necessarily face fierce competition. Because the industry is highly fragmented, strict separation of the three existing banking … pillars may impede competition, with negative effects on financial stability. We assess the competitive stances of 1 …,888 universal banks from 2001 to 2009 by using the Panzar–Rosse revenue test. We find evidence that measuring competition at an …

This paper concerns the operation of competition in the presence of a high rate of innovation and increasing returns …. Given free competition there is likely to exist, in this case, a tendency towards what may be called ‘dynamic equilibrium … this investment yields only a normal return. Thus, competition, increasing returns and innovation may co-exist. …

information and competence of households, in combination with stiffer competition among firms, will also increase the power of …