The paper presents new evidence of significant substitution between European domestic monetary assets and foreign holdings of sterling. The finding of significant cross-country currency substitution implies reduced costs of transition towards monetary union and easier European policy...

We estimate an asymptotically ideal model of the demand for UK personal sector monetary assets. We use data that are consistent with utility-maximizing behaviour, and find that UK monetary assets are generally substitutes in use. The estimated elasticities of substitution during the 1980s and...

Adopting a profit-based approach to the estimation of the technical efficiency of South Korean banks, we systematically analyse, within a non-parametric DEA analysis, how the choice of risk management control variable impacts upon such estimates. Using the model of Liu et al. (2010), we examine...

Using a translog cost function, we firstly estimate economies of scale and then calculate the bank-specific scale elasticities for Korean banks over the period 2007Q2 to 2011Q2. We find that all National banks operate with significant economies of scale, with bank-specific scale elasticities...

Within the banking efficiency analysis literature there is a dearth of studies which have considered how banks have 'survived' the Asian financial crisis of the late 1990s. Considering the profound changes that have occurred in the region's financial systems since then, such an analysis is both...

This paper analyses the efficiency of English and Welsh Young Offender Institutions (YOIs) during the period 2007-08 to 2010-11 accounting for the fact that prisons can both promote good behaviour but also generate undesirable outcomes. With these problems in mind, a new non-parametric program...

This paper fills a noticeable gap in the current economic and penology literature by proposing new performance enhancing policies based on an efficiency analysis of a sample of male prisons in England and Wales. In addition, we advance the empirical literature by integrating the managerialism of...