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1 Sb'u Faccarello G., Kurz H.D.(ed.), Handbookon the History of Economic Analysis Volume III,
Books, Edward Elgar Publishing, 2016
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2 Sb'u Hall M., Tldeman N.. Measures of concentration. J. Am. Stat. Assoc. 62(317), 1967, 162168, Hannah L., Kay J.A., Concentration in Modern Industry: Theory, Measurement and the UK Experience. Macmlllan, London, 1977: Curry B., George K.D., Industrial concentration: a survey. J. Ind. Econ. 31(3), 1983, t2 203-255:
:: Sb'u Berger N.A., Demlrgug-Kunt A., Levlne R., Haubrlch G.J., Bank Concentration and Competition: An Evolution in the Making Journal of Money, Credit and Banking Vol. 36, No. 3, 2004:
4 Sb'u Blkker J.A, Haaf K., Competition, concentration and their relationship: Anemplrlcal analysis of the banking Industry, Journal of Banking and Finance, 2002, 26, I72 2191-2214:
5 Sb'u Claessens S., Laeven L., Financial Dependence, Banking Sector Competition, and Economic Growth", Journal of the European Economic Association, MIT Press, 2005, vol. 3(1), tg 179-207, Beck T., Demirguc-Kunt A., Levine R., Bank Concentration and Fragility: Impact and Mechanics, NBER Working Papers 11500, National Bureau of Economic Research, Inc. 2005:
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b Sb'u Cäpraru B., Andrie? A.A., Nexus Between Concentration and Fragility Across EU Banking
Systems. Procedla Economics and Finance. Volume 32, 2015, tg 1140-1147:
7 Sb'u BeckT., Demirguc-Kunt A., Levlne R., Bank Concentration, Competition, and Crises:
Journal of Banking & Finance 30 (5): 2006, 1581-1603: H Sb'u Mkrtchyan A., The evolution of competition In banking In a transition economy: an application of the Panzar-Rose model to Armenia.European Journal of Comparative Economics, 2005, vol.2(1), t2 67-82:
9 Sb'u L U Unipuiqjuiti, Upgwl|gnL|ajwb qbwhwinnLii[i CC pwbl|wj|ib hmJujL|Ujpq.nLJ 'i'ujbqujp-
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11 Sb'u Hirschman A.O., The Paternity of an Index. The American Economic Review, 54(5), 1964, t2 761:
Sb'u Cetoreiii N.. Competitive Analysis in Banking: Appraisal of the methodologies, Economic Perspectives, Federal Reserve Bank of Chicago, 1999, 2-15:
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1:: Sb'u Linda R., Methodology of concentration analysis applied to the study of Industries and Markets, Commission of the European Communities, Brussels, 1976, Waterson M., Economic Theory of the Industry, Cambridge, 1984:
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H-fimaipliblip uinuigfib ^npu fun2np puibl|bpfi Lhbr|.uijfi haiJai|afiu[p L4-p: ULju JbônLpjaili painaia|aimfil|p D = AL4 JbômpjnLbp, Lhbr|.wb aibu[aibnLJ t «aibhaiiîai^aii|inL|3jaib qnpôuil|fig» (coefficient of disparity16): Paibb aijb t, np, bpb aiju ^npu paibl|bpb mbbbaijfib hwi|uiuaip Jaiubaipaidfibbbp huiduil|uip-qmJ, aia|ai ri.dilaip ¿tp hai2i|b[, np L4 = 1/4 = 0.25, wjufibpb' aiju r).ba|pnLJ D = 1 = 100%: <bmbaipaip, haiJbJaimu[b[nu[ 100% gni.gaibfi2fi hbm, aibhaiJai-
15 Sb'u Linda R., Methodology of concentration analysis applied to the study of Industries and Markets, Commission of the European Communities, Brussels, 1976:
16 Sb'u bnLjb mbryn:
ihTjiiTjUiibP 33
^unJinLpjuili qnp&uil|figp gnyg t uiui|jiu, |ab ainaigfili 4 fur^np puilil|bpfi duiu-liLupLuctfililibpp nppailinu[ till htinru paigaip5ail| haiJai^aii|inl|3jnLlifig: Qnpu fun-2np puilil|bpfi fuJpfi luIihaiJai^aii|inl|3jaili qnp&uil|gfi uipdbplibpp qbmbr|l|lu& till LurymuLulj 4-mJ:
UruriLuuilj 4
CC ¡un2np puiblfbpfi giunjiuljfi uitihuiiiui^uiifinifajuiti qnpduilffigbbpp (%)
uijinhiltibn TllUftipiUll. ^HilUjfllflUll
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2019 164 171 142
Cum LurymuLuli 4-fV Lunujgfili ^npu fun2np pujliL|bp[i JujuliLupLudfililitipfi LulihLuJuj^Lui|inL|3jnLlip 31.12.2015 p. l|LuqJti[ t huj JLULL|LumLuufuLuliLupLup 144%, 144% L 112%: UfiLu5nL[JLuli LuprynLliprnJ LulihLuJuj^Lui|inL|3jnLlip npn2 ^LUi|inL[ fnnpLUgtl[ t b l|LUqiJtl[ t hwdLULL|LULnLuufiiLuliLupLup 164%, 171% L 142%, flll^ll, Luli2nL2m, npn2 ^LUi|inL[ pnL[LuglinLJ t iipgLul|gnL|3jnLlip uinu^Lumuip £>umjuil|fi pujliL|bp[i dfigb:
Ujrfd iJinpSblip o[fiqnLL|n[fiumfil| JfigmlinLJ JpgLul|gnL|3jnLlip huidbduimbL dflll^ pLulll|bp[l JflLu5nL[nLjp U r|.pLullfig htimn: DpiX|bu UlllhLUL|LUULUpLU£LUl|inL-PjluIi ^uii|iLulifi2 i(bpglibli£> k ■ Lk |afii|p, nprntir^ k-li puilil|bpfi |afii|li t o[fiqnLL|n-|jiuuifil| JfigmlinLJ: Ll| luui blip, np diuulnupiuctfililibpfi piugiup5iul| hiui|iuuiu-prupjuili r|.tiLL|pnLJ k ■ Lk = 1, fillip l|uipnrL blip hiudiupbL 100%:
lljull|[iunl[, (k ■ Lk - 100) |afii[p gmjg t inui|jiu, |ab giulifi mnl|nunL[ t diuu-liiupiuctfililibpfi pLU2fui|Lu6nL|3jnLlili o[fiqnLL|n[fiumfil| dfignLlimd 2br|i|iu& l|iuiniup-jlu[ hlul[luuluplu^lul[i i|ji6iul|fig: <iudiuii|iuiniuufuiuli 2br|rudlibpp (k • Lk - 100 P^nD) m n L| null tip ni|, qbinbr|i|iu& till iurunLuiul| 5-md:
ULrijnLUUll) 5
0[fiqnufnifiuipfilf iffanilfmif ifuiubuipuidfibbbpfi ¿bflilui&mpjmbp puiguipduilf hiuiliuuiupiu£iuilinii9jnib[ig (%)
f)iupipiuil.
2015 190 210 115
2019 168 196 79
hli^ii|bu tipUnLJ t lu ry n lu lu L| [l Lunujgfili U bpL|pnprj. innr|bpfi hiudbdiuinnL-pjmlifig, lunbinpiujfili piulil|bpfi dfiiu5nL|nLdfig htiuin, o|jiqnii|n|jiuinfil| dfigm-LjmJ, fiul| r).LU plir).qpL|nLJ t qpbpb iudpnri2 puilil|iujfili hLuJLul|Lupqp, 5biui|np-i|b[ t wi|b|ji dpgiul|giujfili fipiui|ji6iul|, piuli l|Lup 2015 p.:
bqpuil|uignLpjmtitibp 2017 p. hnlIjl[lup|n 1-fig rudfi dbg diniuil« l|bliin-pnilluL|luIi pujliL|[i npn2nLJp' lunbinpiujfili piulil|bp[i plir).hLulinLp L|luu-|[1 mlu[[l lii|iuqiuqnLjli ¿Luijip 30 J[pr). r|.piudfi hiuuglib|nl diuufili, fili^fi LuprynLliprnJ dfi puilifi piulil|bp dfiiugiuli, Ll r).pLulig |afii[p 21-fig r|.iup5iuil 17: Piulil|iujfili hiudiu-l|LupqnLJ L|lull|[lmlu[[i qqw|ji libphnupfi Ll i|bpiul|iuqdiui|npdiuli LuprynLliprnJ li2Luliail|lu[fi l[inl[in[unLpjnlIiIibp mbr\fi mlibgLuli qpbpb pn[np pLur\Lur).p^libpfi LunnLJni|:
ULju hujJLumbpumnLJ, l|Lupbnp hujpgbpfig JbL|p l|blimpnliLugL[Lu6nL|3jLuli Jail|Lupri.LuL|fi i|ini|infunL|3jLuli pluIiluL|luL|luIi qliLuhLummJli t pLuliljbpfi JfiLuSm-
[mJfig wnoi2 b dfiui5ni.|ni.dfig hbrnn: hb^u|bu bpLrud t LurynLuail|litip 1-fig U 2-fig, CR4 U CR10 gmgfi^bbpp, fib^u|bu buib <bpi|3fibr|.uiL-<fiP2^a|bfi qnp&uil|fig-bbpp ifiaiuinrud bb, np « puibl|uijfib huiduil|uipqnLii, pbb dfiui5nL|dwb aipr).-jmbgnLJ l|bbinpnbwgi|w&nL|3jwb duil|uipr|.uil|p paip5paigb[ t, uail|aijb qmbi|ni.d t hai JbJaimaipaip |any[ L|lu J ^uii|iuii|np uiumfi6uibni.d: Ulu t haiuinwinnLii baib Lfibr|.uijfi haiJai|au[nu[ l|aimaipu[ai6 hbmuiqnmnLpjnLbp (airunaiail| 3):
Lfibr|.uijfi hai Jai|au[fi l|fipuinduidp uaihJaibaiqaiLni|ai6 t ^ puibl|uijfib hai-dail|aipqfi o[fiqna|n[fiumfil| dfigmlip, uijufibpb aijb paibl|bpfi funLdpp, npnbp fipuil|uib hbaipaiu[npnL|3jnLb rnbbb r).pubnpb[nL o|jiqnu|n|jiumuil|uib u[aippaiq6fi maippbp: 0|jiqna|n|jiuinfil| JfignLln], fib^u|bu bpbmJ t wruni.uail| 3-fig, pbr).-qplirnJ t qpbpb uidpnqg puibl|uijfib haiJaiL|aipqp: Uai b2aibail|ni.d t, np « puibl|uijfib haiduil|uipqni.d o|jiqnu|n|jiumfil| JfignLli qnjnLpjnLb ^mbfi L|aiJ qpb-pb aibb2iiaipb[fi t:
Lfibr|.uijfi haiJai|au[fi l|fipuinduidp (airunLuail| 4) haiumaiLnu[b[ t, np dfiui-5nL[Jaib aiprynLbprnJ huiduil|uipqfi ^npu fun2np paibl|bpfi fudprnd l|bbmpn-baigu[ai6nL|3jnLbb ai6b[ t (n-W bb u[l|aijnLJ baib CR4 gmgfi^bbpp airynLuail| 2): Cum Lhbr|.aijfi huidui|ai|ji, haiJbJaimaiS 2015 p. hbm, 2019 p. ainaigaimaip puibl|bpfi fudpnai Jb6aigb[ t baib Jaiubaipaidfibbbpfi aibhaiJaiubnnLpjnLbp: Uai b2aibail|nLJ t, np u[bpair).aiuaiu[npJaib aiprynLbprnJ aijr). fudprnd Jpgail|gnL-pjmbp pnL[aigb[ I;:
Lfibr|.uijfi haiJai|au[fi l|fipaindaiJp hbmaiqnmu[ai6 t pwbl|bpfi daiubaipai-dfibbbpfi aibhaiJaiubnnLpjnLbp o|jiqnu|n|jiumfil| dfi2ni.l|ni.d (uiruni.uuil| 5): Ulq-jnLuail|aijfib mL|jai[bbpp huidnqfi^ L|bpa|nu[ u[l|aijnLJ bb, np dfiui5nL|duib aip-rymbgnLJ puibl|bpfi Jaiubaipaidfibbbpfi aibhaiJaiubnnLpjmbp puii|uil|uiliui£uii|i bu[aiqb[ t: Uai b2aibail|ni.d t, np u[bpair).aiuaiu[npJaib aiprynLbprnJ « puibl|ui-jfib haiJail|aipqnLJ Jpgail|gnL|3jnLbb ai6b[ t:
^aipSnLiI bbp, np Lhbr>aijh hai Jai|afiu[p, 2bnphfiu[ paipSp mbqbl|uimi|uil|ui-bmpjaib b n^ paipr). hai2i|aipl|Jaib ai[qnpfi|adfi, <bp^fibr).ai[-<fip2iiaibfi qnpSai-l|figbbpfi hbm qni.qnpr|.duidp, L|aipnq t dpguil|gnL|3juib b L|bbmpnbaigu[ai6nL-pjaib d2mair).fimaipl|daib aipr)jnLbaiu[bm qnp&fip 6ainaijb[ « L|bbmpnbaiL|aib puibl|fi, « mbmbuail|aib Jpgail|gnL|3jaib o|ai2ma|aibnL|3jaib u|bmuil|uib haibSbaidnqnilfi b aij[ u|uiml|uib duipdfibbbpfi haiJaip:
Oqmuiqnpdi|uid qpuiljuibnLpjnLb
1. UnLpiuryLub L.U., UpgLuL|gnL|ajLub qbiuhiuinrudQ « pujbL)Luj|nb hLudiuL|LupqnLd 0Lubqujp-(Tnu|i i[tinLULhnKILlLU^ Jnr).bLnL[, «Piubpbp
c^nsc», N 1, 2014:
2. UnLpiuryLub UnLpiuryLub L.U, Llupjiub LL."-L., CC. wnLinriiu-j|nb piubL|bp|l 2nll|LUJLuL|Lub |l2fuLubnL|3jnLbQ, «S>|nbLububbp U tl|nbndhl|lu», N 3-4, 2016:
3. Beck T., Demirguc-Kunt A., Levine R., Bank Concentration, Competition, and Crises: Journal of Banking & Finance 30(5), 2006.
4. Beck T., Demirguc-Kunt A., Levine R., Bank Concentration and Fragility: Impact and Mechanics, NBER Working Papers 11500, National Bureau of Economic Research, Inc. 2005.
ъьшъиъьп 35
5. Bikker J.A, Haaf K., Competition, Concentration and their Relationship: Anempirical Analysis of the Banking Industry, Journal of Banking and Finance, 2002, 26.
6. Claessens S., Laeven L., Financial Dependence, Banking Sector Competition, and Economic Growth, Journal of the European Economic Association, MIT Press, 2005, vol. 3(1).
7. Khan H. H., Ahmad R. B., Gee C. S., Bank Competition and Monetary Policy Transmission through the Bank Lending Channel: Evidence from ASEAN. International Review of Economics & Finance, 44, 2016.
8. Linda R., Methodology of Concentration Analysis Applied to the Study of Industries and Markets, Commission of the European Communities, Brussels, 1976.
9. Stazhkova P., Kotcofana T., Protasov A., Concentration Indices in Analysis of Competitive Environment: Case of Russian Banking Sector. Cbu International Conference on Innovations in Science and Education March 22-24, 2017, Prague, www.Journals.Cz458.
10. Waterson M., Economic Theory of the Industry, Cambridge, 1984.
ГРАЙР МУРАДЯН
Ассистент кафедры финансов АГЭУ, кандидат экономических наук
Оценка концентрации и конкуренции в банковской систе ме Армении с помощью индекса Линды.- Применением индекса Линды изучена степень концентрации банковской системы Армении. Оказалось, что в результате известного слияния нескольких банков в 2016 году уровень концентрации повысился, войдя в зону умеренной монополизации. С помощью индекса Линды отделено олигопо-листическое ядро, что охватывает почти всю банковскую систему (15 из 17 банков). Это означает, что в банковской системе РА олигопо-листической арены практически нет.
Применением индексов Линды изучена степень неравномерности распределения банковских долей в олигополистическом ядре. Результаты показывают, что после слияния банков неравномерность распределения по всем ключевым показателям значительно сократилась. В конечном итоге это означает, что в результате слияния банков возросла конкуренция в банковской системе Республики Армения.
Ключевые слова: индекс Линды, банковская концентрация, конкуренция, банковская система Армении.
JEL: G21, G24
HRAYR MURADYAN
Assistant Professor at the Chair of Finance at ASUE, PhD in Economics
Evaluation of Concentration and Competition in the Banking System of Armenia Using the Linda Index.- The degree of concentration of the Armenian banking system has been studied through Linda's indices. It turned out that as a result of a well-known merger of several banks in 2016, the concentration level increased, entering the zone of moderate monopolization. Using the Linda index, the oligopolistic core is separated, which covers almost the entire banking system (15 of 17 banks). This means that there is practically no oligopolistic arena in the Armenian banking system.
Using the Linda indices, the degree of uneven distribution of bank shares in the oligopolistic core was studied. The results show that after the merger of banks, the uneven distribution across all key indicators has decreased significantly. Ultimately, this means that as a result of the merger of banks, the competition in the Armenian banking system has increased.
Key words: the Linda index, banking concentration, competition, banking system of Armenia. JEL: G21, G24
