The Impact of Market Liberalisation on Bank Performance: Evidence From South and Southeast Asian Countries
研究了1995-2022年19个南亚和东南亚国家市场自由化对银行效率、盈利和稳定性的影响，发现不同自由化指标效果不一，经济自由影响最稳健，且同指标对低收入与高收入国家影响相反，对政策制定者和金融研究者有参考价值。
ABSTRACT Utilising annual data covering 1995–2022, this study examines the effects of market liberalisation on bank performance in 19 South and Southeast Asian countries. Bank performance is assessed using three dimensions: efficiency, profitability, and stability. Market liberalisation is measured using the Economic Freedom Index, Financial Freedom Index, Fiscal Freedom Index, Business Freedom Index, Trade Freedom Index, Monetary Freedom Index, Investment Freedom Index, and Labour Freedom Index. The data are analysed using the GMM estimation approach, and the findings are validated using the Driscoll‐Kraay effect estimator with instrumental variables, along with a robustness test to the GFC‐crisis interaction. Different measures of market liberalisation have varying effects on bank performance. Under GMM, economic freedom is the only index with a robust, positive, and statistically significant impact across all three performance dimensions; this result holds for efficiency and profitability under DKIV, though significance for stability is not confirmed under the stricter identification strategy. Subsample analyses reveal pronounced income‐group heterogeneity: identical liberalisation measures can stabilise banks in low‐income contexts but destabilise them in high‐income economies, rendering a uniform liberalisation agenda suboptimal. The study concludes with critical policy implications.