Measuring Scale Economies in a Heterogeneous Industry: The Case of European Settlement Institutions

Patrick Van Cayseele and Christophe Wuyts

No 2006/3 in SUERF Studies from SUERF - The European Money and Finance Forum, currently edited by Natacha Valla

Abstract: We examine whether the European settlement institutions are technically efficient. This is done by means of estimating a translog cost function, and investigating whether scale economies are fully exploited. Since the sample is quite heterogeneous, fixed effects regression is introduced. From the results obtained, there clearly are economies of scale in this industry throughout all output ranges. This implies that further consolidation in this industry probably is ahead.

Keywords: Technical Efficiency in Settlement and Safekeeping; Estimating Cost Functions on Panel Data; Sample Heterogeneity and Fixed Effects (search for similar items in EconPapers)
JEL-codes: C8 D2 G2 L8 (search for similar items in EconPapers)
Date: 2006
ISBN: 978-3-902109-33-0
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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