Independent Regulatory Agencies (IRA) has been in fact established as a result of the state’s desire to undertake the role of a referee rather than being a market player in our country. Though IRAs’ initial establishment aim was as such, it has caused considerable discussions in the field of...

Due to the complex and close interaction of banks with other economic units, any trouble in banking sector might have repercussion on the whole economy which makes the market structure and competition in banking sector as a cynosure. In fact, in order to understand the market structure,...

Risky investment projects make the coordination among small, uninformed investors hard to achieve, and generate inefficient low levels of investment. Several authors have pointed out the benefits to an economy from multiple avenues of financial intermediation. This paper explains endogenously...