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Full Description
For academics, regulators and policymakers alike, it is crucial to measure financial sector competition by means of reliable, well-established methods. However, this is easier said than done. This comprehensive Handbook provides a collection of state-of-the-art chapters to address this issue. Using the latest empirical results from around the world, expert contributors offer a thorough assessment of the quality and reliability of the prevalent measures of competition in banking and finance. The Handbook consists of four parts, the first of which discusses the characteristics of various measures of financial sector competition. The second part includes several empirical studies on the level of, and trends in, competition across countries. The third part deals with the spillovers of market power to other sectors and the economy as a whole. Finally, the fourth part considers competition in banking submarkets and subsectors.
This Handbook is an essential resource for students and researchers interested in competition, regulation, banking and finance. Politicians, policymakers and regulators will also benefit from the thorough explanation of the need for anti-trust regulation and identification of the most reliable competition measures.
Contributors include: A.N. Berger, J.A. Bikker, W. Bolt, J. Bos, Y.L. Chan, P. Coccorese, M.D. Delis, J. Fernández de Guevara, Z. Fungácová, R. Gropp, I. Hasan, J.P. Hughes, D. Humphrey, L.F. Klapper, S. Kleimeier, C. Kok, S. Kokas, J.W. Kolari, M. Lamers, L. Liu, J. Maudos, L.J. Mester, C.-G. Moon, N. Mylonidis, S. Ongena, B. Overvest, V. Purice, R.J. Rosen, H. Sander, S. Shaffer, L. Spierdijk, D. Titotto, R. Turk-Ariss, G.F. Udell, L. Weill, J. Yuan, M. Zaouras
Contents
Contents:
Part I. Measurement of financial-sector competition
1. Market power: competition among measures
Sherrill Shaffer and Laura Spierdijk
2. The Panzar-Rosse revenue test and market power in banking: an empirical illustration
Sherrill Shaffer and Laura Spierdijk
3. Adapting conjectural variations methods to banking competition
Bastiaan Overvest
4. Bank risk and competition: the other side of the story
Laura Spierdijk and Michalis Zaouras
5. Banking competition, concentration and critical mass: why the Herfindahl-Hirschman Index is a biased competition measure
Jaap W.B. Bos, Yee Ling Chan, James W. Kolari and Jiang Yuan
Part II. Empirical results on competition in banking and insurance
6. Global developments in banking competition
Martien Lamers and Victoria Purice
7. Competition in the European banking markets in the aftermath of the financial crisis
Juan Fernández de Guevara and Joaquín Maudos
8. Banking competition in China
Zuzana Fungáčová and Laurent Weill
9. Performance of the life insurance industry under pressure: efficiency, competition, and consolidation
Jacob A. Bikker
Part III. Spill-overs of financial-sector competition
10. Bank competition and financial stability
Allen N. Berger, Leora F. Klapper and Rima Turk-Ariss
11. Measuring agency costs and the value of investment opportunities of U. S. bank holding companies with stochastic frontier estimation
Joseph P. Hughes, Loretta J. Mester and Choon-Geol Moon
12. Banking competition and economic growth
Paolo Coccorese
13. Shadow banking and competition: decomposing market power by activity
Daniele Titotto and Steven Ongena
14. Banking competition and interest rate pass-through
Stephanie Kleimeier and Harald Sander
Part IV. Competition in banking submarkets and subsectors
15. SME business loans
Richard J. Rosen and Gregory F. Udell
16. Competition and price conduct by bank service line
Wilko Bolt and David Humphrey
17. Competition and contestability in bank retail markets
Reint Gropp and Christoffer Kok
18. Bank market power and loan growth
Manthos D. Delis, Iftekhar Hasan, Sotirios Kokas, Liuling Liu and Nikolaos Mylonidis
Index
