dependence in the bank cost efficiency rankings constructed with the revaluations being kept or dropped. We relate this … revaluations when estimating bank cost efficiency leads to a misleading conclusion that the credit market is inefficient; we show …We study the differential impact of exchange rate volatility on cost efficiency and market structure when banks have …

We study the differential impact of exchange rate volatility on cost efficiency and market structure when banks have … non-trivial exposures to foreign currency operations. First, we document that cost efficiency estimates are both severely …