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Kajian Efisiensi Perbankan Berdasarkan Analisis Spread

Kajian Efisiensi Perbankan Berdasarkan Analisis Spread
Nury Effendi, Ratih Arti Sekaryuni, Agusman, Fernando
Universitas Padjadjaran, Direktorat Penelitian dan Pengaturab Perbankan Bank Indonesia, Fakultas Ekonomi Universitas Padjadjaran Nopember 2007
Indonesia
Universitas Padjadjaran, Direktorat Penelitian dan Pengaturab Perbankan Bank Indonesia, Fakultas Ekonomi Universitas Padjadjaran Nopember 2007
,

Spread analysis is utilized to assess the efficiency of the Indonesian banking industry. Using monthly data from September 2000 to September 2007, the sample includes all banks that subsequently grouped into six categories, namely state owned banks, foreign exchange commercial banks, non-foreign exchange commercial banks, regional development banks, joint venture banks, and foreign owned banks. While the approach is simple and straightforward, i.e. comparing (weighted average) lending rates and several types of (weighted average) cost offunds, several important findings are worth mentioning. First, the last four years shows rigidity in the lending rates in a sense that the lending rates are inelastic to the changes in interest rates. Elasticity of lending rate w. r. t. BI rate is only 18.59%. Second, since the cost of funds have been declining, bank’s net spreads show a slightly upward trend implying the facts that Indonesian banking industry is not becoming more efficient. This also implies that, ceteris paribus, banks ‘ profits have been slightly increasing as well. This may also implies that the functioning of banks as financial intermediaries is not working at an optimal level. Third, the driving force of the movements of cost offunds, lending rates, and spreads is BI rate. There are high correlations among the four variables and all four show cointegrations. This means that central banking policy is potent. Fourth, the supply shock of high inflation in October 2005 due to the increase in oil price was only short live. Among the six groups of banks, regional development banks (BPD) have the lowest cost of money while non-foreign exchange commercial banks (BUSN Non-devisa) have the highest. In terms of lending rates, joint venture banks have the lowest while non-foreign exchange commercial banks the highest. The lowest net spread is held by joint venture banks while regional development banks the highest. Ignoring efficiency and speaking only at the short term, regional development banks have the most advantageous position while non-foreign exchange commercial banks the least. In term of efficiency joint venture banks are the most efficient.

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