融资竞争者:影子银行融资与抵押贷款市场竞争

E. Jiang
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引用次数: 24

摘要

利用新的影子银行融资数据,我发现影子银行的资金来源,正是它们发起抵押贷款时的竞争对手。有证据表明,银行在影子银行融资的上游市场拥有市场支配力,这反过来又通过银行在这两个市场的战略行为软化了抵押贷款市场的竞争。我建立并校准了一个纵向整合与竞争的定量模型,以表明那些从影子银行服务中获益最多的消费者是承担成本的人。二级市场创新可以减少影子银行对竞争对手的依赖,从而增加下游竞争。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Financing Competitors: Shadow Banks' Funding and Mortgage Market Competition
Using novel shadow bank funding data, I find that shadow banks are funded by the very banks they compete with when originating mortgages. Evidence suggests that banks have market power in the upstream market for shadow banks’ funding, which in turn softens mortgage market competition through their strategic behaviors in both markets. I build and calibrate a quantitative model of vertical integration and competition to show that those consumers who would most benefit from shadow bank services are the ones to bear the costs. Secondary market innovation could increase downstream competition by reducing shadow banks’ reliance on their competitors.
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