We present an agent-based model of a minimal economy containing households, retail banks, and producers of consumer and capital goods. Household behavior is based on the buffer-stock savings model by Deaton (1961), while the profit-maximizing firms employ reinforcement learning to determine pricing and production. Competitive retail banks facilitate the flow of funds between households and prod...

Studies on the cost structures of banks tend to find that economies of scale are negligible whereas improvements in X-efficiency facilitate much larger cost reductions. The implication is that banks should reduce costs by emulating industry best practice rather than increasing size. This interpretation is questionable because it is based on comparisons of two different economic concepts scale e...

The bail-out of the Spanish financial system was largest in Eurozone. savings banks were main direct recipients public support between 2010 and 2012 most money transferred to after a series mergers acquisitions completed among these entities. This article analyses evolution years economic growth preceding crisis their performance early aftermath 2007 crash using previously unexplored data from ...