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Productividad, competencia e innovación en la banca privada española (1900-1914)
Cuadras, Xavier; Fernández Castro, Ángel S.; Rosés, Joan R.
Universitat Pompeu Fabra. Departament d'Economia i Empresa
This study investigates the productivity differences and its sourcesacross a set of banks during the last years of the liberal era of theSpanish banking system (1900-1914). These years were characterised bymajor qualitative and quantitative changes in the banking industry includinga sharp increase in the size of the system, in the number of firms, andin its regional distribution. Employing DEA productivity analysis andthe Malmquist index, we discover that these changes were accompanied bya generalised increase in the efficiency of least productive banks. Also,we observe that the crisis of some regional banking groups, like theCatalan, can be linked with its low productivity levels. In consequence,in the light of our productivity evidence, we conclude that the increasein competition was beneficial for the system because helped to the successof the most efficient banks.
Macroeconomics and International Economics
economic history
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