We show that as nonbanks' market share increases in a local residential mortgage market, the quality of mortgage services in the market improves. Two instrumental variable analyses exploiting (1) stress tests conducted by the Federal Reserve, and (2) mortgage industry surety bonds required by...

Kenya is about to embark on an important reform to expand banking to millions of poor households by enabling third-party retail agents as a low-cost distribution alternative to branches. However, this initiative risks being undermined by the mobile network operator (MNO) Safaricom, which...

This note presents a simple algorithm for characterizing the set of pure strategy Nash equilibria in a broad class of entry games. The algorithm alleviates much of the computational burden associated with recently developed econometric techniques for estimating payoff functions inferred from...

The European market has been served by regulated and licensed e-money tokens (EMTs) since 2019, contradicting the claim that legal clarity is needed for EMTs. Despite the well-functioning e-money legislation, the EU Parliament will vote on a new regulation specifically for EMTs as part of the...

The M&A transactions represent a wide range of unique business optimization opportunities in the corporate transformation deals, which are usually characterized by the high level of total risk. The M&A transactions can be successfully implemented by taking to an account the size of investments,...

This research studies the effect of the Credit CARD Act of 2009 on pricing, transparency, and credit availability.This report's findings refute negative claims by the credit card industry that new credit card rules have restricted access to consumer credit and raised its cost.These claims rely...

This paper analyzes the effects of the two waves of financial reforms implemented between 2002 and 2008 in the Taiwan banking industry. The first financial reform aimed to raise capital adequacy ratio and reduced non-performing loans. The second financial reform encouraged banks to merge. We...

The author reviews the theoretical and empirical literature to examine the traditional perception that the following trade-off exists between economic efficiency and stability in the banking system: a competitive banking system is more efficient and therefore important to growth, but market...

This working paper examines the degree of collusion in the banking sector of Hong Kong based on the conjectural variation approach. The results suggest that banks in Hong Kong operated in a competitive fashion in the loan market during the period 1991-2002 with no significant sign of collusion...

Empirical research about structure, conduct and performance in banking markets has developed mostly independently from the microeconomic theory of banking. The present paper reviews the literature by focusing on the links between theoretical and empirical research. It considers basic conditions,...