Open borders imply systems competition. This paper studies the implications of systems competition for the national … competition rules. It is shown that an equilibrium where all countries retain their antitrust laws does not exist, since … profits. Instead of such an equilibrium, a deregulation race is likely to emerge in which all but the last country repeal …

Open borders imply systems competition. This paper studies the implications of systems competition for the national co … profi t s. Instead of such an equilibrium, a deregulation race is likely to emerge in which all but the last country repeal … their antitrust laws. The deregulation race results in a chain of Stackelberg leadership positions taken over by national …

Open borders imply systems competition. This paper studies the implications of systems competition for the national … competition rules. It is shown that an equilibrium where all countries retain their antitrust laws does not exist, since … profits. Instead of such an equilibrium, a deregulation race is likely to emerge in which all but the last country repeal …

Open borders imply systems competition. This paper studies the implications of systems competition for the national … competition rules. It is shown that an equilibrium where all countries retain their antitrust laws does not exist, since … profits. Instead of such an equilibrium, a deregulation race is likely to emerge in which all but the last country repeal …

runs, and face a threat of entry. Higher competition increases deposit rates and bank fragility, resulting in an … intermediate socially optimal level of bank competition. We provide a novel theory of bank opacity. The cost of opacity is more …