This paper investigates the degree of dispersion in the loan pricing of commercial banks and its association with competitive conditions in the banking industry of a large emerging economy. To quantify the lending rate variability in consumer loans, we utilize a new indexation mechanism exploiting a detailed bank-level dataset for the period January 2007–April 2020. With panel convergence methods, we show the existence of heterogeneity in long-term co-movements among banks' loan pricing, while periods following the tightening in financial conditions display short-term deviations from general tendencies as demonstrated by dispersion indices. Our empirical design also entails the construction of competition indicators for aggregated and consumer segment-based credit market developments. Quantile regression results validate that the improvements in industry competition are related to the lower level of lending rate dispersion in housing and vehicle segments in a statistically significant manner, whereas an opposite relationship is evident for general-purpose loans.

本文研究了商业银行贷款定价的分散程度及其与大型新兴经济体银行业竞争条件的关系。为了量化消费贷款中的贷款利率可变性，我们利用了一种新的指数化机制，利用了 2007 年 1 月至 2020 年 4 月期间的详细银行级数据集。通过面板收敛方法，我们表明长期联动中存在异质性在银行贷款定价中，金融状况收紧后的时期显示出与一般趋势的短期偏离，如分散指数所示。我们的实证设计还需要为综合和基于消费者细分的信贷市场发展构建竞争指标。