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Integration of EU banking markets, The

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  • Gual, Jordi

    ()
    (IESE Business School)

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    Abstract

    The goal of this paper is to provide an assessment of the EU policies that pursue the creation of a single banking market. The paper evaluates the degree of integration of EU banking markets, the impact of the integration process on the conduct, the structure and the performance of the industry at the EU level, and discusses whether current policies are the most appropriate instruments for market integration. After comparing the key features of EU policy with alternative methods of market opening, the analysis stresses that market opening in regulated markets such as banking faces a difficult trade-off between respect for domestic preferences and the elimination of regulations that protect local competitors and are not justified on efficiency grounds. The paper also provides an overview of recent research which has looked at different indicators of market integration in EU banking. Finally, it analyzes the impact of integration policies on the conduct, the structure and the performance of the banking industry. The conclusion provides an integrative assessment, summarizing the key results of the paper and evaluating the extent to which the changes in the degree of integration and the performance of the industry imply that the EU single market policies have achieved their objectives.

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    Bibliographic Info

    Paper provided by IESE Business School in its series IESE Research Papers with number D/504.

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    Length: 29 pages
    Date of creation: 08 Apr 2003
    Date of revision:
    Handle: RePEc:ebg:iesewp:d-0504

    Contact details of provider:
    Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
    Web page: http://www.iese.edu/
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    Related research

    Keywords: integration policies; banking industry; European Union; market integration; regulated markets; market structure; single market;

    This paper has been announced in the following NEP Reports:

    References

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    1. Gual, Jordi, 1999. "Deregulation, integration and market structure in European banking," IESE Research Papers D/397, IESE Business School.
    2. Aviv Nevo, 2000. "A Practitioner's Guide to Estimation of Random-Coefficients Logit Models of Demand," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 9(4), pages 513-548, December.
    3. Gual, Jordi & Neven, Damien J, 1992. "Deregulation of the European Banking Industry (1980-1991)," CEPR Discussion Papers 703, C.E.P.R. Discussion Papers.
    4. Schmalensee, Richard, 1989. "Inter-industry studies of structure and performance," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 16, pages 951-1009 Elsevier.
    5. Vives, Xavier, 1990. "Banking Competition and European Integration," CEPR Discussion Papers 373, C.E.P.R. Discussion Papers.
    6. Mariassunta Giannetti & Luigi Guiso & Tullio Jappelli & Mario Padula & Marco Pagano, 2002. "Financial Market Integration, Corporate Financing and Economic Growth," European Economy - Economic Papers 179, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    7. Mojon, Benoît, 2000. "Financial structure and the interest rate channel of ECB monetary policy," Working Paper Series 0040, European Central Bank.
    8. Schüler, Martin & Heinemann, Friedrich, 2002. "How integrated are the European retail financial markets? A cointegration analysis," Research Notes 3b, Deutsche Bank Research.
    9. Gual, Jordi, 1999. "Deregulation, Integration and Market Structure in European Banking," CEPR Discussion Papers 2288, C.E.P.R. Discussion Papers.
    10. Jean-Pierre DANTHINE & Francesco Giavazzi & Ernst-Ludwig von Thadden, 2000. "European Financial Markets After EMU: A First Assessment," FAME Research Paper Series rp13, International Center for Financial Asset Management and Engineering.
    11. Corvoisier, Sandrine & Gropp, Reint, 2001. "Bank Concentration and Retail Interest Rates," Working Paper Series 0072, European Central Bank.
    12. Klemperer, Paul, 1987. "Markets with Consumer Switching Costs," The Quarterly Journal of Economics, MIT Press, vol. 102(2), pages 375-94, May.
    13. Robert DeYoung, 1999. "Merger and the changing landscape of commercial banking (Part I)," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Sep.
    14. Gual, Jordi, 1999. "Deregulation, Integration, and Market Structure in European Banking," Journal of the Japanese and International Economies, Elsevier, vol. 13(4), pages 372-396, December.
    15. Claessens, Stijn & Glaessner, Tom, 1998. "The internationalization of financial services in Asia," Policy Research Working Paper Series 1911, The World Bank.
    16. Bresnahan, Timothy F., 1989. "Empirical studies of industries with market power," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 17, pages 1011-1057 Elsevier.
    17. Agnes Belaisch & Joaquim Vieira Ferreira Levy & Laura E. Kodres & Angel J. Ubide, 2001. "Euro-Area Banking At the Crossroads," IMF Working Papers 01/28, International Monetary Fund.
    18. Neven, Damien & Roller, Lars-Hendrik, 1999. "An aggregate structural model of competition in the European banking industry," International Journal of Industrial Organization, Elsevier, vol. 17(7), pages 1059-1074, October.
    19. Davis, E. Philip & De Bandt, Olivier, 1999. "A cross-country comparison of market structures in European banking," Working Paper Series 0007, European Central Bank.
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    Cited by:
    1. Gloria O. Pasadilla, 2008. "Financial Services Integration in East Asia : Lessons from the European Union," Finance Working Papers 22680, East Asian Bureau of Economic Research.
    2. D. Jansen & J. de Haan, 2003. "Increasing concentration in european banking: a macro-level analysis," WO Research Memoranda (discontinued) 743, Netherlands Central Bank, Research Department.

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