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Item type:Publication, Determinants of Market Power in the Peruvian Regulated Microfinance Sector(Springer, 2020-12-01)The objective of this study is to analyze the evolution and determinants of market power in Peru’s regulated microfinance sector during the period of January 2003 to June 2016. We estimate both a conventional Lerner index (LICON) and an efficiency-adjusted Lerner index (LIADJ) using information from a wide panel of microfinance institutions (MFIs), thus finding that the LIADJ is significantly greater than the LICON. This result confirms that not considering MFIs’ inefficiency leads to an underestimation of their market power. Both indices decreased until 2014, which indicates that regulated MFIs’ market power decreased significantly for more than a decade. Beginning in 2015, market power significantly grew; the largest entities as well as those with the highest efficiency have greater market power. This last result evidences the fulfillment of the efficient structure (ES) hypothesis. In addition, a less elastic demand for microcredit, a lower default risk, as well as the processes of mergers, takeovers, and changes in the business structure of some MFIs, increase market power. Finally, the MFIs that operate in localized areas exhibit greater market power. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Risk, competition, efficiency and its interrelationships: evidence from the Chinese banking industry(Emerald, 2021-10-20)This study investigates the interrelationships between efficiency, competition and risk in the Chinese banking industry. Design/methodology/approach: Parametric stochastic frontier analysis is used to estimate bank efficiency; the Lerner index is used as the competition indicator; accounting ratios and a translog function are used to measure different types of risk and finally, the three-stage least square estimator is used to investigate the interrelationships. Findings: The results of this study show that the impact of competition on different types of risk is significant and positive, while there is a significant and positive impact of credit risk, liquidity risk and capital risk on bank competition. In addition, the findings demonstrate that the interrelationships between efficiency and competition are significant and negative. The authors do not find any robust interrelationships between different types of risk and different types of efficiency; the authors find that diversification and higher levels of profitability reduce bank credit risk. The results suggest that a higher developed banking sector reduces the level of bank competition in China. Originality/value: This is the first piece of research that comprehensively investigates the interrelationships between different types of risk, competition and different efficiencies in China. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Spatial variation in bidirectional pollinator-mediated interactions between two co-flowering species in serpentine plant communities(Oxford University Press, 2021-12-01)Pollinator-mediated competition and facilitation are two important mechanisms mediating co-flowering community assembly. Experimental studies, however, have mostly focused on evaluating outcomes for a single interacting partner at a single location. Studies that evaluate spatial variation in the bidirectional effects between co-flowering species are necessary if we aim to advance our understanding of the processes that mediate species coexistence in diverse co-flowering communities. Here, we examine geographic variation (i.e. at landscape level) in bidirectional pollinator-mediated effects between co-flowering Mimulus guttatus and Delphinium uliginosum. We evaluated effects on pollen transfer dynamics (conspecific and heterospecific pollen deposition) and plant reproductive success. We found evidence of asymmetrical effects (one species is disrupted and the other one is facilitated) but the effects were highly dependent on geographical location. Furthermore, effects on pollen transfer dynamics did not always translate to effects on overall plant reproductive success (i.e. pollen tube growth) highlighting the importance of evaluating effects at multiple stages of the pollination process. Overall, our results provide evidence of a spatial mosaic of pollinator-mediated interactions between co-flowering species and suggest that community assembly processes could result from competition and facilitation acting simultaneously. Our study highlights the importance of experimental studies that evaluate the prevalence of competitive and facilitative interactions in the field, and that expand across a wide geographical context, in order to more fully understand the mechanisms that shape plant communities in nature. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Unsolicited versus solicited public partnership proposals: Is there a trade-off between innovation and competition?(Institute of Public Finance, 2024-01-01)Unsolicited proposals (UPs) are a modality of public private partnership (PPP) that is increasingly being used to attract private investors and operators to provide innovative solutions to public projects, notably in infrastructure. In most countries that expressly regulate UPs, the PPP tenders establish asymmetric conditions that favour UP proponents over other potential participants, with the aim of incentivising the presentation of innovative project solutions. The present study formally evaluates the conditions under which a competition/innovation trade-off may arise. We find that UPs can offer welfare-improving solutions compared with solicited proposals (SPs) only in exceptional circumstances. In addition, we find no robust evidence to either confirm the trade-off between innovation and competition in PPP tenders, or to indicate that UPs lead to welfare-enhancing solutions that could not be achieved under conventional SPs. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, ¿Cuál debe ser la finalidad de una ley de defensa de la libre competencia?: A propósito de lo establecido en la Ley Orgánica de Regulación y Control del Poder de Mercado del Ecuador(Universidad del Azuay, 2024-11-30)El presente artículo toma postura sobre cuál debería ser la finalidad de una ley de defensa de la libre competencia, que es proteger el proceso competitivo (y no a los competidores) debido a que este genera eficiencias económicas en el mercado que mejoran el bienestar de los consumidores. Asimismo, se analiza el objetivo de la ley de competencia del Ecuador, la cual, luego de haber sido modificada el año 2023, establece que su propósito es la protección del bienestar general a través de la eficiencia económica. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Nonlinearity of the Relationship Between Competition and the Dual Performance of Regulated Microfinance Institutions in Peru(Springer Nature, 2023-07-01)The objective of this study is to determine whether a nonlinear relationship exists between competition and outreach, as well as, between competition and financial sustainability of Peruvian regulated microfinance institutions (MFIs) from 2003 to 2019. We consider three different competition measures reflecting market power, the geographical presence of MFIs, and market concentration. Our findings are as follows: Market concentration does not affect financial sustainability and outreach, whereas market power has a nonlinear U-shaped relationship with financial sustainability and depth of outreach and a negative linear relationship with outreach breadth. Furthermore, the geographic presence of MFIs has a nonlinear U-shaped relationship with financial sustainability and depth of outreach, while it has a nonlinear inverted U-shaped relationship with outreach breadth. These findings reveal differentiated effects of competition on the performance of MFIs that depend on the level of their market power and their geographic presence in the market. Given the high market power and low geographic presence, on average, of Peruvian MFIs, we find that competition negatively affects their financial sustainability and positively affects their outreach. This study brings to the debate on the effects of competition on MFI performance a new interpretation of these effects based on empirical evidence that reconciles previous empirical results.