Determinantes de la dinámica de la productividad de los bancos y cajas de ahorro españolas

Resum

This paper aims to analyze the determinant factors of the commercial banks and savings banks productivity dynamics for the 1986- 1992 period. Adjustment costs and the role of expectations on banking firms decisions are included in the analysis, which concentrates on a period of important structural changes. The presence of adjustment costs has direct consequences on the productivity evolution with the following effects: banking firms do not totally adjust to a change in a determinant variable, and also, their policies do not have an inmediate effect on output, neither on productivity. A time interval is needed, which, if not considered, may lead to erroneous conclusions .