ARE CREDIT UNIONS TOO SMALL?

• 成果类型: Article
• 署名作者: Wheelock, David C.; Wilson, Paul W.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Clemson University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00121
• 发表日期: 2011-11
• 页码: 1343-1359
• 关键词: productivity change; bank failures; regression; performance; scale; EFFICIENCY; progress

摘要

U.S. credit unions serve 93 million members, hold 10% of U.S. savings deposits, and make 13.2% of all nonrevolving consumer loans. Since 1985, the share of U.S. depository institution assets held by credit unions has nearly doubled, and the average (inflation-adjusted) size of credit unions has increased over 600%. We use a local-linear estimator, dimesion-reduction techniques, and bootstrap methods to estimate and make inference about ray scale and expansion-path scale economies. We find substantial evidence of increasing returns to scale among credit unions of all sizes, suggesting that further consolidation and growth among credit unions are likely.