Productive and allocative inefficiencies in U.K. building societies: a comparison of non-parametric and stochastic frontier techniques

Article Abstract:

Frontier-cost analysis results for British building societies are consistent with the results of non-parametric scale efficiency analysis, thus suggesting an efficiency ranking around unity for medium sized societies. Non-parametric analyses show great variability for overall efficiency. Allocative inefficiency is the major component of the total inefficiency and the technical inefficiency is more due to scale inefficiency. The frontier cost if taken at the mean value shows the housing industry has constant return to scale.

United Kingdom, Financial institutions, Savings and loan associations

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The substitutability of financial assets in the U.K. and the implications for monetary aggregation

Article Abstract:

The instability of the money demand function due to financial innovations and the development of 'money substitutes' has necessitated a revaluation of the substitutability of financial assets in the U.K. The study has implications for the construction of improved monetary aggregates that account for their components' degrees of 'moneyness.' Construction of a Divisa quantity index is thus attempted, based on the resulting distinction between money and non-money assets.

Research, Portfolio management, Securities, Monetary policy, Money market, Money markets

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The demand for money in Greece: further empirical results and policy implications

Article Abstract:

The recent debates on Greece's economic policy have prompted the study of money demand, focusing on the analysis of its determinants and stability. This has significant impact on the assessment of the target exchange and relative monetary rates of the country. Empirical findings demonstrate that rate inflation in Greece cannot be permanently reduced while pursuing independent monetary policy from its European Union partners.

Greece, Economic policy, European Union

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