Strategic Challenges in European Banking by Edward P M Gardener, Joe Falzon (eds.)

By Edward P M Gardener, Joe Falzon (eds.)

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Overall, X-inefficiencies for most of the EU banking markets covered in aggregate in the table are around 20 per cent. M. 4 * * * * * * * * Notes: Allfiguresgiven are percentages. * indicates that insufficient data were available to perform any calculations. cernible between 1987 and 1994, although in Denmark, Portugal and Spain X-inefficiency falls significantly between 1992 and 1994. Thus, although there does not appear to have been any marked and pervasive decline in Xinefficiency resulting from the impact of the SMP, banks in selected countries may well have experienced a reduction in X-inefficiency.

4. Firstly, although the level of X-inefficiency varies over time and across countries, in almost all cases the largest categories of banks are, on average, more efficient than their smaller counterparts. This has the implication that if the SMP has stimulated an increase in merger and acquisition activity, particularly amongst smaller banks, then one would expect it to have resulted in efficiency and therefore welfare gains. A similar conclusion could be drawn if it could be demonstrated that the SMP has led banks to pursue growth through internal means.

In our case, following Berger et al. (1987), we divide the output of the representative bank in each group into smaller banks. The size of the first bank is calculated by taking the mean value of bank outputs at the previous asset size class. The second bank constitutes the difference between the size of the first bank and the mean value of bank outputs at the present asset size class. 2 shows the expansion path subadditivity results, where negative values indicate that a break-up of large banks into smaller banks brings about lower costs, whilst positive values suggest the opposite.

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