By Jacob A Bikker, Michiel van Leuvensteijn
The 2008 credits problem begun with the failure of 1 huge financial institution: Lehman Brothers. in view that then the focal point of either politicians and regulators has been on stabilising the economic climate and fighting destiny monetary instability. At this juncture, we're on the final level of future-proofing the monetary quarter by means of elevating capital standards and tightening monetary legislation. Now the coverage schedule must be aware of remodeling the banking quarter into an engine for development. Reviving pageant within the banking region after the nation interventions of the prior years is a key step during this process.
This booklet introduces and explains a comparatively new inspiration in festival dimension: the performance-conduct-structure (PCS) indicator. the main proposal at the back of this degree is firm’s potency is extra hugely rewarded when it comes to marketplace proportion and revenue, the more suitable aggressive strain is. The booklet starts off via explaining the monetary market’s primary stumbling blocks to pageant featuring a short survey of the complicated dating among monetary balance and pageant. The theoretical contributions of Hay and Liu and Boone give you the theoretical underpinning for the desktops indicator, whereas its software to banking and coverage illustrates its empirical features. ultimately, this ebook offers a scientific comparability among the result of this method and (all) current tools as utilized to forty six nations, over an identical pattern interval.
This booklet provides a finished review of the knowns and unknowns of monetary quarter festival for advertisement and primary bankers, policy-makers, supervisors and teachers alike.
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Additional info for A New Measure of Competition in the Financial Industry: The Performance-Conduct-Structure Indicator
Thus on the supply side, we observe a certain degree of supplier power, due in particular to the existence of informal entry barriers and strong product 14â•… Jacob A. Bikker and Michiel van Leuvensteijn differentiation, where in the case of limited numbers of suppliers the risk of explicit or tacit collusion may increase. On the demand side we find factors such as high search and switching costs, few substitution possibilities, limited consumer power due to the opaque nature of financial products and financial illiteracy of consumers.
5 (CPB, 2005, Chapter 5). 8 Benefits from having local banks could come from relationship lending, where banks are more willing to acquire information on the borrower. 9 More competition lowers bank interest rate spreads on policy and market rates and increases the speed of adjustment after changes in the latter rates (Chapter 8). 10 In the Netherlands, unless an industry-wide pension fund is mandatory under the sector’s collective labour agreement. 11 Many of these arguments also apply to many non-financial markets.
A. and J. de Dreu (2007) Operating costs of pension schemes. In: O. G. van der Lecq (eds), Costs and Benefits of Collective Pension Systems. Springer: Berlin, Heidelberg, New York, 51–74. A. and J. de Dreu (2009) Operating costs of pension funds: the impact of scale, governance and plan design, Journal of Pension Economics and Finance 8, 63–89. A. and J. Gorter (2011) Performance of the Dutch non-life insurance industry: competition, efficiency and focus, Journal of Risk and Insurance 78, 163–194.
A New Measure of Competition in the Financial Industry: The Performance-Conduct-Structure Indicator by Jacob A Bikker, Michiel van Leuvensteijn
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