Financial policy changes are aimed at improving banks efficiency and competition; however, their effectiveness in the context of emerging economies is far from obvious. Using Turkey as a case study, we create a unique data set and analyse the impact of almost 30 years of financial policy changes on the cost efficiency and competitiveness of its banks. We estimate a stochastic cost frontier with inefficiency determinants and then rely on two complementary approaches for the measurement of competition: a novel implementation of the Boone model, and the Persistency of Profit (POP) model. We find that deregulation does not bring the expected benefits, and performance starts improving only after the introduction of prudential re-regulation policies. The entry of foreign banks helps technological progress, competition and efficiency improvements, and all banks eventually reach similar efficiency levels.

金融政策变化旨在提高银行效率和竞争力；然而，它们在新兴经济体中的有效性远非显而易见。我们以土耳其为案例研究，创建了一个独特的数据集，并分析了近 30 年的金融政策变化对其银行成本效率和竞争力的影响。我们估计具有低效率决定因素的随机成本前沿，然后依靠两种互补的方法来衡量竞争：布恩模型的新实现和利润持久性 (POP) 模型。我们发现放松管制并没有带来预期的收益，只有在引入审慎的再管制政策后，绩效才开始改善。外资银行的进入有助于技术进步、竞争和效率提升，