We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...

In a payment card association such as Visa, each time a consumer pays by card, the bank of the merchant (acquirer) pays an interchange fee (IF) to the bank of the cardholder (issuer) to carry out the transaction. This paper studies the determinants of socially and privately optimal IFs in a card...

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...

The paper presents an analysis of the trade-offs of participants of different type between payment delay and liquidity requirement on the basis of synthetically generated data. The generation of the synthetic transaction data set for a simple RTGS system is described and calibrated using real...

This paper addresses a very European issue, the consolidation of securities trading and settlement infrastructures. In a two-country model, we analyze welfare implications of different types of consolidation. We find that horizontal integration of settlement systems is better than vertical...

Um den Richtern in den Mitgliedstaaten bei der Anwendung des Beihilferechts zu helfen, hat dieGeneraldirektion Wettbewerb die wichtigsten EU-Vorschriften für staatliche Beihilfen und dieentsprechenden Orientierungshilfen der Kommission zusammengestellt. Andere Sprachfassungen dieserUnterlagen...

This is a report on aspects of the interface between competition law and patent law. Competition authorities have long been aware of the potentially difficult relationship between these two bodies of Law. At the level of the EU, this relationship has already been abundantly discussed in both the...

The present study was conducted as part of a wider evidence gathering by the Commission on geo-blocking as a barrier to online cross-border trade in the European Digital Single Market. The primary objective of this study was to investigate the prevalence and characteristics of geo-blocking...