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Deregulation and Structural Change in the U.S. Commercial Banking Industry

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  • Stephen M. Miller

    ()
    (Department of Economics, University of Nevada, Las Vegas)

  • Yongil Jeon

    (Central Michigan University)

Abstract

Regulatory change not seen since the Great Depression swept the U.S. banking industry beginning in the early 1980s and culminated with the Interstate Banking and Branching Efficiency Act of 1994. This paper describes and discusses the evolution of the U.S. banking industry over the past two decades, using the 1976 to 1998 Report of Condition and Income (Call Report) and merger data posted on the Federal Reserve Bank of Chicago web site. Among several results, more permissive interstate banking and branching regulation significantly associates with higher merger rates, with lower net entry rates, and with higher concentration within states.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume29/V29N3P391_414.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 29 (2003)
Issue (Month): 3 (Summer)
Pages: 391-414

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Handle: RePEc:eej:eeconj:v:29:y:2003:i:3:p:391-414

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Keywords: Bank; Banking; Deregulation; Reserves;

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References

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  1. Berger, Allen N. & Humphrey, David B., 1997. "Efficiency of financial institutions: International survey and directions for future research," European Journal of Operational Research, Elsevier, Elsevier, vol. 98(2), pages 175-212, April.
  2. Yongil Jeon & Stephen M. Miller, 2002. "Bank Concentration and Performance," Working papers, University of Connecticut, Department of Economics 2002-25, University of Connecticut, Department of Economics.
  3. Randall S. Kroszner & Philip E. Strahan, 1999. "What Drives Deregulation? Economics And Politics Of The Relaxation Of Bank Branching Restrictions," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 114(4), pages 1437-1467, November.
  4. Shaffer, Sherrill, 1986. " Does Competition Imply Frequent Rank Turnover?," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 88(3), pages 511-27.
  5. William R. Keeton, 2000. "Are mergers responsible for the surge in new bank charters?," Economic Review, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Q I, pages 21-41.
  6. Jeffrey A. Clark, 1988. "Economies of scale and scope at depository financial institutions: a review of the literature," Economic Review, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Sep, pages 16-33.
  7. Jalal D. Akhavein & Allen N. Berger & David B. Humphrey, 1997. "The effects of megamergers on efficiency and prices: evidence from a bank profit function," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1997-9, Board of Governors of the Federal Reserve System (U.S.).
  8. Allen N. Berger & Anil K. Kashyap & Joseph Scalise, 1995. "The Transformation of the U.S. Banking Industry: What a Long, Strange Trip It's Been," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 96-06, Wharton School Center for Financial Institutions, University of Pennsylvania.
  9. Noulas, Athanasios G & Ray, Subhash C & Miller, Stephen M, 1990. "Returns to Scale and Input Substitution for Large U.S. Banks," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 22(1), pages 94-108, February.
  10. Kaparakis, Emmanuel I & Miller, Stephen M & Noulas, Athanasios G, 1994. "Short-Run Cost Inefficiency of Commercial Banks: A Flexible Stochastic Frontier Approach," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 26(4), pages 875-93, November.
  11. Kane, Edward J, 1996. "De Jure Interstate Banking: Why Only Now?," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 28(2), pages 141-61, May.
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Cited by:
  1. Yongil Jeon & Stephen M. Miller, 2005. "An 'Ideal' Decomposition of Industry Dynamics: An Application to the Nationwide and State Level U.S. Banking Industry," Working papers, University of Connecticut, Department of Economics 2005-25, University of Connecticut, Department of Economics.
  2. Yongil Jeon & Stephen M. Miller, 2002. "Explaining U.S. Commercial Bank Births, Deaths, and Marriages," Working papers, University of Connecticut, Department of Economics 2002-27, University of Connecticut, Department of Economics.
  3. Yonjil Jeon & Stephen M. Miller, 2005. "Bank Performance: Market Power or Efficient Structure?," Working papers, University of Connecticut, Department of Economics 2005-23, University of Connecticut, Department of Economics.
  4. Zou, YongDong & Miller, Stephen M. & Malamud, Bernard, 2011. "Geographic deregulation and commercial bank performance in U.S. state banking markets," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 51(1), pages 28-35, February.
  5. Yongil Jeon & Stephen M. Miller, 2002. "Has Deregulation Affected Births, Deaths, and Marriages in the U.S. Commercial Banking Industry?," Working papers, University of Connecticut, Department of Economics 2002-26, University of Connecticut, Department of Economics.
  6. YongDong Zou & Stephen M. Miller & Bernard Malamud, 2008. "Geographic Deregulation and Commerical Bank Performance in US State Banking Markets," Working Papers, University of Nevada, Las Vegas , Department of Economics 0802, University of Nevada, Las Vegas , Department of Economics.
  7. Yongil Jeon & Stephen M. Miller, 2002. "Bank Concentration and Performance," Working papers, University of Connecticut, Department of Economics 2002-25, University of Connecticut, Department of Economics.

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