Showing 1 - 10 of 141
In this study, we reinvestigate the question of whether government banks are inferior to private banks. We use cross country data from 1993 to 2007 to trace the different types of government banks. These types comprise banks that acquire distressed banks, normal banks, or no banks at all....
Persistent link: https://www.econbiz.de/10010698834
This paper presents evidence on the impact of managers on cost efficiency in banking. Stochastic frontier analysis is …. University education enhances efficiency if the manager is running a large bank. Managing director changes are systematically … followed by efficiency changes. Manager retirement typically causes an efficiency improvement, whereas other manager changes …
Persistent link: https://www.econbiz.de/10005190734
dominant ‘big four’ state-owned banks. This paper seeks to help predict the effects of this change by analysing the efficiency … efficiency. We present corroborating robustness checks and offer several credible mechanisms through which minority foreign … owners can increase Chinese bank efficiency. These findings suggest that minority foreign ownership of the big four is likely …
Persistent link: https://www.econbiz.de/10005419687
Recent cross-country comparisons of bank efficiency have been based on pooled estimates of banks across countries and … efficiency of banks in each country that operate both within and outside their own environments. The results indicate that … technical efficiency is a significant deterrence to foreign competition. …
Persistent link: https://www.econbiz.de/10005423697
This paper examines the empirical performance of the New Keynesian Phillips curve and its hybrid specification in the euro area. Instead of imposing rational expectations, direct measures, ie OECD forecasts, are used as empirical proxies for economic agents´ inflation expectations. Real...
Persistent link: https://www.econbiz.de/10005207149
We compare parameter estimates of the intertemporal money-in-the-utility-function model estimated using the Generalized Method of Moments and the Full Information Maximum Likelihood method. The process driving the forcing variables is approximated with vector autoregression. The FIML estimates...
Persistent link: https://www.econbiz.de/10005207151
In this paper, we propose a new noncausal vector autoregressive (VAR) model for non-Gaussian time series. The assumption of non-Gaussianity is needed for reasons of identifiability. Assuming that the error distribution belongs to a fairly general class of elliptical distributions, we develop an...
Persistent link: https://www.econbiz.de/10004976734
This paper derives the cointegration spaces that are implied by linear rational expectations models when data are I(1). The cointegration implications are easy to calculate and can be readily applied to test if the models are consistent with the long-run properties of the data. However, the...
Persistent link: https://www.econbiz.de/10005190738
We derive a theoretical model for the demand for money using the money-in-the-utility-function approach. The steady-state – utility function – parameters of the model of narrow money (M1) estimated with cointegration techniques are stable over the foreign exchange rate regime shift; whereas...
Persistent link: https://www.econbiz.de/10005190768
This paper examines inflation dynamics in Europe. Econometric specification tests with pooled European data are used to compare the empirical performance of the New Classical, New Keynesian and Hybrid specifications of the Phillips curve. Instead of imposing any specific form of expectations...
Persistent link: https://www.econbiz.de/10005419685