List of Tables | p. xi |
List of Figures | p. xiii |
Preface and Acknowledgements | p. xiv |
Notes on the Contributors | p. xviii |
Synopses of Contributions | p. xxiii |
Introduction: The Malta Connection | p. 1 |
Background | p. 1 |
Sponsors | p. 1 |
Malta's role in Economic and Monetary Union | p. 2 |
Cost Economies and Efficiency in EU Banking Systems | p. 8 |
Introduction | p. 9 |
Scale and scope economies: a brief literature review | p. 9 |
Methodology | p. 12 |
Data and results | p. 16 |
Scale economies | p. 16 |
Expansion path subadditivity | p. 20 |
X-efficiency | p. 22 |
Conclusion | p. 30 |
Relative Efficiencies and Productivity Indices: An Empirical Investigation of the Banking Sectors in Eight European Countries | p. 41 |
Summary | p. 41 |
Introduction | p. 41 |
Total factor productivity: an activity analysis approach | p. 42 |
Measuring differences and changes in productivity | p. 42 |
Basic concepts | p. 43 |
Defining and calculating Malmquist indices | p. 45 |
Application to the EU banking sector | p. 47 |
Results of the analysis | p. 51 |
Data distributions | p. 51 |
Malmquist indices and decompositions | p. 51 |
Relative efficiencies and scale efficiencies | p. 57 |
Efficiencies relative to a European best-practice frontier | p. 59 |
Conclusions and limitations | p. 63 |
Data limitations | p. 63 |
Methodology | p. 64 |
Conclusion | p. 64 |
The Effects of Alternative Financial System Models on Corporate Governance | p. 70 |
Introduction | p. 70 |
Ownership, concentration and distribution of equity | p. 73 |
Debt ownership | p. 77 |
The payoffs structure | p. 79 |
Financial organisation model and real economy | p. 82 |
Corporate capital investment | p. 84 |
RandD expenses | p. 84 |
The structure of assets | p. 86 |
Economic performance and volatility | p. 88 |
Final remarks | p. 89 |
Market Share Dynamics and Instruments of Competition in the Portuguese Deposits Market | p. 112 |
Introduction | p. 113 |
The model | p. 113 |
Estimation and data | p. 115 |
Data | p. 115 |
Estimation | p. 116 |
Results | p. 117 |
Static model | p. 117 |
Dynamic model | p. 118 |
Conclusions | p. 120 |
Specialisation and Competitiveness of the Spanish Savings Banks, 1984-95 | p. 121 |
The savings banks and the new competition of the single market | p. 121 |
The specialisation of the savings banks: basic features | p. 125 |
Specialisation and evolution of markets | p. 131 |
Are there advantages in the specialisation of the savings banks? | p. 135 |
Specialisation in means of payment | p. 140 |
Efficiency and market shares | p. 143 |
Perspectives | p. 146 |
The Future of Relationship Banking | p. 152 |
Why a study of relationship banking? | p. 152 |
Relationship forms | p. 155 |
Traditional relationship banking | p. 156 |
New developments in relationship banking | p. 158 |
How to identify and to stimulate relationships that are profitable | p. 160 |
How to define and measure relationship profitability | p. 162 |
Conclusions | p. 170 |
The Societal Responsibility of Banks: An Introduction to a Societal-Oriented Bank Management Theory | p. 174 |
Societal-oriented bank management as a research topic | p. 174 |
Societal responsibility in business administration | p. 174 |
Requirements of bank management vis-a-vis a theory of societal responsibility | p. 175 |
Alternative approaches to the societal responsibility of banks | p. 176 |
The problem of realisation of the concept of societal responsibility | p. 179 |
Adaptive Strategies by European Savings Banks: A Case Study of Spain | p. 181 |
Introduction | p. 181 |
Structural and strategic analysis | p. 182 |
Structural overview | p. 182 |
Select performance indicators | p. 183 |
Broad strategic shifts: the question of scale | p. 187 |
Savings banks in the New Europe | p. 188 |
Adaptive strategies summarised | p. 190 |
Adaptive strategies: implications for Spain | p. 194 |
Spanish savings banks compared with the EU and the Spanish private banks | p. 194 |
Environmental and strategic issues of the Spanish savings banks | p. 198 |
Implications, recommendations and policy issues for Spain | p. 201 |
Conclusions | p. 208 |
Public Banks in France: Current Problems and Prospective Issues | p. 211 |
Introduction | p. 211 |
Public banks in France: a brief overview | p. 212 |
The regulatory framework and competitive environment | p. 213 |
The poor performance of the public banks: some preliminary reflections | p. 215 |
Restructuring the French credit system is now unavoidable | p. 220 |
Conclusion | p. 222 |
Economic and Monetary Union and Single Currency in Europe: Repercussions on Capital Markets and Stock Exchanges | p. 225 |
Preliminary remarks | p. 225 |
Main effects of EMU | p. 226 |
Foreign exchange markets | p. 228 |
Bond markets | p. 229 |
Equity markets | p. 232 |
Derivatives markets | p. 234 |
Integration and concentration of securities markets | p. 237 |
Strategies of market-managing bodies | p. 240 |
The impact on the strategies and the organisation of intermediaries | p. 242 |
Concluding remarks | p. 245 |
European Monetary Union: Issues in Supervision | p. 248 |
Introduction | p. 248 |
The consequences of EMU for the structure of and competition within the European financial system | p. 251 |
The implications in terms of supervision | p. 257 |
The state of the art in supervision | p. 260 |
The EU directives | p. 260 |
Supervision procedures | p. 263 |
The EU monetary authorities and the supervisory function | p. 264 |
Crisis management: the function of lender of last resort | p. 267 |
Investment services | p. 269 |
Unsolved problems | p. 270 |
The Role of Independence in the European System of Central Banks: A Sufficient Condition for a Robust European Monetary Union? | p. 276 |
Introduction | p. 276 |
ESCB structure | p. 277 |
Central Bank independence | p. 280 |
ESCB independence | p. 282 |
Price stability | p. 284 |
ESCB reputation | p. 285 |
Political consensus | p. 288 |
Conclusions | p. 290 |
EU, EMU and the Central and Eastern European Countries | p. 293 |
The transition to EMU | p. 293 |
EMU convergence criteria | p. 294 |
The prospects for EMU | p. 295 |
Central and Eastern Europe and EMU | p. 298 |
Hungary and EMU | p. 299 |
Summary | p. 301 |
EMU, Adjustment and the Peripheral Regions: An Overview of Policy Issues | p. 303 |
Regional differences | p. 303 |
Maastricht criteria | p. 306 |
Real criteria | p. 307 |
Characteristics of a currency area | p. 307 |
Benefits and costs of EMU | p. 308 |
EMU and potential regional effects | p. 311 |
Fiscal policy in a monetary union | p. 312 |
Stabilisation under EMU | p. 313 |
Conclusion | p. 313 |
Index | p. 317 |
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