challenges, especially for banks, which tend to produce multiple outputs and operate with considerable inefficiency. We estimate … Lerner indices for U.S. banks for 2001-18 using nonparametric estimators of the underlying cost and profit functions …, controlling for inefficiency, and incorporating banks' off-balance-sheet activities. We find that mis-specification of cost or …

of financial relations between U.S. banks and Chilean firms after socialist Salvador Allende took office in 1970 …. Business reports and stock prices suggest that firms were mostly unaffected by having fewer links with U.S. banks. Substitution … of financial relations towards domestic banks appears to be the key mechanism explaining these findings. …

loss by 80% because non-competitive banks internalize some of the burden. Conversely, subsidies are less effective in non …