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Institutional Reforms, EU Accession, and Bank Efficiency: Evidence from Bulgaria

Kiril Tochkov () and Nikolay Nenovsk ()
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Nikolay Nenovsk: Department of Economics, University of Orleans and ICER

No 201005, Working Papers from Texas Christian University, Department of Economics

Abstract: The paper examines the efficiency of Bulgarian banks and its determinants over the period 1999-2007. The levels of technical, allocative, and cost efficiency are estimated using a non-parametric methodology and then regressed upon a number of bank-specific, institutional, and EU-related factors. The findings indicate that foreign banks were more efficient than domestic private banks, although the gap between them narrowed over time. State-owned banks ranked last but their privatization resulted in efficiency gains. Capitalization, liquidity, and enterprise restructuring enhanced bank efficiency, while banking reforms had an adverse effect. The Treaty of Accession and EU membership were associated with significant efficiency improvements.

Keywords: Transition economies; Banking; Efficiency; EU accession (search for similar items in EconPapers)
JEL-codes: C14 G21 P20 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2010-03
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http://www.econ.tcu.edu/RePEc/tcu/wpaper/wp10-02.pdf First version, 2010 (application/pdf)

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