The works of Yildirim and Philippatos (2007) and of Drakos and Konstantinou (2003) present most of the
transition economies covered in their paper. Both find that most banking markets in Eastern Europe are
characterized by monopolistic competition. However, for Macedonia and the Slovak Republic, Yildirim and
Philippatos cannot reject the hypothesis that banks act as if they were monopolies or perfectly collusive oligopolies.
Drakos and Konstantinou accept this hypothesis in the case of Estonia and Latvia. Unlike Gelos and Roldos (2004), Yildirim and Philippatos(2007) also find that competition in transition banking has increased over time.