Competition Policy and Financial Distress
نویسندگان
چکیده
منابع مشابه
Credit Policy in times of Financial Distress
This essay evaluates two central bank policy tools, capital requirements and lending of last resort, designed to avert financial panics in the context of endowment economies with complete markets and limited borrower commitment. Credit panics are self-fulfilling shocks to expected credit conditions which cause transitions from an optimal but fragile steady state to a suboptimal state with zero ...
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Over the past three decades, the fi nancial system has been going through a historical phase of major structural change. And far from slowing down, the pace of change seems to be accelerating. The joint infl uence of fi nancial liberalisation, breakthroughs in fi nancial know-how and advances in information technology has ushered in an era of extraordinary innovation – an era that may well go d...
متن کاملCompetition and Financial Stability1
Competition policy in the banking sector is complicated by the necessity of maintaining financial stability. Greater competition may be good for (static) efficiency, but bad for financial stability. From the point of view of welfare economics, the relevant question is: What are the efficient levels of competition and financial stability? We use a variety of models to address this question and f...
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Competition in the Þnancial sector is more complex than in the rest of the economy. On the one hand, concentration in the banking industry reduces (static) efficiency as it does in any industry. On the other hand, concentration may also affect the stability of the banking industry in ways that have no counterpart in other industries. In this paper we consider a variety of models of competition ...
متن کاملFinancial Liberalization, Competition and Productivity
Cross-country studies associate financial liberalization with increases in aggregate productivity. This paper argues that this finding can be mainly attributed to reductions in distortions in capital markets that promote competition and encourage firms’ investments in technology. I first develop a simple small open economy model in which capital controls distort access to international borrowin...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1567743