A Post Deregulation Analysis of the Sources of Productivity Growth in UK Building Societies

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Abstract
In this study we employ a distance function approach to investigate sources of productivity growth in UK building societies in the post‐deregulation period 1989–93. Productivity growth is decomposed into technical change and change in efficiency, with the latter change also being decomposed into change in pure technical efficiency, change in scale efficiency and change in input congestion. As a scale‐inefficient society may be able to obtain size efficiency gains even when the attainment of scale efficiency is impractical, we also measure the change in size efficiency over the period. The finding of substantial productivity growth was largely due to progressive shifts in technology, with the relatively small improvements in efficiency being largely due to improvements in scale efficiency. A marked increase in the attainment of size efficiency over the period was also found.

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