sources of Technical Inefficiency in the Indonesian Weaving Industry.” Journal of Development Economics 9: 43–64.
   Web of Science ®Google Scholar
• Pradhan, R. P., M. B. Arvin, J. H. Hall, and M. Nair. 2016. “Innovation, Financial Development and Economic Growth in Eurozone Countries.” Applied Economics Letters 23: 1141–1144.
   Web of Science ®Google Scholar
• Radić, N., F. Fiordelisi, and C. Girardone. 2012. “Efficiency and Risk-Taking in Pre-Crisis Investment Banks.” Journal of Financial Services Research 41: 81–101.
   Web of Science ®Google Scholar
• Rajan, R., and L. Zingales. 1998. “Financial Dependence and Growth.” American Economic Review 88: 559–586.
   Web of Science ®Google Scholar
• Rioja, F., and N. Valev. 2004. “Does One Size Fit All? A Reexamination of the Finance and Growth Relationship.” Journal of Development Economics 74: 429–447.
   Web of Science ®Google Scholar
• Rousseau, P. L., and P. Wachtel. 2011. “What Is Happening to the Impact of Financial Deepening on Economic Growth?” Economic Inquiry 49: 276–288.
   Web of Science ®Google Scholar
• Sahay, R., M. Čihák, P. N’Diaye, A. Barajas, R. Bi, D. Ayala, Y. Gao, et al. 2015. Rethinking Financial Deepening: Stability and Growth in Emerging Markets. IMF Staff Discussion Note, SDN/15/08. Washington, DC: International Monetary Fund.
   Google Scholar
• Schumpeter, J. A. 1934. The Theory of Economic Development. Cambridge: Harvard University Press.
   Google Scholar
• Shaw, E. S. 1973. Financial Deepening M Economic Development. New York: Oxford University Press.
   Google Scholar
• Soedarmon, W., F. Machrouh, and A. Tarazi. 2011. “Bank Market Power, Economic Growth and Financial Stability: Evidence from Asian Banks.” Journal of Asian Economics 22: 460–470.
   Google Scholar
• Stiroh, K. J. 2000. “How Did Bank Holding Companies Prosper in the 1990s?” Journal of Banking and Finance 24: 1703−1745.
   Web of Science ®Google Scholar
• Sun, L., and T.-P. Chang. 2011. “A Comprehensive Analysis of the Effects of Risk Measures on Bank Efficiency: Evidence from Emerging Asian Countries.” Journal of Banking & Finance 35: 1727–1735.
   Web of Science ®Google Scholar
• Zhang, J., L. Wang, and S. Wang. 2012. “Financial Development and Economic Growth: Recent Evidence from China.” Journal of Comparative Economics 40: 393–412.
   Web of Science ®Google Scholar