By Jacob A Bikker, Michiel van Leuvensteijn
The 2008 credits quandary 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 financial system and fighting destiny monetary instability. At this juncture, we're on the final degree of future-proofing the monetary quarter by way of elevating capital standards and tightening monetary law. Now the coverage schedule must be aware of reworking the banking quarter into an engine for development. Reviving pageant within the banking area after the nation interventions of the previous years is a key step during this process.
This booklet introduces and explains a comparatively new notion in festival size: the performance-conduct-structure (PCS) indicator. the foremost notion at the back of this degree is firm’s potency is extra hugely rewarded by way of marketplace proportion and revenue, the enhanced aggressive strain is. The publication starts off through explaining the monetary market’s primary stumbling blocks to festival providing a quick survey of the complicated dating among monetary balance and festival. The theoretical contributions of Hay and Liu and Boone give you the theoretical underpinning for the computers indicator, whereas its software to banking and assurance illustrates its empirical traits. ultimately, this ebook provides a scientific comparability among the result of this method and (all) current tools as utilized to forty six international locations, over a similar pattern interval.
This booklet provides a entire assessment of the knowns and unknowns of monetary region festival for advertisement and crucial bankers, policy-makers, supervisors and lecturers alike.
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Additional resources for A New Measure of Competition in the Financial Industry: The Performance-Conduct-Structure Indicator
Potential obstacles for competitionâ•… 21 Most of these measures have negative effects on the level of competition in the banking sector. It is understandable that measures for financial stability had priority in the crisis years. Now that victory can be proclaimed over the immediate crisis (see Summers, 2013) and we appear to be entering a phase of low growth and low inflation, it is also the time to find a new balance between financial stability and competition and reconsider financial regulation and their negative side effects on competition.
3 discusses possible policy reactions to financial market failures. 4 elaborates on the relationship between competition and financial stability. 2. Structural problems of competition on financial markets We apply the general diagnostic framework developed in CPB (2003) to assess whether financial markets harbour impediments to competition. As a starting point, CPB (2003) uses the structure-conduct-performance (SCP) paradigm, which states that the structure of the financial market determines the conduct of its participants and affects its performance in terms of social efficiency.
1. 1. Coordinated 10â•… Jacob A. 1â•‡ Determinants of imperfect competition on financial markets Coordinated factors Unilateral factors Few financial institutions Few financial institutions Supply side factors – Essential High entry and exit barriers High entry barriers – Important Frequent interaction Heterogeneous products Transparency Structural links Symmetry Adverse selection Low firm-level elasticity of demand (incl. switching costs and lock-in effects) Ditto Stable demand Imperfect financial advice Demand side factors factors refer to explicit or tacit collusion, while unilateral factors refer to actions undertaken by individual financial institutions without any form of coordination with other financial institutions.
A New Measure of Competition in the Financial Industry: The Performance-Conduct-Structure Indicator by Jacob A Bikker, Michiel van Leuvensteijn