The efficiency of emerging Europe’s banking sector before and after the recent economic crisis

This paper provides estimates for the relative efficiency of banks in emerging Europe before the recent boom, just before the crisis, and right after the crisis, using a Data Envelopment Analysis (DEA). The results suggest that DEA efficiency scores before the recent crisis were strongly linked to the host country’s level of development; were higher for foreign-owned banks; but did not stand out for bank groups with a presence in more than one country. The results also suggest that bank efficiency increased during the precrisis boom, but fell during the crisis. Finally, foreign-owned banks in emerging Europe seem to be less efficient than their mother banks, suggesting that although they may bring some efficiency benefits to their host country, they are highly affected by the local business and operational environment.emerging Europe, macro-financial links, bank sector efficiency

Ekonomski rast u Hrvatskoj: mogućnosti i ograničenja

U radu se ispituju faktori i ograničenja koja utječu na trenutačni i potencijalni rast u Hrvatskoj, kao i politike koje na nj mogu utjecati. U smislu trenutačnih trendova u produktivnosti, procijenjena potencijalna stopa rasta Hrvatske iznosi 4-4,5%, što je relativno postojan rezultat s obzirom na različite metodologije. Analiza također pokazuje da je radi održavanja rasta na znatno višim razinama potrebno poboljšati poslovno okruženje daljnjim mjerama reduciranja administrativnog opterećenja, pravnih nesigurnosti i korupcije. Također se ističe važnost privlačenja više greenfield izravnih stranih ulaganja te nužnost reformi s ciljem reduciranja uloge države u ekonomiji putem fiskalne konsolidacije i brže privatizacije

Oral Cancer Treatment Costs in Greece and the Effect of Advanced Disease

Background: The main purpose of the study was to quantify the direct costs of oral cancer treatment to the healthcare system of Greece. Another aim was to identify factors that affect costs and potential cost reduction items. More specifically, we examined the relationship between stage of disease, modality of treatment and total direct costs. Methods: The medical records and clinic files of the Oral and Maxillofacial Clinic of the Athens General Hospital "Genimatas" were abstracted to investigate clinical treatment characteristics, including length of hospitalization, modes of treatment, stage of disease etc. Records of 95 patients with oral squamous cell carcinoma (OSSC), with at least six months of follow-up, were examined. The clinical data was then used to calculate actual direct costs, based on 2001 market values. Results: The mean total direct costs for OSSC treatment estimated at euro 8,450 or approximately US$ 7,450. Costs depended on the stage of the disease, with significant increases in stages III and IV, as compared with stages I and II (p < 0.05). Multi-modality treatment applied mainly to patients in stages III and IV was the factor that affected the cost. Disease stage was also associated with the total duration of hospitalization (p < 0.05). Conclusions: The clinical management of advanced oral cancer is strongly associated with higher costs. Although the ideal would be to prevent cancer, the combination of high-risk screening, early diagnosis and early treatment seems the most efficient way to reduce costs, and most importantly, prolong life

Oral cancer treatment costs in Greece and the effect of advanced disease

BACKGROUND: The main purpose of the study was to quantify the direct costs of oral cancer treatment to the healthcare system of Greece. Another aim was to identify factors that affect costs and potential cost reduction items. More specifically, we examined the relationship between stage of disease, modality of treatment and total direct costs. METHODS: The medical records and clinic files of the Oral and Maxillofacial Clinic of the Athens General Hospital "Genimatas" were abstracted to investigate clinical treatment characteristics, including length of hospitalization, modes of treatment, stage of disease etc. Records of 95 patients with oral squamous cell carcinoma (OSSC), with at least six months of follow-up, were examined. The clinical data was then used to calculate actual direct costs, based on 2001 market values. RESULTS: The mean total direct costs for OSSC treatment estimated at euro 8,450 or approximately US$ 7,450. Costs depended on the stage of the disease, with significant increases in stages III and IV, as compared with stages I and II (p < 0.05). Multi-modality treatment applied mainly to patients in stages III and IV was the factor that affected the cost. Disease stage was also associated with the total duration of hospitalization (p < 0.05). CONCLUSIONS: The clinical management of advanced oral cancer is strongly associated with higher costs. Although the ideal would be to prevent cancer, the combination of high-risk screening, early diagnosis and early treatment seems the most efficient way to reduce costs, and most importantly, prolong life

Regional Wage Differentiation and Wage Bargaining Systems in the European Union

The theoretical literature has argued that a centralized wage bargaining system may result in low regional wage differentiation and high regional unemployment differentials. The empirical literature has found that centralized wage bargaining leads to lower wage inequality for different skills, industries and population groups, but the evidence on its impact on regional wage differentiation is scant. Empirical evidence in this paper for European Union regions for the period 1980-2000 suggests that countries with more coordinated wage bargaining systems have lower regional wage differentials, after controlling for regional productivity and unemployment differentials. Estimates from wage curves for Germany and Italy based on panels of regions also suggest some links between the estimated elasticities and the level of coordination in wage bargaining

Convergence in Emerging Europe

The emerging European economies have been converging rapidly toward the more advanced European economies in recent years. However, large external imbalances in parts of the region have raised questions about sustainability and concerns about vulnerabilities. Empirical evidence in this paper up to the end of 2007 and based on a number of methodologies suggests that the convergence trend of emerging Europe is based on strong fundamentals and is expected to continue, but at a slower pace. Moreover, the convergence path may be volatile, as countries with large external imbalances adjust, with risks of a hard landing in some cases. The results also suggest that policy could do more to address the region's imbalances.

Explaining Investment in the WAEMU

This paper estimates an empirical model for investment in the West African Economic and Monetary Union (WAEMU), a region with relatively low investment shares, using annual data for the period 1970-95. Cross-country and time-series evidence shows that openness to international trade, competition in the domestic market, freedom of international capital transactions, and low dependency ratios are positively correlated with investment in the WAEMU region.

Regional Trade Agreements or Broad Liberalization: Which Path Leads to Faster Growth?

Should a closed economy open its trade to all countries or limit itself to participation in regional trade agreements (RTAs)? Based on time-series evidence for a data set for 1950-92, this paper estimates and compares the growth performance of countries that liberalized broadly and that of those that joined an RTA. The comparisons show that economies grew faster after broad liberalization, in both the short and the long run, but slower after participation in an RTA. Economies also had higher investment shares after broad liberalization, but lower ones after joining an RTA. The policy implications support broad liberalization. Copyright 1999, International Monetary Fund