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We estimate the macroeconomic benefits and international spillovers of an increase in competition using a general …-equilibrium simulation model with nominal rigidities and monopolistic competition in product and labor markets. We draw three conclusions … after calibrating the model to the euro area against the rest of the industrial world. First, greater competition produces …
Persistent link: https://www.econbiz.de/10010283416
financial system in which there is intense competition among banks for private households' funds. Following earlier work by … contracts is restrained by households' financial market access. However, we also assume spatial monopolistic competition among … monopoly rents also entails a positive effect; however, this beneficial effect is only relevant if competition among banks does …
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and economic activity have declined in recent years. These results have implications for investors, bank regulators, and …
Persistent link: https://www.econbiz.de/10010283353
Many of the lessons from foreign direct investment (FDI) research on manufacturing and extractive resource industries are applicable to FDI research on the financial sector. This paper summarizes the main findings and policy themes of FDI research, with a primary focus on the implications of FDI...
Persistent link: https://www.econbiz.de/10010283365
to monetary policy differs across small banks that are affiliated with the same bank holding company but operate in … affects the response of bank lending. We find evidence that the negative response of bank loan growth to a monetary …
Persistent link: https://www.econbiz.de/10010283413
In a market-based financial system, banking and capital market developments are inseparable. We document evidence that balance sheets of market-based financial intermediaries provide a window on the transmission of monetary policy through capital market conditions. Short-term interest rates are...
Persistent link: https://www.econbiz.de/10010283531
The scale of the recent collapse in asset values and the magnitude of the recession suggest that activities connected to the increase in values over the 2002-07 period - notably, expansion of the financial markets, homebuilding, and real estate - were overstated. If this is true, aggregate U.S....
Persistent link: https://www.econbiz.de/10010287034
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