In this paper, we present a new measure of concentration that employs duality theory and a study on the evolution of banking concentration in the Brazilian banking system. We present evidence suggesting that this new measure of concentration is more informative than the usual...

We examine the firm- and country-level determinants of the currency denomination of small business loans. We first model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs, and also incorporates the impact of...