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

  • Patrick Van Cayseele
  • Christophe Wuyts

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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This chapter was published in:
  • Patrick van Cayseele & Christophe Wuyts, 2006. "Measuring Scale Economies in a Heterogeneous Industry: The Case of European Settlement Institutions," SUERF Studies, SUERF - The European Money and Finance Forum, number 2006/3 edited by Morten Balling, November.
  • This item is provided by SUERF - The European Money and Finance Forum in its series Chapters in SUERF Studies with number 41-1.
    Handle: RePEc:erf:erfssc:41-1
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    References listed on IDEAS
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    1. Rochet, Jean-Charles & Tirole, Jean, 2003. "Platform Competition in Two-Sided Markets," IDEI Working Papers 152, Institut d'Économie Industrielle (IDEI), Toulouse.
    2. Patrick VAN CAYSEELE & Jo REYNAERTS, 2007. "Complementary platforms," Center for Economic Studies - Discussion papers ces0721, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
    3. 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.
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