Strategic Challenges in European Banking

, by Gardener, Edward P. M.; Falzon, Joe; Falzon, Joe; Gardener, Edward P. M.; European Association of University Teachers of Banking and Finance

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ISBN: 9780312225643 | 0312225644
Cover: Hardcover
Copyright: 12/1/1999

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This volume evolved out of a September 1996 conference, which brought together an array of European economic scholars to discuss many of the issues shaping the development of European banking. Following an introduction by Gardener (banking and finance, U. of Wales at Bangor) and Falzon (banking and finance, U. of Malta), the first chapters examine topical issues in bank strategies, such as efficiency and cost management, competition, relationship banking, and the differences between public and private banks. The concluding chapters explore issues specific to the European Monetary Union, such as bank regulation, and the role of central bank independence.

List of Tables

(2)

List of Figures

xiii

(1)

Preface and Acknowledgements

xiv

(4)

Notes on the Contributors

xviii

(5)

Synopses of Contributions

xxiii

1 Introduction: The Malta Connection

(7)

Joe Falzon

Edward P. M. Gardener

1. Background

(1)

2. Sponsors

(1)

3. Malta's role in Economic and Monetary Union

(6)

2 Cost Economies and Efficiency in EU Banking Systems

(33)

Yener Altunbas

Edward P.M. Gardener

Philip Molyneux

1. Introduction

(1)

2. Scale and scope economies: a brief literature review

(3)

3. Methodology

(4)

4. Data and results

(14)

4.1 Scale economies

(4)

4.2 Expansion path subadditivity

(2)

4.3 X-efficiency

(8)

5. Conclusion

(11)

3 Relative Efficiencies and Productivity Indices: An Empirical Investigation of the Banking Sectors in Eight European Countries

(29)

Margaret Brown

Summary

(1)

1. Introduction

(1)

2. Total factor productivity: an activity analysis approach

(5)

2.1 Measuring differences and changes in productivity

(1)

2.2 Basic concepts

(2)

2.3 Defining and calculating Malmquist indices

(2)

3. Application to the EU banking sector

(4)

4. Results of the analysis

(12)

4.1 Data distributions

(1)

4.2 Malmquist indices and decompositions

(6)

4.3 Relative efficiencies and scale efficiencies

(2)

4.4 Efficiencies relative to a European best-practice frontier

(4)

5. Conclusions and limitations

(7)

5.1 Data limitations

(1)

5.2 Methodology

(1)

5.3 Conclusion

(6)

4 The Effects of Alternative Financial System Models on Corporate Governance

(42)

Pablo de Andres-Alonso

Valentin Azofra-Palenzuela

Felix J. Lopez Iturriaga

Jose Miguel Rodriguez-Fernandez

1. Introduction

(3)

2. Ownership, concentration and distribution of equity

(4)

3. Debt ownership

(2)

4. The payoffs structure

(3)

5. Financial organisation model and real economy

(7)

5.1 Corporate capital investment

(1)

5.2 R & D expenses

(2)

5.3 The structure of assets

(2)

5.4 Economic performance and volatility

(1)

6. Final remarks

(23)

5 Market Share Dynamics and Instruments of Competition in the Portuguese Deposits Market

112

(9)

Paulo Soares de Pinho

1. Introduction

113

(1)

2. The model

113

(2)

3. Estimation and data

115

(2)

3.1 Data

115

(1)

3.2 Estimation

116

(1)

4. Results

117

(3)

4.1 Static model

117

(1)

4.2 Dynamic model

118

(2)

5. Conclusions

120

(1)

6 Specialisation and Competitiveness of the Spanish Savings Banks, 1984-95

121

(31)

Jose Manuel Pastor

Francisco Perez

1. The savings banks and the new competition of the single market

121

(4)

2. The specialisation of the savings banks: basic features

125

(6)

3. Specialisation and evolution of markets

131

(4)

4. Are there advantages in the specialisation of the savings banks?

135

(5)

5. Specialisation in means of payment

140

(3)

6. Efficiency and market shares

143

(3)

7. Perspectives

146

(6)

7 The Future of Relationship Banking

152

(22)

Goran Bergendahl

Ted Lindblom

1. Why a study of relationship banking?

152

(3)

2. Relationship forms

155

(1)

3. Traditional relationship banking

156

(2)

4. New developments in relationship banking

158

(2)

5. How to identify and to stimulate relationships that are profitable

160

(2)

6. How to define and measure relationship profitability

162

(8)

7. Conclusions

170

(4)

8 The Societal Responsibility of Banks: An Introduction to a Societal-Oriented Bank Management Theory

174

(7)

Leo Schuster

1. Societal-oriented bank management as a research topic

174

(1)

2. Societal responsibility in business administration

174

(1)

3. Requirements of bank management vis-a-vis a theory of societal responsibility

175

(1)

4. Alternative approaches to the societal responsibility of banks

176

(3)

5. The problem of realisation of the concept of societal responsibility

179

(2)

9 Adaptive Strategies by European Savings Banks: A Case Study of Spain

181

(30)

Santiago Carbo

Edward P. M. Gardener

Philip Molyneux

Jonathan Williams

1. Introduction

181

(1)

2. Structural and strategic analysis

182

(12)

2.1 Structural overview

182

(1)

2.2 Select performance indicators

183

(4)

2.3 Broad strategic shifts: the question of scale

187

(1)

2.4 Savings banks in the New Europe

188

(2)

2.5 Adaptive strategies summarised

190

(4)

3. Adaptive strategies: implications for Spain

194

(14)

3.1 Spanish savings banks compared with the EU and the Spanish private banks

194

(4)

3.2 Environmental and strategic issues of the Spanish savings banks

198

(3)

3.3 Implications, recommendations and policy issues for Spain

201

(7)

4. Conclusions

208

(3)

10 Public Banks in France: Current Problems and Prospective Issues

211

(14)

Joel Metais

1. Introduction

211

(1)

2. Public banks in France: a brief overview

212

(1)

3. The regulatory framework and competitive environment

213

(2)

4. The poor performance of the public banks: some preliminary reflections

215

(5)

5. Restructuring the French credit system is now unavoidable

220

(2)

6. Conclusion

222

(3)

11 Economic and Monetary Union and Single Currency in Europe: Repercussions on Capital Markets and Stock Exchanges

225

(23)

Francesco Cesarini

1. Preliminary remarks

225

(1)

2. Main effects of EMU

226

(2)

3. Foreign exchange markets

228

(1)

4. Bond markets

229

(3)

5. Equity markets

232

(2)

6. Derivatives markets

234

(3)

7. Integration and concentration of securities markets

237

(3)

8. Strategies of market-managing bodies

240

(2)

9. The impact on the strategies and the organisation of intermediaries

242

(3)

10. Concluding remarks

245

(3)

12 European Monetary Union: Issues in Supervision

248

(28)

Elisabetta Gualandri

1. Introduction

248

(3)

2. The consequences of EMU for the structure of and competition within the European financial system

251

(6)

3. The implications in terms of supervision

257

(3)

4. The state of the art in supervision

260

(10)

4.1 The EU directives

260

(3)

4.2 Supervision procedures

263

(1)

4.3 The EU monetary authorities and the supervisory function

264

(3)

4.4 Crisis management: the function of lender of last resort

267

(2)

4.5 Investment services

269

(1)

5. Unsolved problems

270

(6)

13 The Role of Independence in the European System of Central Banks: A Sufficient Condition for a Robust European Monetary Union?

276

(17)

Andrew Ellul

1. Introduction

276

(1)

2. ESCB structure

277

(3)

3. Central Bank independence

280

(2)

4. ESCB independence

282

(6)

4.1 Price stability

284

(1)

4.2 ESCB reputation

285

(3)

5. Political consensus

288

(2)

6. Conclusions

290

(3)

14 EU, EMU and the Central and Eastern European Countries

293

(10)

Sandor Ligeti

1. The transition to EMU

293

(1)

2. EMU convergence criteria

294

(1)

3. The prospects for EMU

295

(3)

4. Central and Eastern Europe and EMU

298

(1)

5. Hungary and EMU

299

(2)

6. Summary

301

(2)

15 EMU, Adjustment and the Peripheral Regions: An Overview of Policy Issues

303

(14)

Joe Falzon

1. Regional differences

303

(3)

2. Maastricht criteria

306

(1)

3. Real criteria

307

(1)

4. Characteristics of a currency area

307

(1)

5. Benefits and costs of EMU

308

(3)

6. EMU and potential regional effects

311

(1)

7. Fiscal policy in a monetary union

312

(1)

8. Stabilisation under EMU

313

(1)

9. Conclusion

313

(4)

Index

317

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Strategic Challenges in European Banking

Summary

Table of Contents

Supplemental Materials