اخبار و اعلانات

 آمار

تعداد نشریات24
تعداد شماره‌ها935
تعداد مقالات8,386
تعداد مشاهده مقاله16,985,161
تعداد دریافت فایل اصل مقاله14,373,814
Feghhi Kashani, Mohammad, Omidi, Majid. (1399). Equilibrium Features of Imperfect Competition in the Deposit Market of Banking Sector. , 10(1), 147-171. doi: 10.22099/ijes.2021.38609.1713
Mohammad Feghhi Kashani; Majid Omidi. "Equilibrium Features of Imperfect Competition in the Deposit Market of Banking Sector". , 10, 1, 1399, 147-171. doi: 10.22099/ijes.2021.38609.1713
Feghhi Kashani, Mohammad, Omidi, Majid. (1399). 'Equilibrium Features of Imperfect Competition in the Deposit Market of Banking Sector', , 10(1), pp. 147-171. doi: 10.22099/ijes.2021.38609.1713
Feghhi Kashani, Mohammad, Omidi, Majid. Equilibrium Features of Imperfect Competition in the Deposit Market of Banking Sector. , 1399; 10(1): 147-171. doi: 10.22099/ijes.2021.38609.1713

Equilibrium Features of Imperfect Competition in the Deposit Market of Banking Sector

Iranian Journal of Economic Studies
مقاله 8، دوره 10، شماره 1 - شماره پیاپی 19، شهریور 2021، صفحه 147-171    اصل مقاله (935.22 K)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22099/ijes.2021.38609.1713
نویسندگان
Mohammad Feghhi Kashani* ؛ Majid Omidi
Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran.
چکیده
This paper is an endeavor towards investigating the potential role of deposit market structure as a distinct channel for (monetary, fiscal, and regulatory) policy transmission mechanism. In doing so, we have developed the core idea in a rational expectation partial equilibrium setup incorporating the possibility of contagion risk in the banking system. This has enabled us to build up more sensible analytical findings within a tractable structure which is capable of making diverse equilibria spotted in some empirical evidence. The setup/paper lays down conditions under which one could expect Nash equilibria involving, inter alia, “limited price war”, “deposit rates rat race”, “bank run”, and “systemic banking crisis” followed by incidents of “banking panic”. This multiplicity in equilibria is the result of interaction between the deposit market structural characteristics and policy commands due to externalities originating from strategic complementarity/substitution among the rivalry banks in the market. Further the paper explores the allocation and stabilization efficiency implications in terms of conceivable equilibria for deposit rates, deposit market share, expected net returns, expected markup, and the level of expected effort of banks operating in the banking system with an emphasis on the role of equity capital in between.
کلیدواژه‌ها
Imperfect Competition؛ Contagion Risk؛ Deposit Rates Rat Race؛ Financial Stability؛ Regulation
مراجع

Akerlof, G. (1976). The economics of caste and of the rat race and other woeful
tales. The Quarterly Journal of Economics, 90(4), 599-617.
Acharya, V. V. (2009). A theory of systemic risk and design of prudential bank
regulation. Journal of Financial Stability, 5(3), 224-255.
Allen, F., & Gale, D. (2000). Financial contagion. Journal of Political
Economy, 108(1), 1-33.
Allen, F., & Gale, D. (2004). Competition and financial stability. Journal of
Money, Credit and Banking, 453-480.
Allen, F., Carletti, E., & Marquez, R. (2011). Credit market competition and
capital regulation. Review of Financial Studies, 24(4), 983-1018.
Beck, T. (2008). Bank competition and financial stability: Friends or foes? World
Bank Policy Research Working paper, (4656).
Boyd, J. H., & De Nicolo, G. (2005). The theory of bank risk taking and
competition revisited. The Journal of Finance, 60(3), 1329-1343.
Brunnermeier, M. K., & Pedersen, L. H. (2009). Market liquidity and funding
liquidity. The Review of Financial Studies, 22(6), 2201-2238.
Brunnermeier, M. K., & Oehmke, M. (2013). The maturity rat race. The Journal
of Finance, 68(2), 483-521.
Carletti, E., & Hartmann, P. (2003). Competition and stability: What's special
about banking. Monetary History, Exchanges Rates and Financial Markets:
Essays in Honour of Charles Goodhart, 2, 202-229.
Cecchetti, S. G., Schoenholtz, K. L., & Fackler, J. (2014). Money, banking and
financial markets. Global Edition (4rd), McGraw-Hill/Irwin, New York.
Corbae, D., & Levine, R. (2018). Competition, stability, and efficiency in
financial markets. Unpublished manuscript.
http://www.ilsole24ore.com/pdf2010/Editrice/ILSOLE24ORE/ILSOLE24O
RE/Online/_Oggetti_Embedded/Documenti/2018/08/25/JacksonCorbae_Levine. pdf.
DellʼAriccia, G., Laeven, L., & Marquez, R. (2014). Real interest rates, leverage,
and bank risk-taking. Journal of Economic Theory, 149, 65-99.
DellʼAriccia, G., & Ratnovski, L. (2019). Bailouts and systemic
insurance. Journal of Banking & Finance, 105(C), 166-177.
Eyler, R. (2007). Economic sanctions: International policy and political economy
at work. Springer.
Farhi, E., & Tirole, J. (2012). Collective moral hazard, maturity mismatch, and
systemic bailouts. American Economic Review, 102(1), 60-93.
Freixas, X., Parigi, B. M., & Rochet, J. C. (2000). Systemic risk, interbank
relations, and liquidity provision by the central bank. Journal of Money,
Credit and Banking, 611-638.
Garza-Garcia, J. G. (2010). What influences net interest rate margins? Developed
versus developing countries. Banks & Bank Systems, 5(4), 32-41.

آمار
تعداد مشاهده مقاله: 731
تعداد دریافت فایل اصل مقاله: 585


سامانه مدیریت نشریات علمی. قدرت گرفته از سیناوب