This paper examines the relationship between the structure of banking markets and economic growth using a new dataset on manufacturing industry-level growth rates and banking market concentration for U.S. states during 1899-1929 - a period when the manufacturing sector was expanding rapidly and...

Remarks before the Missouri Bankers Association Senior Bank Management Conference, Acapulco, Mexico, Jan. 12, 1999

Remarks before the Missouri Bankers Association Senior Bank Management Conference, Acapulco, Mexico, Jan. 12, 1999

Foreign entry and bank competition are modeled as the interaction between asymmetrically informed principals: the entrant uses collateral as a screening device to contest the incumbent's informational advantage. Both better information ex ante and stronger legal protection ex post are shown to...