higher conditional market returns. In order to test this hypothesis, we use two available liquidity proxies, namely versions …

Diamond and by Fecht, we use a model in which the degree of liquidity insurance offered to households through banks' deposit … welfare because it only reduces risk sharing. In contrast, in the U.S. banking system, where there is less competition for … ; risk sharing ; banking competition ; comparing financial systems …

emerge. With regard to the banking sector, it is evident that this sector is characterized by employees and associated …

Diamond and by Fecht, we use a model in which the degree of liquidity insurance offered to households through banks' deposit … welfare because it only reduces risk sharing. In contrast, in the U.S. banking system, where there is less competition for …