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Efficiency barriers to the consolidation of the European financial services industry

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Author Info
Allen N. Berger
Robert DeYoung
Gregory F. Udell

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Abstract

Cross-border consolidation of financial institutions within Europe has been relatively limited, possibly reflecting efficiency barriers to operating across borders, including distance; differences in language, culture, currency, and regulatory/supervisory structures; and explicit or implicit rules against foreign competitors. EU policies such as the Single Market Programme and the European Monetary Union attenuate some but not all of these barriers. The evidence is consistent with the hypothesis that these barriers offset most of any potential efficiency gains from cross-border consolidation. Banks headquartered in other EU nations have slightly lower average measured efficiency than domestic banks and non-EU-based foreign banks.

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Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 2000-37.

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Date of creation: 2000
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Handle: RePEc:fip:fedgfe:2000-37

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Related research
Keywords: Financial services industry ; Europe ; Financial institutions;

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  1. Claudia M. Buch, 2004. "Cross-border banking and transmission mechanisms in Europe: evidence from German data," Applied Financial Economics, Taylor and Francis Journals, vol. 14(16), pages 1137-1149, November. [Downloadable!] (restricted)
  2. Ugo Albertazzi & Leonardo Gambacorta, 2006. "Bank Profitability and Taxation," Computing in Economics and Finance 2006 364, Society for Computational Economics. [Downloadable!]
    Other versions:
  3. G. Lanine & R. Vander Vennet, 2006. "Microeconomic determinants of acquisitions of Eastern European banks by Western European banks," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 06/414, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
  4. Philipp Hartmann & Simone Manganelli & Angela Maddaloni, 2003. "The Euro area financial system: structure, integration and policy initiatives," Working Paper Series 230, European Central Bank. [Downloadable!]
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  5. von Furstenberg, George M., 2004. "Consumption Smoothing Across States and Time : International Insurance vs. Foreign Loans," Discussion Paper Series 1: Economic Studies 2004,13, Deutsche Bundesbank, Research Centre. [Downloadable!]
  6. Dean Amel & Colleen Barnes & Fabio Panetta & Carmelo Salleo, 2002. "Consolidation and efficiency in the financial sector: a review of the international evidence," Finance and Economics Discussion Series 2002-47, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  7. Claudia M. Buch & Gayle L. DeLong, 2008. "Banking Globalization: International Consolidation and Mergers in Banking," IAW Discussion Papers 38, Institut für Angewandte Wirtschaftsforschung (IAW). [Downloadable!]
  8. Claudia M. Buch & Gayle L. DeLong, 2001. "Cross-Border Bank Mergers: What Lures the Rare Animal?," Kiel Working Papers 1070, Kiel Institute for the World Economy. [Downloadable!]
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  9. Christian Pierdzioch, 2002. "Financial Market Integration and Business Cycle Volatility in a Monetary Union," Kiel Working Papers 1115, Kiel Institute for the World Economy. [Downloadable!]
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  10. Peter Egger & Franz R. Hahn, 2006. "Endogenous Bank Mergers and Their Impact on Banking Performance," WIFO Working Papers 271, WIFO. [Downloadable!]
  11. Luiz Fernando Rodrigues de Paula, 2001. "Expansion Strategies of European Banks to Brazil and Their Impacts on the Brazilian Banking Sector," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 044, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
  12. George von Furstenberg, 2007. "Assessing the Competitiveness of International Financial Services in Particular Locations: A Survey of Methods and Perspectives," Caepr Working Papers 2007-024, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington. [Downloadable!]
  13. Dean F. Amel & Colleen Barnes & Fabio Panetta & Carmelo Salleo, 2003. "Consolidation and Efficiency in the Financial Sector: A Review of the International Evidence," CEIS Research Paper 20, Tor Vergata University, CEIS. [Downloadable!]
  14. George Furstenberg, 2008. "Assessing the Competitiveness of International Financial Services in Particular Locations: A Survey of Methods and Perspectives," Open Economies Review, Springer, vol. 19(4), pages 539-556, September. [Downloadable!] (restricted)
  15. Michele Manna, 2004. "Developing statistical indicators of the integration of the euro area banking system," Working Paper Series 300, European Central Bank. [Downloadable!]
  16. Cornelia Holthausen & Thomas Rønde, 2003. "Cooperation in International Banking Supervision," CIE Discussion Papers 2004-02, University of Copenhagen. Department of Economics. Centre for Industrial Economics. [Downloadable!]
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