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Productivity growth in the Greek banking industry: A non-parametric approach

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Abstract

This paper investigates productivity growth and technical efficiency in the Greek banking industry for the period 1982-1997. It also compares the 1982-92 and 1993-97 sub-periods, since after 1992 the Greek banking sector experienced substantial changes. The Malmquist productivity index and the DEA method are used to measure and decompose productivity growth and technical efficiency, respectively. Productivity growth is higher after 1992. Recent growth is mainly attributed to technical progress, while until 1992 growth is mainly attributed to improvements in efficiency. Furthermore, after 1992, pure efficiency is higher, and scale efficiency is lower, indicating that although banks achieved higher pure technical efficiency, they moved away from optimal scale. Finally, Tobit results show that size and specialization have positive effects on both pure and scale efficiency.

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Bibliographic Info

Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

Volume (Year): IX (2006)
Issue (Month): (May)
Pages: 119-138

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Handle: RePEc:cem:jaecon:v:9:y:2006:n:1:p:119-138

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Keywords: Greek banking; efficiency; productivity growth; Malmquist index; DEA;

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  1. Athanasios Noulas, 1997. "Productivity growth in the Hellenic banking industry: state versus private banks," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 7(3), pages 223-228.
  2. Subal C. Kumbhakar & Ana Lozano-Vivas & C. A. Knox Lovell & Iftekhar Hasan, 1999. "The Effects of Deregulation on the Performance of Financial Institutions: The Case of Spanish Savings Banks," New York University, Leonard N. Stern School Finance Department Working Paper Seires, New York University, Leonard N. Stern School of Business- 99-064, New York University, Leonard N. Stern School of Business-.
  3. Leightner, Jonathan E. & Lovell, C. A. Knox, 1998. "The Impact of Financial Liberalization on the Performance of Thai Banks," Journal of Economics and Business, Elsevier, Elsevier, vol. 50(2), pages 115-131, March.
  4. Allen N. Berger & David B. Humphrey, 1997. "Efficiency of Financial Institutions: International Survey and Directions for Future Research," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 97-05, Wharton School Center for Financial Institutions, University of Pennsylvania.
  5. Christopoulos, Dimitris K & Tsionas, Efthymios G, 2001. "Banking Economic Efficiency in the Deregulation Period: Results from Heteroscedastic Stochastic Frontier Models," Manchester School, University of Manchester, University of Manchester, vol. 69(6), pages 656-76, December.
  6. Mukherjee, Kankana & Ray, Subhash C. & Miller, Stephen M., 2001. "Productivity growth in large US commercial banks: The initial post-deregulation experience," Journal of Banking & Finance, Elsevier, Elsevier, vol. 25(5), pages 913-939, May.
  7. Casu, Barbara & Girardone, Claudia & Molyneux, Philip, 2004. "Productivity change in European banking: A comparison of parametric and non-parametric approaches," Journal of Banking & Finance, Elsevier, Elsevier, vol. 28(10), pages 2521-2540, October.
  8. Canhoto, Ana & Dermine, Jean, 2003. "A note on banking efficiency in Portugal, New vs. Old banks," Journal of Banking & Finance, Elsevier, Elsevier, vol. 27(11), pages 2087-2098, November.
  9. Humphrey, David B & Pulley, Lawrence B, 1997. "Banks' Responses to Deregulation: Profits, Technology, and Efficiency," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 29(1), pages 73-93, February.
  10. Gilbert, R. Alton & Wilson, Paul W., 1998. "Effects of Deregulation on the Productivity of Korean Banks," Journal of Economics and Business, Elsevier, Elsevier, vol. 50(2), pages 133-155, March.
  11. Giokas, DI, 1991. "Bank branch operating efficiency: A comparative application of DEA and the loglinear model," Omega, Elsevier, Elsevier, vol. 19(6), pages 549-557.
  12. Karafolas, S. & Mantakas, G., 1996. "A note on cost structure and economies of scale in Greek banking," Journal of Banking & Finance, Elsevier, Elsevier, vol. 20(2), pages 377-387, March.
  13. Hao, Jonathan & Hunter, William Curt & Yang, Won Keun, 2001. "Deregulation and efficiency: the case of private Korean banks," Journal of Economics and Business, Elsevier, Elsevier, vol. 53(2-3), pages 237-254.
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