| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17497 |
| DP17497 Wide or Narrow? Competition and Scope in Financial Intermediation | |
| Claudia Robles-Garcia; Matteo Benetton | |
| 发表日期 | 2022-07-23 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the role of scope in financial intermediation. Using new credit registry data on US firms, we show that in the market for small business lending, multi-product banks benefit from economies of scope across products but exploit their market power to steer firms into more profitable, less regulated products. To quantify these forces and the welfare implications of scope, we develop and estimate an equilibrium model of firm credit provision where banks compete with more specialized non-bank financial intermediaries. In counterfactual simulations, we show that market power and bank steering increase prices and reduce welfare for small firms. These losses, however, are less than the gains from cost synergies. We also simulate equilibrium effects of alternative banking regulations. Our results highlight the need for regulation to recognize the multi-product nature of financial intermediaries. |
| 主题 | Financial Markets |
| 关键词 | Economies of scope Banking Fintech market power Steering Small business lending |
| URL | https://cepr.org/publications/dp17497 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546592 |
| 推荐引用方式 GB/T 7714 | Claudia Robles-Garcia,Matteo Benetton. DP17497 Wide or Narrow? Competition and Scope in Financial Intermediation. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
