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Financial systems all over the world have grown dramatically over recent decades. But is more finance necessarily better? And what concept of financial system – a focus on its size, including both intermediation and other auxiliary “non-intermediation” activities, or a focus on traditional...
Persistent link: https://www.econbiz.de/10011046555
Persistent link: https://www.econbiz.de/10011092651
Do lending relationships mitigate credit rationing? Does securitization influence the impact of lending relationships on credit rationing? If so, is its impact differently in normal periods versus crisis periods? This paper combines several unique data sets to address these questions. Employing...
Persistent link: https://www.econbiz.de/10011092653
There is much debate on how the flow of information between firms should be organized, and whether existing privacy laws should be amended.We offer a welfare comparison of the three main current policies towards consumer privacy - anonymity, opt in, and opt out - within a two-period model of...
Persistent link: https://www.econbiz.de/10011092884
The Riegle-Neal Act in the US and the Economic and Monetary Union in Europe are recent initiatives to stimulate financial integration.These initiatives allow new entrants to "poach" the incumbents' clients by offering them attractive loan offers.We show that these deregulations may be...
Persistent link: https://www.econbiz.de/10011092891
We propose a heteroscedastic regression model to identify the determinants of the dispersion in interest rates on loans granted to small and medium sized enterprises. We interpret unexplained deviations as evidence of the banks’ discretionary use of market power in the loan rate setting...
Persistent link: https://www.econbiz.de/10011093117
Abstract: We study the competitive and welfare consequences when only one firm must commit to uniform pricing while the competitor’s pricing policy is left unconstrained. The asymmetric no-discrimination constraint prohibits both behaviour-based price discrimination within the competitive...
Persistent link: https://www.econbiz.de/10011093123
Persistent link: https://www.econbiz.de/10011093139
We survey the extant literature on the effects of both a bank’s organizational structure and the physical distance separating it from the lender on lending decisions. Banks do engage in spatial pricing, where the underlying mechanism can be both transportation costs and information...
Persistent link: https://www.econbiz.de/10011093153
Abstract: We study the relation between liquidity in financial markets and post-trading fees (i.e. clearing and settlement fees). The clearing and settlement agent (CSD) faces different marginal costs for different types of transactions. Costs are lower for an internalized transaction, i.e. when...
Persistent link: https://www.econbiz.de/10011093186