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Measuring Scale Economies in a Heterogeneous Industry: The Case of European Settlement Institutions

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Author Info
Patrick van Cayseele
Christophe Wuyts

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Editor Info
Morten Balling ()

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Abstract

We examine whether the European settlement institutions are technically efficient. This is done by means of estimating a translog cost function, and investigating whether scale economies are fully exploited. Since the sample is quite heterogeneous, fixed effects regression is introduced. From the results obtained, there clearly are economies of scale in this industry throughout all output ranges. This implies that further consolidation in this industry probably is ahead.

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File URL: http://www.suerf.org/download/studies/study20063.pdf
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Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
This book is provided by SUERF - The European Money and Finance Forum in its series SUERF Studies with number 2006/3 and published in 2006.

ISBN: 978-3-902109-33-0
Handle: RePEc:erf:erfstu:41

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Related research
Keywords: Technical Efficiency in Settlement and Safekeeping; Estimating Cost Functions on Panel Data; Sample Heterogeneity and Fixed Effects;

Find related papers by JEL classification:
C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
D2 - Microeconomics - - Production and Organizations
G2 - Financial Economics - - Financial Institutions and Services
L8 - Industrial Organization - - Industry Studies: Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Baris Serifsoy & Marco Weiß, 2007. "Settling for Efficiency - A Framework for the European Securities Transactions Industry," Working Paper Series: Finance and Accounting 151, Department of Finance, Goethe University Frankfurt am Main. [Downloadable!]
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  2. Patrick Van Cayseele, 2004. "Competition and the Organisation of the Clearing and Settlement Industry," Center for Economic Studies - Discussion papers ces0413, Katholieke Universiteit Leuven, Centrum voor Economische Studiën. [Downloadable!]
  3. Jo Reynaerts & Patrick Van Cayseele, 2007. "Complementary Platforms," LICOS Discussion Papers 18607, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Christine Beijnen & Wilko Bolt, . "Size Matters: Economies of Scale in European Payment Processing," FIW Working Paper series 013, FIW. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-26.

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