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Competitive Dynamics of Deregulation: Evidence from U.S. Banking

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Author Info
 Stiroh, Kevin J
Strahan, Philip E

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Abstract

This paper examines the impact of increased competition from deregulation on the dynamics of the U.S. banking industry. We find the link between a bank's relative performance and its subsequent market share growth strengthens significantly after deregulation as competitive reallocation effects transfer assets to better performers. Exit dynamics also change in ways consistent with the disciplinary role of competition. The net effect is a substantial reallocation of market share toward better banks. We conclude that earlier regulation of U.S. banks blunted this market mechanism and seriously hindered the competitive process.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 35 (2003)
Issue (Month): 5 (October)
Pages: 801-28
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Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:801-28

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. Yuliya Demyanyk, 2006. "U.S. banking deregulation and self-employment: a differential impact on those in need," Supervisory Policy Analysis Working Papers 2006-01, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  2. Yongil Jeon & Stephen M. Miller, 2002. "An 'Ideal' Deconposition of Industry Dynamics: An Application to the Nationwide and State Level U.S. Banking Industry," Working papers 2002-23, University of Connecticut, Department of Economics. [Downloadable!]
    Other versions:
  3. Yonjil Jeon & Stephen M. Miller, 2005. "Bank Performance: Market Power or Efficient Structure?," Working papers 2005-23, University of Connecticut, Department of Economics. [Downloadable!]
  4. Philip E. Strahan, 2002. "The Real Effects of U.S. Banking Deregulation," Center for Financial Institutions Working Papers 02-39, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
  5. Yongil Jeon & Stephen M. Miller, 2002. "Has Deregulation Affected Births, Deaths, and Marriages in the U.S. Commercial Banking Industry?," Working papers 2002-26, University of Connecticut, Department of Economics. [Downloadable!]
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  6. Gianni De Nicoló & Senay Agca & Enrica Detragiache, 2007. "Financial Reforms, Financial Openness, and Corporate Borrowing: International Evidence," IMF Working Papers 07/186, International Monetary Fund. [Downloadable!]
  7. Kris James Mitchener, 2004. "Bank Supervision, Regulation, and Instability During the Great Depression," NBER Working Papers 10475, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Boot, Arnoud W A & Marinc, Matej, 2006. "Competition and Entry in Banking: Implications for Stability and Capital Regulation," CEPR Discussion Papers 5518, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  9. Asli Demirguc-Kunt & Luc Laeven & Ross Levine, 2003. "Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation," NBER Working Papers 9890, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Cuñat, Vicente & Guadalupe, Maria, 2004. "Executive Compensation and Competition in the Banking and Financial Sectors," IZA Discussion Papers 1123, Institute for the Study of Labor (IZA). [Downloadable!]
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  11. Yongil Jeon & Stephen M. Miller, 2002. "Bank Concentration and Performance," Working papers 2002-25, University of Connecticut, Department of Economics. [Downloadable!]
  12. Astrid A. Dick, 2003. "Nationwide branching and its impact on market structure, quality and bank performance," Finance and Economics Discussion Series 2003-35, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  13. Benk, Szilárd & Gillman, Max & Kejak, Michal, 2007. "Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks," Cardiff Economics Working Papers E2007/14, Cardiff University, Cardiff Business School, Economics Section. [Downloadable!]
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