理想的银行业竞争和稳定

IF 6.1 2区 经济学 Q1 BUSINESS, FINANCE
Jonathan Benchimol , Caroline Bozou
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引用次数: 0

摘要

每次金融危机都会引发银行市场结构如何影响实体经济的问题。尽管银行集中度低可能会降低标价并助长风险行为,但集中的银行体系似乎更能抵御金融冲击。我们利用一个具有金融摩擦的非线性动态随机一般均衡模型,比较了不同竞争和集中配置下的冲击传递。结果显示,相对于垄断竞争,寡头竞争会放大冲击的影响。传导机制通过加价发挥作用,当银行业集中度提高时,加价效应被放大。理想的银行业市场结构是根据金融稳定和社会福利目标确定的。此外,我们还发现,根据政策制定者的偏好,在美国,5 到 8 家银行的银行业集中度可以平衡社会福利和银行稳定性目标。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Desirable banking competition and stability

Every financial crisis raises questions about how the banking market structure affects the real economy. Although low bank concentration may reduce markups and foster riskier behavior, concentrated banking systems appear more resilient to financial shocks. We use a nonlinear dynamic stochastic general equilibrium model with financial frictions to compare the transmissions of shocks under different competition and concentration configurations. The results reveal that oligopolistic competition amplifies the effects of the shocks relative to monopolistic competition. The transmission mechanism works through the markups, which are amplified when banking concentration is increased. The desirable banking market structure is determined according to financial stability and social welfare objectives. Moreover, we find that depending on policymakers’ preferences, a banking concentration of five to eight banks balances social welfare and bank stability objectives in the United States.

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来源期刊
CiteScore
7.70
自引率
9.30%
发文量
78
审稿时长
34 days
期刊介绍: The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.
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