Productivity in the Financial Services Sector

Medientyp: Elektronischer Konferenzbericht

Titel: Productivity in the Financial Services Sector

Beteiligte: Bikker, Jacob A. [VerfasserIn]; Casu, Barbara [VerfasserIn]; Girardone, Claudia [VerfasserIn]; Chaffai, Mohamed E [VerfasserIn]; Dietsch, Michel [VerfasserIn]; Colangelo, Antonio [VerfasserIn]; Inklaar, Robert [VerfasserIn]; Colagiovanni, Marco [VerfasserIn]; Czurda, Martin [VerfasserIn]; Hartmann, Roger [VerfasserIn]; Maria, Charles-Henri Di [VerfasserIn]; Metzler, Sandy [VerfasserIn]; Erber, Georg [VerfasserIn]; Madlener, Reinhard [VerfasserIn]; Guarda, Paolo [VerfasserIn]; Rouabah, Abdelaziz [VerfasserIn]; Kenjegalieva, Karligash [VerfasserIn]; Weyman-Jones, Tom [VerfasserIn]; Kosak, Marko [VerfasserIn]; Zoric, Jelena [VerfasserIn]; Mersch, Yves [VerfasserIn]; Molyneux, Phil [VerfasserIn]; Niederkorn, Marc [VerfasserIn]; Papanikolaou, Nikolaos [VerfasserIn]

Erschienen: Vienna: SUERF - The European Money and Finance Forum, 2009

Sprache: Englisch

ISBN: 978-3-902109-49-1

Schlagwörter: Welt ; Technische Effizienz ; Finanzsektor ; Finanzmarktregulierung ; Produktivität ; EU-Staaten

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Beschreibung: On 11-12 November 2008, SUERF and Banque Centrale du Luxembourg organized a conference on Productivity in the Financial Services Sector on the occasion of the tenth anniversary of the Banque Centrale du Luxembourg. The conference addressed three main themes: first, stylized facts on banks' productivity developments and the measurement of productivity; second, sources of productivity in banking; and third, the possible repercussions and consequences of the financial crisis on financial institutions' future productivity development. These three topics are taken up from various angles in the papers contained in the present volume, which represent a selection of the papers presented at the conference. Coming back to the three themes mentioned at the outset, the conference yielded some interesting results and raised many issues for further research. As regards theme 1, the papers presented overall suggest that financial integration in Europe has brought some, albeit according to some studies limited, convergence of bank efficiency among countries but on average productivity improvement has been weak. Various interesting attempts to capture banks' output were presented, but the various performance and efficiency measures yield different results. Linked to the difficulty of measuring the value of financial institutions' services, it remains far from clear what the "fair value" of a bank should be. This problem may also in part explain the very sharp ups and downs of bank stocks recently. Concerning theme 2, sources of productivity in financial services, several potentially important factors were mentioned: investments in ICT, investments in human resources, the quality of managers and remuneration policy, process effectiveness, mergers and acquisitions and economies of scale, privatizations, risk diversification versus regional and/or product specialisation, and risk-taking. Yet, no unambiguous picture emerged on which of these factors are most important. Regarding theme 3, the financial crisis may have far-reaching ...

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