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1、外文翻译原文Modellingnon-performingloansprobabilityinthecommercialbankingsystem:efficiencyandeffectivenessrelatedtocreditriskinItalyMaterialSource:Springer-Verlag2010Author:BernardoMaggi·MarcoGuidaAbstractInthisarticle,wemodeltheeffectofthenon-performingloansonthecoststructureofthecommerc
2、ialbankingsystem.Withthisaim,wecommentonanincreaseinthenon-performingloansbystudyingtheconsequencesofsuchachangeonthecostfunctionandcomputetheprobabilityoffailureofmaintainingaperformingloanassuch.Indoingso,weareconvincedthatgeographydoesmatterandevaluatetheriskpropensityofthebankto
3、wardsthenon-performingloansaccordingly.Wefinallystressthattraditionalefficiencyindicatorsofcostelasticitydonotfitproperlywithsuchaproblemandproposeameasurebasedonthecostsformanagingandmonitor-ingtheloanswhich,accordingtotherelateddensityfunction,willrevealeffectivelyasnonperforming.Int
4、roductionThisarticledealswiththeproblemofloansthatdonotperform(NPLfromnowon).Thoughsuchaproblemisdatedbackintheliteratureonbankingsystems,littlespacehasbeengiventoitforthedifficultybothtoobtainthenecessarydataandtoembeditappropriatelyinthemethodologytillnowdevelopedonthebankefficiency
5、.Asfortheformer,acknowledgeddatabasesrevealtheabsenceofinformationonthemostimportantvariableforthisstudy,i.e.thebadloans.Asforthelatter,thequestionishowtoaccountforthebadloansinaspecificfunctiontoobtainreasonableresultsfromtheefficiencypointofview.Thepuzzleisthat,asarguedinBergerandDe
6、Young(1997),thereexistsasimultaneitybetweenNPLandinefficiencybutthelinkrepresentedbybadloansistobeexcludedfromtheexplicativevariablesofthefunctionusedtoavoiddiminishingtheinefficiencymeasuredintheregressionresiduals,inthecaseofbadloansnotduetointernalfactors.Inthisrespect,theattemptst
7、oaddresstheproblem,suchasthatofHughes7andMester(1993),thoughpioneering,failinthatNPLareincludedasawholeincostfunctionwithoutdistinguishingbetweenbadloansduetobadmanagementandthoseduetoexternalfactorswhich,notdependingonthebank,shouldnotbecountedintheinefficiency.Asaconsequence,onlyth
8、eformereffectshould
