Greek Banking Profitability: recent developments
The purpose of this paper is to re-examine the profitability of Greek banks (updating Eichengreen and Gibson (2001)) using a panel of Greek banks over the extended period to 2003 instead of 1993-1998 as in the original paper. We argue that the period since 1998 has largely been one of consolidation with the tendency for lower concentration which began in 1985 being reversed somewhat. Whilst this might suggest a decline in the degree of competition, two factors have countered this: the sector has moved further away from being dominated by one leader; and another wave of new entrants has occurred. The results of the econometric analysis suggest that profitability is becoming more persistent, that banks with stronger market power earn higher profits and that the impact of size on profitability is much weaker than in the earlier period when growing bigger clearly increased profitability.
References listed on IDEAS
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- Dimitrios Sideris, 2004.
"Testing for Long-Run PPP in a System Context: Evidence for the US, Germany and Japan,"
19, Bank of Greece.
- Sideris, Dimitrios, 2006. "Testing for long-run PPP in a system context: Evidence for the US, Germany and Japan," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 16(2), pages 143-154, April.
- van Praag, Bernard M. S., 1991. "Ordinal and cardinal utility : An integration of the two dimensions of the welfare concept," Journal of Econometrics, Elsevier, vol. 50(1-2), pages 69-89, October.
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