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Tytuł artykułu
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Warianty tytułu
Języki publikacji
Abstrakty
This article examines bank and industry concentration jointly within the static framework of Cournot competition. The general equilibrium is one in which banks form a multiplant monopoly and firm profit is zero. This is an unstable equilibrium because: (A) Firms have an incentive to (i) collude to “fight banks back” in the context of bilateral monopoly bargaining, and/or (ii) modernize their business towards financial independence; (B) Banks’ best response is (i) innovation too, combined with (ii) disciplinary credit rationing.
Słowa kluczowe
Czasopismo
Rocznik
Tom
Numer
Strony
207-216
Opis fizyczny
Daty
wydano
2018-02-22
Twórcy
autor
- American University of Athens, Athens, Greece
Bibliografia
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- Brissimis, S. N., Garganas, E. N., & Hall, S. G. (2014). Consumer credit in an era of financial liberalization: an overreaction to repressed demand? Applied Economics, 46(2), 139-152.
- Cetorelli, N. (2001). Competition among banks: good or bad? Federal Reserve Bank of Chicago Economic Perspectives, 25(2), 38-48.
- Ciarli, T., & Valente, M. (2016). The complex interactions between economic growth and market concentration in a model of structural change. Structural Change and Economic Dynamics, 38(C), 38-54.
- Cohen, W. M., & Levin, R. C. (1989). Empirical studies of innovation and market structure. In R. Sehmalensee and R. D. Willig (Eds.), Handbook of Industrial Organization, (Vol.II, pp. 1060-1107). Elsevier Science Publishers.
- Dawid, H., Pellegrino, G., & Vivarelli, M. (2017). Demand and innovation: theory and evidence (GLO Discussion Paper, No. 92). Retrieved March 20, 2018 from https://www.econstor.eu/bitstream/10419/163001/1/GLO-DP-0092.pdf
- Diallo, B., & Koch, W. (2017). Bank concentration and Schumpeterian growth: Theory and International Evidence. Review of Economics and Statistics. Retrieved March 20, 2018 from http://www.cirpee.uqam.ca/
- Freixas, X., & Rochet, J. C. (2008). Microeconomics of banking (2nd ed.). Cambridge, MA: MIT Press.
- James, D. (2016). Meet the new userers. News Weekly, 2970(23 Apr.), 22-23. http://www.newsweekly.com.au/article.php?id=57285
- Knell, M. (2015). Sources of Schumpeterian instability. Journal of Evolutionary Economics, 25(1), 293-310.
- Kolasinski, A. C., Reed, A.V., & Ringgenberg, M. C. (2013). A multiple lender approach to understanding supply and search in the equity lending market. Journal of Finance, 68(2), 559-595.
- Mazzucato, M., & Wray, L. R. (2015). Financing the capital development of the economy: a Keynes-Schumpeter-Minsky synthesis (Levy Economics Institute Working Paper, No. 837).
- Mullineux, A. (2013). Restoring the bank lending channel of monetary transmission. Brussels Economic Review - Cahiers Economiques de Bruxelles, 56(3/4), 225-239.
- Odhiambo, N. M. (2010). Are banks and stock markets positively related? Empirical evidence from South Africa. Journal of Applied Business Research, 26(6), 17-26.
- OECD (2009). Competition and financial markets: key findings; http://www.oecd.org/daf/competition/43067294.pdf
- Phan, T. M. H. (2015). Market concentration, bank competition and bank efficiency in emerging Asian countries (Unpublished doctoral dissertation). University of Western Sydney.
- Schumpeter, J. A. (1942). Capitalism, socialism, and democracy. New York: Harper.
- Stuart, Jr., Harborne W. (2007). Creating monopoly power. International Journal of Industrial Organization, 25(5), 1011-1025.
- Adrian, T., & Ashcraft, A. B. (2012). Shadow banking: a review of the literature. (Federal Reserve Bank of New York Staff Report, No. 580). Retrieved March 20, 2018 from https://www.newyorkfed.org/medialibrary/
- Toolsema, L. A. (2003). On competition and banking (Unpublished doctoral dissertation).University of Groningen. Retrieved March 20, 2018 from https://www.researchgate.net/publication/230735335_On_competition_and_banking
- Woolley, P. (2010). Why are financial markets so inefficient and exploitative - and a suggested remedy (Rep.). The future of finance and the theory that underpins it. LSE Report, London.
Typ dokumentu
Bibliografia
Identyfikatory
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