Alternative Banking and Theory
-
Olivier Butzbach
and
Kurt E. von Mettenheim
Abstract
Unlike business models of private banks based on profit maximization and shareholder-oriented governance, alternative banks (such as cooperative banks, government savings banks, and special purpose banks) share business models based on sustainable returns with longer time horizons, corporate missions that include social and public policy goals, and stakeholder-oriented governance. Strong evidence from recent research suggests that alternative banks often equal or outperform joint-stock banks in terms of efficiency, profitability, and risk management. This counters core ideas in contemporary banking theory and expectations of regulators about the superiority of private ownership and market-based banking. Concepts and theories from banking studies help explain how alternative banks outperform private banks in core functions such as creating and managing liquidity, pooling deposits, and reducing information asymmetries and agency costs. However, heterodox theories of the firm and institutional approaches to competitive advantage broaden the scope of analysis to explain further historical, social, and organizational advantages (and risks) in alternative banking. Alternative banks therefore require, and may inspire, alternative theories of banking and new approaches to bank regulation.
Appendices
German bank balance sheet total assets, billion euros at historical values, 1950–2010
| Private banks | Savings banks | Coop banks | Government banks | Special purpose federal | Lander | |||||
| Big | Regional | Foreign | Regional | National | Mortgage | BandL Assoc | ||||
| 1950 | 3.904 | 2.513 | 4.103 | 0.746 | 1.348 | 1.163 | 2.281 | 2.307 | ||
| 1960 | 14.650 | 13.744 | 28.703 | 3.628 | 7.238 | 22.060 | 13.323 | 17.446 | ||
| 1970 | 42.726 | 44.559 | 6.159 | 95.922 | 16.042 | 32.233 | 56.975 | 35.257 | 65.055 | |
| 1980 | 115.207 | 127.593 | 22.763 | 265.340 | 51.510 | 131.337 | 163.056 | 76.420 | 195.575 | |
| 1990 | 239.568 | 409.801 | 39.007 | 552.589 | 110.790 | 302.615 | 312.510 | 255.426 | 389.486 | |
| 2000 | 969.783 | 613.223 | 121.407 | 953.920 | 227.383 | 533.621 | 891.816 | 153.632 | 460.829 | 1,222.704 |
| 2010 | 2,082.896 | 735.097 | 203.673 | 1,082.870 | 262.500 | 705.044 | 719.525 | 198.908 | 898.227 | 1,463.536 |
Deposits by type of bank, Germany 1950–2010, billion euros at historical values
| Private banks | Savings banks | Coop banks | Government banks | Special purpose federal | Lander | |||||
| Big | Regional | Foreign | Regional | National | Mortgage | BandL Assoc | ||||
| 1950 | 1.280 | 0.823 | – | 0.541 | 0.609 | 0.346 | 0.18 | 0.637 | 1.000 | |
| 1960 | 2.776 | 3.352 | – | 2.069 | 2.711 | 0,691 | 1.448 | 2.024 | 7.153 | |
| 1970 | 8.785 | 14.812 | 5.026 | 7.643 | 12.686 | 3.253 | 5.678 | 9.126 | 24.310 | |
| 1980 | 30.483 | 42.218 | 18.941 | 29.307 | 39.698 | 17.639 | 26.549 | 27.276 | 59.245 | |
| 1990 | 63.929 | 187.833 | 32.854 | 76.114 | 88.660 | 34.958 | 35.129 | 87.725 | 142.183 | |
| 2000 | 369.685 | 188.773 | 83.132 | 234.344 | 129.214 | 80.978 | 105.536 | 28.454 | 116.042 | 439.058 |
| 2010 | 456.900 | 150.252 | 133.361 | 188.377 | 130.190 | 99.632 | 225.684 | 30.293 | 158.409 | 406.481 |
Interest spread by type of German Bank, 1970–2010, in %
| Year | Private banks | Savings banks | Coop banks | Govt banks | |||
| Big | Regional | National | Regional | Sp. purpose | Lander | ||
| 1970 | 2.67 | 2.04 | 2.75 | 0.84 | 3.52 | 0.99 | 0.69 |
| 1980 | 2.11 | 1.65 | 2.93 | 0.73 | 3.29 | 0.68 | 0.58 |
| 1990 | 2.32 | 1.81 | 2.67 | 0.66 | 2.95 | 0.7 | 0.61 |
| 2000 | 0.94 | 1.72 | 2.33 | 0.78 | 2.45 | 0.45 | 0.56 |
| 2010 | 0.95 | 1.69 | 2.20 | 0.48 | 2.33 | 0.44 | 0.68 |
Interest income as % balance sheet by type of German Bank, 1968–2011
| Year | Private banks | Savings banks | Coop banks | Government special purpose banks | |||
| Big | Regional | National | Regional | Federal | Lander | ||
| 1970 | 7.2 | 7.82 | 7.17 | 6.5 | 7.88 | 5.08 | 6.38 |
| 1980 | 8.55 | 8.5 | 7.65 | 7.82 | 8.24 | 6.53 | 7.25 |
| 1990 | 7.75 | 7.68 | 7.23 | 7.92 | 7.56 | 6.46 | 7.33 |
| 2000 | 5.24 | 5.58 | 5.72 | 5.04 | 5.69 | 5.81 | 5.63 |
| 2010 | 2.19 | 3.74 | 4.02 | 2.27 | 4.03 | 4.47 | 3.21 |
A synthesis of empirical analyses of alternative bank performance
| Study | Main focus | Countries covered | Period of observation | Units of observation | Method | Independent variables | Dependent variables | Main findings | Data sources |
| Ayadi et al. (2010) | Cooperative and commercial banks | 7 European countries | 2000–2008 | Sample of banks (total no. of 29,978 observations) | Pooled OLS regression and a fixed effect Panel regression | Bank type | Measures of efficiency, profitability and risk: RoA, RoE, cost–income ratio, earnings stability, regional growth, market power | Cooperative banks more profitable and in many cases more cost-efficient, and more stable | Bankscope; national cooperative associations |
| Cornett et al. (2010) | State-owned banks and privately owned banks | 16 East Asian countries | 1989–2004 | Sample of 456 banks (of which 142 government-owned) | t-Test; pooled cross-sectional and time-series regressions with error terms Clustered at the firm level | Bank ownership | Several performance measures: ROA and a modified ROA (pre-tax cash flows/book-value total assets), capital ratios, NPLs | Compared to state-owned banks, privately owned banks are more profitable and better capitalized, have lower percentages of non-performing loans | Bankscope; additional sources for ownership data |
| Ayadi et al. (2009) | Savings and commercial banks | 5 European countries | 1996–2006 | Sample of banks (19,139 observations) | Stochastic frontier based on a translog cost function | Bank type | Measures of efficiency, profitability and risk: RoA, RoE, cost–income ratio, earnings stability, regional growth, market power | No significant differences between savings and commercial banks in terms of efficiency and profitability. Slight advantages in terms of earnings stability | Bankscope; national savings banks associations |
| Beck et al. (2009) | Savings and commercial banks | Germany | 1995–2007 | Sample of 3,810 banks | Regressions; panel logit model | Bank type | z-score, likelihood distress, non-performing loan ratio | Savings banks more stable than commercial banks | Deutsche Bundesbank |
| Bongini and Ferri (2008) | Cooperative and commercial banks | Italy | 1995–1998 | Sample of 211 banks | OLS regressions | Bank type; governance (board stability) and income diversification | Profit volatility (standard deviation of RoA) | Cooperative banks show lower profit volatility than commercial banks | Bankscope |
| Garcia-Marco and Robles-Fernandez (2008) | Savings and commercial banks | Spain | 1993–2000 | Sample of 127 banks (total no. of 1,030 observations) | Dynamic panel data | Bank type | Earnings stability (z-score) and solvency ratio | Spanish savings banks less risky than commercial banks | Savings banks association, Spanish Securities and Exchange Commission and the Private Banking Association |
| Cihak and Hesse (2007) | Cooperative and commercial banks | 29 OECD countries | 1994–2004 | Sample of banks (16,577 observations) | Regression; panel model | Bank type | Earnings stability (z-score) | Cooperative banks are more stable than commercial ones | Bankscope |
| Iannotta et al. (2007) | Mutual and government-owned and commercial banks | 15 European countries | 1999–2004 | Sample of 181 large banks | OLS regression | Bank ownership | Cost-efficiency, profitability, earnings stability (asset quality and z-score) | Cooperative and government-owned banks slightly more cost-efficient, less profitable than commercial banks; mutual banks less risky, government-owned banks riskier | Bankscope |
| Carbó Valverde, Kane, and Rodriguez (2008) | Savings banks | 1992–2001 | Sample of 77 commercial and savings banks | ||||||
| Chakravrty and Williams (2006) | Savings and commercial banks | Germany | 1999 | 516 banks | Stochastic frontier | Bank ownership | Operating profit efficiency | Commercial banks less profit efficient than non-profit banks | Bankscope |
| Crespi et al. (2004) | Savings banks | Spain | 1986–2000 | Sample of banks (total no. of observations: 2,105) | Multivariate regression | Bank ownership and governance mechanisms | RoA | Savings banks more profitable than commercial banks | Savings Banks association and private banks association |
| Altunbas et al. (2003) | Savings, cooperative, and commercial banks | 15 European countries+the US | 1990–2000 | Sample of banks (total no. of 25,841 observations) | Stochastic frontier and translog function | Bank ownership | Cost and profit efficiency | Commercial banks less cost-efficient but more profit efficient than savings and cooperatives | Bankscope |
| Carbó Valverde, Gardener, and Williams (2002) | Savings banks | 12 European countries | 1989–1996 | Sample of banks (total no. of observations: 4,083 | Stochastic cost frontier | Bank size and country | Cost-efficiencies | Smaller savings banks are more efficient than large ones | Bankscope |
| Salas and Saurina (2002) | Savings and commercial banks | Spain | 1983–1997 | 1,381 bank observations | Regression; panel data analysis | Bank type | Risk (measured as the ratio of problem loans) | No significant difference between commercial and savings banks | Central bank |
| La Porta et al. (2002) | Government-owned banks | 92 countries | 1960–1995 | Country sample | OLS regressions | Country-wide degree of government ownership of banks | Financial development and economic growth | Government ownership of banks slows down financial development and growth | Various: Banker’s Almanach, Thomson Bank Directory, World Bank |
| Altunbas et al. (2001) | Cooperative and savings banks | Germany | 1989–1996 | 7,539 bank-level observations | Stochastic frontier | Bank ownership | Cost-efficiency | Slight cost and profit advantages for non-profit banks | Bankscope |
| Valneck (1999) | Building societies and commercial banks | United Kingdom | 1983–1993 | Sample of 17 building societies and 7 banks | Parametric models | Bank ownership type | RoA, adjusted RoA, other earnings measures | Mutual building societies outperform joint-stock retail banks | Bankscope |
| Cole and Mehran (1998) | Thrift institutions | United States | 1983–1995 | Sample of 94 institutions | Ownership change | Stock performance (annual stock returns) | Demutualized thrifts perform better than thrifts | ||
| Esty (1997) | Savings and loans and commercial banks | United States | 1982–1988 | Sample of 2,515 SandLs | Parametric and non-parametric methods | Bank type | Risk-taking | Stock thrifts show greater risk-taking than mutual thrifts | Federal agency’s annual reports |
| Cebenoyan et al. (1993) | Savings and loans | Atlanta, United States | 1988 | Sample of 559 SandLs | Stochastic cost frontier | Bank type | |||
| Mester (1993) | Savings and loans | United States | 1991 | Sample of 10,571 SandLs | Stochastic frontier; parametric cost function | Bank ownership | Cost-efficiency | Joint-stock SandLs are more efficient than mutual SandLs |
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Articles in the same Issue
- Frontmatter
- Research Articles
- Alternative Banking and Theory
- Extraterritorial Discovery in Aid of Execution and State Immunity: Case Comment on Republic of Argentina v. NML Capital, Ltd., 573 U.S. ___ (2014)
- The In Pari Delicto Defense for Auditors in Professional Negligence Cases: Imputation of Managers’ Unlawful Acts to the Client Firm
- Book Review
- Isabelle Huault and Christelle Richard: Regulation Writ Large: A Comment on Huault and Richard’ “The Discreet Regulator”
Articles in the same Issue
- Frontmatter
- Research Articles
- Alternative Banking and Theory
- Extraterritorial Discovery in Aid of Execution and State Immunity: Case Comment on Republic of Argentina v. NML Capital, Ltd., 573 U.S. ___ (2014)
- The In Pari Delicto Defense for Auditors in Professional Negligence Cases: Imputation of Managers’ Unlawful Acts to the Client Firm
- Book Review
- Isabelle Huault and Christelle Richard: Regulation Writ Large: A Comment on Huault and Richard’ “The Discreet Regulator”
