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Using the translog stochastic output distance frontier function based on the intermediation approach to the functions of banks, this study estimated the technical efficiency of public financial agencies and private banks in Korea from 2005 through 2009. This study then compared those efficiencies, a...

Using the translog stochastic output distance frontier function based on the intermediation approach to the functions of banks, this study estimated the technical efficiency of public financial agencies and private banks in Korea from 2005 through 2009. This study then compared those efficiencies, and analyzed determinants affecting the efficiency of banks. The empirical results are that the respective mean and standard deviation of public financial agencies are 87.51% and 0.59%, while those of private banks are 68.64% and 5.64%. The results of comparing the efficiency of public financial agencies and private banks after controlling for influencing variables show that the efficiency of public financial agencies is not statistically higher than that of private banks at the 5% significance, but is higher at the 10% significance, which indicates public financial agencies perform just as well as private banks in terms of the financial intermediation function. The results of analyzing factors affecting the efficiency of public financial agencies and private banks using the random effects Tobit regression model indicate that bank ownership, bank type (coverage), return on assets (ROA), Bank for International Settlements (BIS) capital adequacy ratio, the ratio of interest income to total revenues, and the ratio of interest expenses to total expenses have statistically significant influences on efficiency, whereas the ratio of loans to assets doesn"t have a significant effect on efficiency. It was also found that the returns to scale of public financial agencies and private banks pertain to the region of decreasing returns to scale.

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