A nonparametric frontier approach is utilized to calculate the efficiency of U.K. building societies. This paper extends previous work in the area in two main ways. First, the analysis focuses upon allocative and technical efficiency rather than simply decomposing the latter into its constituent...

This paper assesses empirically the degree of substitutability between capital certain liquid financial assets in the United Kingdom by employing consumer demand theory. Translog share equations are specified and estimated for the various monetary assets. Expenditure elasticities, own and...