Estimating scale economies in financial intermediation: a doubly indirect inference

被引：0
|
作者：
Mokhtar Kouki
Sang Soo Park
Eric Renault
机构：
[1] University of Tunis,
[2] Korea University,undefined
[3] Brown University,undefined
来源：
Journal of Productivity Analysis | 2014年 / 41卷
关键词：
Doubly indirect inference estimation; Economies of scale; Vertical integration; Financial intermediation; C29; C58; D22; D24;
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学科分类号：
摘要：
This paper provides a vertically integrated modelling of the financial production process. In a first stage the activity of commercial banks or insurance companies embodies some technical and commercial aspects such as services to depositors or mutualization of risk through distribution of contracts of insurance. In the second stage banks are involved in the intermediation activity. By using a simulation and the doubly indirect inference method for the estimation we were able to resolve two main econometric problems: decomposition of aggregated data over two vertically integrated stages of production and inconsistency of the estimators due to endogeneity and misspecification. An application to French Banking industry is provided.
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页码：351 / 365
页数：14
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