Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may Third PrizeDeregulation, integration and market structure in European banking Jordi GualThis paper discusses the impact of deregulation and market integration policies on the structure of European banking markets. The paper argues that whether European integration will lead to an increased exploitation of scale advantages, or not, will depend on the extent to which competition in banking is based on fixed or variable costs. If competition focuses on variable costs, concentration will diminish with market enlargement when we control for the pro-concentration effect triggered by the deregulation process. Alternatively, when competition focuses on expenses unrelated to the level of intermediation, concentration will not tend to decline as the size of the market grows. This is due to the compensating effect of increased competition in fixed costs such as brand image or electronic banking.I propose a simple test using aggregate data to provide an empirical assessment of the dominant form of competition. The application of this procedure to data for eleven EU countries during the period from 1981 to 1995 yields parameter estimates which indicate that over the period of analysis, competition in Europe tends to be predominantly based on variable costs.
This paper presents new data on telecommunications reform for a cross section of countries. We measure telecommunications reform along two dimensions: entry barriers and regulatory independence. This data set is combined with a comprehensive set of performance, institutional and political data to analyze the determinants of telecommunications policies. We find that entry barriers are positively associated with the degree to which countries have an interventionist legal tradition, but they are unrelated to the partisan ideology of reforming governments. We also find that countries with weak protection of investors' quasi-rents by other means, and countries with a larger incumbent, are more prone to create independent regulatory agencies, although the latter is a weaker result.
This paper presents new data, in the form of four indices, on liberalization policies and the independence of regulators for a cross section of countries. These indices are combined with a comprehensive set of performance, institutional and political data to analyze both the determinants and the impact of telecommunications policies. We find that liberalization policies are negatively associated with the degree to which countries have an interventionist tradition, but not with the partisan ideology of reforming countries per se. We also find that countries where the institutional endowment constrains less the behaviour of the executive bodies, and countries with a stronger incumbent, are more prone to create truly independent regulatory agencies. There is weak evidence that the creation of independent regulatory agencies has a positive effect on network penetration when we take into account the endogeneity of regulatory independence.Keywords: telecommunications, liberalization, institutions JEL Classification: L96, L32, F21.RESUMEN: Este artículo presenta nuevos datos, resumidos en cuatro índices, sobre las políticas de liberalización e independencia de los reguladores para una sección cruzada de países. Estos índices se combinan con un conjunto amplio de datos de resultados, instituciones y variables políticas para analizar tanto los determinantes como el impacto de las políticas de telecomunicaciones. Hallamos que las políticas de liberalización se asocian negativamente con el grado en que los países se caracterizan por una tradición intervencionista, pero no con la ideología partidista de los gobiernos que deciden las reformas. También hallamos que países en los que la dotación institucional limita menos el comportamiento del ejecutivo, y países con una empresa establecida más fuerte, son más proclives a crear agencias reguladoras auténticamente independientes. Existe evidencia débil de que la creación de agencias independientes tiene un efecto positivo sobre el despliegue de redes cuando se tiene en cuenta la endogeneidad de la independencia regulatoria. Palabras clave: telecomunicaciones, liberalización, institucionesClasificación JEL: L96, L32, F21.a Comments are welcome. The opinions expressed in the paper do not necessarily reflect the IEB's opinions. b We thank Sandra Jódar for excellent research assistance. Support from the Research Centre "Public Sector Private Sector" at IESE Business School is gratefully acknowledged. We also thank
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.