Integration and efficiency convergence in EU banking markets

Omega

Volumn 38, Issue 5, 2010, Pages 260-267

  Casu, Barbara ^a   Girardone, Claudia ^b  

^a CITY UNIVERSITY   (United Kingdom)

^b UNIVERSITY OF ESSEX   (United Kingdom)

Author keywords

Banking; Convergence; Data envelopment analysis; Efficiency

Indexed keywords

EID: 77953683843     PISSN: 03050483     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.omega.2009.08.004     Document Type: Article

References (68)

1. Altunbas Y., Chakravarty S. Efficiency measures and the banking structure in Europe. Economics Letters 1998, 60:205-208.
2. European Central Bank. Indicators of financial integration in the euro area. September 2005 http://www.ecb.de/pub/pdf/other/indicatorsfinancialintegration200509en.pdf.
3. Baele LM, Ferrando A, Hordahl P, Krylova E, Monnet C. Measuring financial integration in the euro area. ECB Occasional Paper 14, 2004.
4. European Central Bank. Financial integration in Europe. March 2007 http://www.ecb.de/pub/pdf/other/financialintegrationineurope200703en.pdf.
5. European Central Bank. Financial integration in Europe. April 2008 http://www.ecb.eu/pub/pdf/other/financialintegrationineurope200804en.pdf.
6. European Central Bank. Financial integration in Europe. April 2009 http://www.ecb.europa.eu/pub/pdf/other/financialintegrationineurope200904en.pdf.
7. Färe R., Grosskopf S., Norris M., Zhang Z. Productivity growth, technical progress, and efficiency change in industrialized countries. American Economic Review 1994, 84:66-83.
8. Cooper W.W., Seiford L.M., Zhu J. Handbook on data envelopment analysis 2004, Springer, Kluwer Academic Publishers, Boston.
9. Guiso L., Jappelli T., Padula M., Pagano M. Financial market integration and economic growth in the EU. Economic Policy 2004, 40:523-577.
10. Henderson D.J., Zeleynuk V. Testing for (efficiency) catching-up. Southern Economic Journal 2007, 73(4):1003-1019.
11. Barro R.J., Sala-i-Martin X.X. Convergence across states and regions. Brookings Papers on Economic Activity 1991, 1:107-182.
12. Barro R.J., Sala-i-Martin X.X. Convergence. Journal of Political Economy 1992, 100:223-251.
13. Barro R.J., Sala-i-Martin X.X. Economic growth 1995, McGraw Hill, New York.
14. Quah D. Twin peaks: growth and convergence in models of distribution dynamics. Economic Journal 1996, 106:1045-1055.
15. Flannery M.J., Rangan K.P. Partial adjustment toward target capital structures. Journal of Financial Economics 2006, 79:469-506.
16. Gropp R, Kashyap A. A New metric for banking integration in Europe. NBER Working Paper Series. Working Paper 14735, 2009.
17. Zhao T, Casu B, Ferrari A. The impact of regulatory reforms on cost structure, ownership and competition in Indian banking. Journal of Banking and Finance 2010;34:246-54.
18. Martín-Oliver A, Saurina J, Salas-Fumás V. Interest rate dispersion in deposit and loan markets. Documentos de Trabajo No. 0506. Banco de España, 2005.
19. Martín-Oliver A., Salas-Fumás V., Saurina J. A test of the law of one price in retail banking. Journal of Money, Credit and Banking 2007, 39:2021-2040.
20. De Graeve F., De Jonghe O., Vander Vennet R. Competition, transmission and bank pricing policies: Evidence from Belgian loan and deposit markets. Journal of Banking & Finance 2007, 31:259-278.
21. Vajanne L. Integration in Euro area retail banking markets. Convergence of credit interest rates. Bank of Finland Research Discussion Paper 27, 2007.
22. Gropp R, Kok Sorensen C, Lichtenberger JD. The dynamics of bank spreads and financial structure. ECB Working Paper 714, January 2007.
23. Affinito M, Farabullini F. An empirical analysis of national differences in the retail bank interest rates of the euro area, Temi di discussione Bank of Italy 589, 2006.
24. Goddard J.A., Molyneux P., Wilson J.O.S., Tavakoli M. European banking: an overview. Journal of Banking and Finance 2007, 31:1911-1935.
25. Emiris M. Measuring capital market integration. BIS Papers, vol. 12. 2002. p. 200-21.
26. Hartmann P., Maddaloni A., Manganelli S. The euro area financial system: structure, integration and policy. Oxford Review of Economic Policy 2003, 19:180-213.
27. Manna M. Developing statistical indicators of the integration of the euro area banking system. ECB Working Paper 300, 2004.
28. Cappiello L, Hordahl P, Kadareja A, Manganelli S. The impact of the euro on financial markets. ECB Working Paper 598, 2006.
29. Cabral I, Dierick F, Vesala J. Banking integration in the euro area. ECB Occasisonal Paper Series 6, 2002.
30. Berger A.N. The efficiency effects of a single market for financial services in Europe. European Journal of Operational Research 2003, 150(3):466-481.
31. Berger A.N., Dai Q., Ongena S., Smith D.C. To what extent will the banking industry be globalized? A study of bank nationality and reach in 20 European nations. Journal of Banking and Finance 2003, 27(3):383-415.
32. Stigler G.J. Capital and rates of return in manufacturing industries 1963, Princeton University Press, Princeton, NJ.
33. Goddard J.A., Molyneux P., Wilson J.O.S. European banking. Efficiency, technology and growth 2001, Wiley, England.
34. Berger A.N. International comparisons of banking efficiency. Financial Markets, Institutions and Instruments 2007, 16(3):119-144.
35. Hughes J.P., Mester L. Efficiency in banking: theory, practice and evidence. The oxford handbook of banking 2009, Oxford University Press, Oxford. A.N. Berger, P. Molyneux, J.O.S. Wilson (Eds.).
36. Berger A.N., Humphrey D.B. Efficiency of financial institutions: international survey and directions for future research. European Journal of Operational Research 1997, 98:175-212.
37. Amel D., Barnes C., Panetta F., Salleo C. Consolidation and efficiency in the financial sector: a review of the international evidence. Journal of Banking and Finance 2004, 28:2493-2519.
38. Casu B., Girardone C., Molyneux P. Productivity change in European banking: a comparison of parametric and non-parametric approaches. Journal of Banking and Finance 2004, 28:2521-2540.
39. Casu B., Girardone C. Bank competition, concentration and efficiency in the single European market. The Manchester School 2006, 74:441-468.
40. Tortosa-Ausina E. Exploring efficiency differences over time in the Spanish banking industry. European Journal of Operational Research 2002, 139(3):643-664.
41. Murinde V., Agung J., Mullineux A.W. Patterns of corporate financing and financial system convergence in Europe. Review of International Economics 2004, 12:693-705.
42. Weill L. Convergence in banking efficiency across European countries. Journal of International Financial Markets, Institutions & Money 2009;19(5):818-33.
43. Mamatzakis E., Staikouras C., Koutsomanoli-Filippaki A. Bank efficiency in the new European Union member states: is there convergence?. International Review of Financial Analysis 2008, 17:1156-1172.
44. Bikker J.A., Haaf K. Competition, concentration and their relationship: an empirical analysis of the banking industry. Journal of Banking and Finance 2002, 26:2191-2214.
45. Debreu G. The coefficient of resource utilisation. Econometrica 1951, 19:273-292.
46. Koopmans T.C. An analysis of production as an efficient combination of activities. Activity analysis of production and allocation, Cowles Commission for research in economics, monograph 13 1951, Wiley, New York. T.C. Koopmans (Ed.).
47. Shephard R.W. Cost and production functions 1953, Princeton University Press, Princeton.
48. Shephard R.W. The theory of cost and production functions 1970, Princeton University Press, Princeton.
49. Farrell M.J. The measurement of productive efficiency. Journal of the Royal Statistical Society 1957, 120:253-290.
50. Thanassoulis E. Introduction to the theory and application of data envelopment analysis: a foundation text with integrated software 2001, Kluwer Academic Publishers, USA.
51. Charnes A., Cooper W.W., Rhodes E. Measuring efficiency of decision making units. European Journal of Operational Research 1978, 2:429-444.
52. Banker R.D., Charnes A., Cooper W.W. Some models for the estimating technical and scale inefficiency in data envelopment analysis. Management Science 1984, 30:1078-1092.
53. Coelli T., Rao D.S.P., O'Donnell C.J., Battese G.E. An introduction to efficiency and productivity analysis 2005, Springer, New York. 2nd ed.
54. Simar L., Wilson P. A general methodology for bootstrapping in nonparametric frontier models. Journal of Applied Statistics 2000, 27:779-802.
55. Banker R.D., Natarajan R. Evaluating contextual variables affecting productivity using data envelopment analysis. Operations Research 2008, 56(1):48-58.
56. Avkiran N.K., Rolands T. How to better identify the true managerial performance: state of the art using DEA. OMEGA The International Journal of Management Science 2008, 36:317-324.
57. Lozano-Vivas A., Pastor J.T. Do performance and environmental conditions act as barriers for cross-border banking in Europe?. OMEGA The International Journal of Management Science 2010, 38(4).
58. Delis M.D. Competitive conditions in the Central and Eastern European banking systems OMEGA. The International Journal of Management Science 2010, 38(4).
59. Sealey C., Lindley J.T. Inputs, outputs and a theory of production and cost at depositary financial institutions. Journal of Finance 1977, 32:1251-1266.
60. Andersen P., Petersen N.C. A procedure for ranking efficient units in data envelopment analysis. Management Science 1993, 39:1261-1264.
61. Blundell R., Bond S.R. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 1998, 87:115-143.
62. Fung M.K. Scale economies, X-efficiency, and convergence of productivity among bank holding companies. Journal of Banking and Finance 2006, 30:2857-2874.
63. Parikh A., Shibata M. Does trade liberalisation accelerate convergence in per capita incomes in developing countries?. Journal of Asian Economics 2004, 15:33-48.
64. Pagan A., Ullah A. Nonparametric econometrics 1999, Cambridge University Press, Cambridge, UK.
65. Simar L., Zelenyuk V. On testing equality of two distribution functions of efficiency scores estimated via DEA. Econometric Reviews 2006, 25:497-522.
66. Li Q. Nonparametric testing of closeness between two unknown distributions. Econometric Reviews 1996, 15:261-274.
67. Windmeijer F. A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics 2005, 126(1):25-51.
68. Arellano M., Bover O. Another look at the instrumental variables estimation of error components models. Journal of Econometrics 1995, 68:29-51.