Banking inefficiency in Central and Eastern European countries under a quadratic loss function |
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Authors: | Anastasia Koutsomanoli-Filippaki Emmanuel Mamatzakis Christos Staikouras |
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Affiliation: | 1. Council of Economic Advisors, Ministry of Economy and Finance, Athens, Greece;2. Department of Economics, University of Piraeus, Piraeus, Greece;3. Department of Accounting and Finance, Athens University of Economics and Business, Athens, Greece |
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Abstract: | We employ a quadratic loss function using a forward-looking rational expectations model to estimate the dynamics of banking inefficiency scores in Central and Eastern Europe (CEE) over the period 1998–2005. Results show that there is heterogeneity in the speed of adjustment to the long run equilibrium across countries and over time, while it appears that the recent accession to the EU has not led to an increase in the speed of adjustment, as it would be expected in light of the integration process prior to the accession. Ownership asserts certain influence on the speed at which banks correct past-period inefficiency. |
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