Efficiency and productivity of Greek banks in the EMU era

Applied Financial Economics

Volumn 19, Issue 16, 2009, Pages 1317-1328

  Chortareas, Georgios E ^a   Girardone, Claudia ^b   Ventouri, Alexia ^b  

^a UNIVERSITY OF ATHENS   (Greece)

^b UNIVERSITY OF ESSEX   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

BANKING; COMPETITION (ECONOMICS); DATA ENVELOPMENT ANALYSIS; EUROPEAN MONETARY UNION; FINANCIAL SYSTEM; INTEREST RATE; PRODUCTIVITY; PROFITABILITY;

EURASIA; EUROPE; GREECE; SOUTHERN EUROPE;

EID: 70449625063     PISSN: 09603107     EISSN: 14664305     Source Type: Journal    
DOI: 10.1080/09603100802599506     Document Type: Article

References (52)

1. Ataullah, A. and Le, H. (2006) Economic reforms and bank efficiency in developing countries: the case of the Indian banking industry, Applied Financial Economics, 16,653-63.
2. Banker, R. D., Charnes, A. and Cooper, W. W. (1984) Some models for estimating technical and scale inefficiencies in data envelopment analysis, Management Science, 30, 1078-92.
3. Berger, A. N. (1993) Distribution-free estimates of efficiency in the US banking industry and tests of the standard distributional assumptions, Journal of Productivity Analysis, 4, 261-92.
4. Berger, A. N. and Humphrey, D. B. (1997) Efficiency of financial institutions: international survey and directions for further research, European Journal of Operational Research, 98, 175-212.
5. Berger, A. N. and Mester, L. J. (1997) Inside the black box: what explains differences in the efficiencies of financial institutions?, Journal of Banking and Finance, 21, 895-947.
6. Berger, A. N. and Mester, L. J. (2003) Explaining the dramatic changes in performance of US banks: technological change, deregulation and dynamic changes in competition, Journal of Financial Intermediation, 12, 57-95.
7. Bos, J. W. B. and Schmiedel, H. (2003) Comparing efficiency in European banking: a meta frontier approach, de Nederlandsche Bank Research Paper No. 57.
8. Casu, B. and Girardone, C. (2005) An analysis of the relevance of OBS. items in explaining productivity change in European banking, Applied Financial Economics, 15, 1053-61.
9. Casu, B. and Molyneux, P. (2003) A comparative study of efficiency in European banking, Applied Economics, 35,1865-76.
10. Casu, B., Girardone, C. and Molyneux, P. (2004) Productivity change in European banking: a comparison of parametric and non-parametric approaches, Journal of Banking and Finance, 28, 2521-40.
11. Charnes, A., Cooper, W. W. and Rhodes, E. (1978) Measuring the efficiency of decision making units, European Journal of Operational Research, 2, 429-44.
12. Chortareas, G.E., Girardone, C. and Ventouri, A. (2007) Efficiency and productivity change in Greek banking: methods and recent evidence, in Frontiers of Banks in a Global Economy (Eds) P. Molyneux and E. Vallelado, Palgrave MacMillan, Basingstoke, pp. 211-33.
13. Christopoulos, D. and Tsionas, E. G. (2001) Banking efficiency in the deregulation period: results from heteroscedastic stochastic frontier models, The Manchester School, 69, 656-76.
14. Clark, J. A. and Siems, T. F. (2002) X-efficiency in banking: looking beyond the balance sheet, Journal of Money, Credit and Banking, 34, 987-1013.
15. Coelli, T. J. (1996) A guide to DEAP version 2.1: a data envelopment analysis computer program, Working Paper No. 8, Centre for Efficiency and Productivity Analysis, University of New England.
16. Coelli, T., Prasada Rao, D. S., O'Donnell, C. J. and Battese, G. E. (2005) An Introduction to Efficiency and Productivity Analysis, 2nd edn, Springer, New York.
17. Cooper, W. W., Seiford, L. M. and Tone, K. (2000) Data Envelopment Analysis, Kluwer Academic Publishers, Boston.
18. Eichengreen, B. and Gibson, H. D. (2001) Greek banking at the dawn of the new millennium, CERP Discussion Paper No. 2791, London.
19. Eisenbeis, R. A., Ferrier, G.D. and Kwan, S. H. (1999) The informativeness of stochastic frontier and programming frontier efficiency scores: cost efficiency and other measures of bank holding company performance, Working Paper No. 23, Federal Reserve Bank of Atlanta.
20. Fare, R., Grosskopf, S. and Weber, W. L. (2004) The effect of risk-based capital requirements on profit efficiency in banking, Applied Economics, 36, 1731-43.
21. Fare, R., Grosskopf, S., Norris, M. and Zhang, Z. (1994) Productivity growth, technical progress and efficiency changes in industrialised countries, American Economic Review, 84, 66-83.
22. Farrell, M. J. (1957) The measurement of productive efficiency, Journal of Royal Statistical Society, Series A, 120, 253-90.
23. Garganas, N. C. (2003) The changing structures of European banking: the Greek experience, Speech of the Governor of the Bank of Greece at the Bulgarian Central Bank, 14 February.
24. Gibson, H. D. (2005) Developments in the profitability of Greek banks, Bank of Greece Economic Bulletin 24,7-28 (in Greek).
25. Goddard, J. A., Molyneux, P. and Wilson, J. O. S. (2001) European Banking: Efficiency, Technology, and Growth, John Wiley, Chichester.
26. Grifell-Tatje, E. and Lovell, C. A. K. (1996) Deregulation and productivity decline, the case of the Spanish saving banks, European Economic Review, 40, 1281-303
27. Kamberoglou, N. C., Liapis, E., Simigiannis, G. T. and Tzamourani, P. (2004) Cost efficiency in Greek banking, Working Paper No. 9, Bank of Greece.
28. Kumbakhar, S. and Lovell, C. A. K. (2000) Stochastic Frontier Analysis, Cambridge University Press, Cambridge.
29. Leibenstein, H. (1966) Allocative efficiency vs. X-efficiency, American Economic Review, 56, 392-415.
30. Maudos, J. and Pastor, J. M. (2003) Cost and profit efficiency in the Spanish banking sector (1985-1996): a non-parametric approach, Applied Financial Economics, 13, 1-12.
31. Maudos, J., Pastor, J. M. and Perez, F. (2002) Competition and efficiency in the Spanish banking sector: the importance of specialisation, Applied Financial Economics, 12, 505-16.
32. Mester, L. J. (1996) A study of bank efficiency taking into account risk preferences, Journal of Banking and Finance, 20, 1025-45.
33. Mukherjee, K., Ray, S. C. and Miller, S. M. (2001) Productivity growth in large US commercial banks: the initial post-deregulation experience, Journal of Banking and Finance, 25, 913-39.
34. Noulas, A. G. (1997) Productivity growth in the Hellenic banking industry: state versus private banks, Applied Financial Economics, 7, 223-8.
35. Noulas, A. G. (2001) Deregulation and operating efficiency: the case of the Greek banks, Managerial Finance, 27, 35-47.
36. Noulas, A. G., Glaveli, E. and Kiriakopoulos, I. (2008) Investigating cost efficiency in the branch network of a Greek bank: an empirical study, Managerial Finance, 34,160-71.
37. Pasiouras, F. (2008) Estimating the technical and scale efficiency of Greek commercial banks: the impact of credit risk, off-balance sheet activities, and international operations, Research in International Business and Finance, 22, 301-18.
38. Pasiouras, F., Liadaki, A. and Zopounidis, C. (2008) Bank efficiency and share performance: evidence from Greece, Applied Financial Economics, 18, 1121-30.
39. Pastor, J. T., Ruiz, J. L. and Sirvent, I. (2002) A statistical test for nested radial DEA models, Operations Research, 50, 728-35.
40. Rezitis, A. N. (2006) Productivity growth in the Greek banking industry: a non-parametric approach, Journal of Applied Economics, IX, 119-38.
41. Rime, B. and Stiroh, K. J. (2003) The performance of universal banks: evidence from Switzerland, Journal of Banking and Finance, 27, 2121-50.
42. Schure, P., Wagenvoort, R. and O'Brien, D. (2004) The efficiency and the conduct of European banks: developments after 1992, Review of Financial Economics, 13, 371-96.
43. Sealey, C. W. and Lindley, J. T. (1977) Inputs, outputs and theory of production and costs at depository financial institutions, Journal of Finance, 34, 1251-66.
44. Shephard, R. W. (1970) Theory of Cost and Production Functions, Princeton University Press, Princeton, NJ.
45. Staikouras, C. K., Koutsomanoli-Filippaki, A. and Gerogiannaki, A. (2006) Cost and profit efficiency of the Greek banking system, 5th Annual Conference of the Hellenic Finance and Accounting Association, Thessaloniki, December 15-6. Available at: http://www.hfaa.gr/Docs/HFAA%202005/papers_5_HFAA.html
46. Stournaras, Y. (2006) Interactions between financial sector developments and the macroeconomic envir- onment: the Greek experience, mimeo, University of Athens.
47. Tortosa-Ausina, E. (2003) Nontraditional activities and bank efficiency revisited: a distributional analysis for Spanish financial institutions, Journal of Economics and Business, 55, 371-95.
48. Tsionas, E. G., Lolos, S. E. G. and Christopoulos, D. K. (2003) The performance of the Greek banking system in view of the EMU: results from a non-parametric approach, Economic Modelling, 20, 571-92.
49. Vander Vennet, R. (2002) Cost and profit efficiency of financial conglomerates and universal banks in Europe, Journal of Money, Credit and Banking, 34, 254-82.
50. Wagenvoort, J. L. M., O'Brien, D. and Schure, P. (2001) The recursive thick frontier approach to estimating frontier production functions, Econometrics Working Paper No. 0503, University of Victoria.
51. Weill, L. (2007) Is there a lasting gap in bank efficiency between Eastern and Western European countries?, Comparative Economic Studies, 49, 101-27.
52. Worthington, A. C. (1999) Malmquist indices of productivity change in Australian financial services, Journal of International Financial Markets, Institutions and Money, 9, 303-20.