banks and encouraging a wave of M&A. However, this would need to be considered against
the role that smaller, local-oriented banks play in regional economic development.
Given that technological change (innovation) is the main driver of productivity growth
in the EU co-operative banking industry, an appropriate policy recommendation is for larger,
or centralized co-operative banks to develop and franchise technology to smaller, co-
operatives. Indeed, the group structure, which is a feature of co-operative and savings banks
sectors in Europe, is ideally suited for this strategy. However, the general conclusion is that
there is room for improvement in the management of European banks.
References
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Banker, R.D., Maindiratta, A., 1988. Nonparametric analysis of technical and allocative
efficiency in production. Econometrica 56, 1315-1332.
Bauer, P.W., Berger, A.N., Humphrey, D.B., 1993. Efficiency and Productivity Growth in
US Banking, in Fried, H.O., Lovell, C.A.K., Schmidt, S.S., (eds.), The Measurement of
Productive Efficiency: Techniques and Applications. Oxford University Press, Oxford, 386-
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Berger, A.N., Humphrey, D.B., 1997. Efficiency of financial institutions: International survey
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Berger, A.N., Mester, L.J., 2003. Explaining the Dramatic Changes in Performance of US
Banks: Technological Change, Deregulation, and Dynamic Changes in Competition. Journal
of Financial Intermediation 12, 1, 57-95.
Boussemart, J.P., Briec, W., Kerstens, K., Poutineau, J.C., 2003. Luenberger and Malmquist
productivity indices: Theoretical comparisons and empirical illustration. Bulletin of Economic
Research 55, 391-405.
Briec, W., 1995. Une nouvelle approche de la mesure de l’efficacité productive. Phd Thesis,
EHESS, GREQAM.
Briec, W., 1997. A graph type extension of Farrell technical efficiency measure. Journal of
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industrial efficiency. Journal of Economics 79, 237-261.
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