Competition and efficiency are difficult if not impossible to observe directly, since comparative data on individual banks are rare and figures on the cost of individual banking products are generally unavailable to common man. The literature has tried to measure these variables through twenty three factors. The literature on this topic is enormous and this book provides a welcome synthesis. It outlines various non-structural approaches to efficiency measurement. The non-structural approach requires a choice of the underlying production factors of banking from which one can derive relative...