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Whom to Merge with? A Tale of the Spanish Banking Deregulation Process

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Author Info

  • Ana Lozano-Vivas

    ()
    (Department of Economic Theory, Universidad de Málaga)

  • Miguel A. Meléndez-Jímenez

    ()
    (Department of Economic Theory, Universidad de Málaga)

  • Antonio J. Morales

    ()
    (Department of Economic Theory, Universidad de Málaga)

Abstract

We put forward a simple spatial competition model to study banks’ strategic responses to the Spanish asymmetric geographic deregulation. We find that once geographic deregulation process finishes, inter-regional mergers between the savings banks are optimal. We claim that the public good nature of the merging activities together with the incentives provided by the deregulation process are the driving factors behind the equilibrium merger of the savings banks. It seems that the economic crisis will finally force regional politicians to allow inter-regional caja mergers, letting the consequences of the removal of geographic barriers in the 80’s come to a fruition with a delay of thirty years.

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File URL: http://webdeptos.uma.es/THEconomica/malagawpseries/Papers/METCwp2010-3.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Universidad de Málaga, Department of Economic Theory, Málaga Economic Theory Research Center in its series Working Papers with number 2010-03.

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Length: 20 pages
Date of creation: Mar 2010
Date of revision:
Handle: RePEc:mal:wpaper:2010-3

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Keywords: Banking Competition; Deregulation; Mergers;

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References

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  1. Steven C. Salop, 1979. "Monopolistic Competition with Outside Goods," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 141-156, Spring.
  2. Larry D. Qiu & Wen Zhou, 2007. "Merger waves: a model of endogenous mergers," RAND Journal of Economics, RAND Corporation, vol. 38(1), pages 214-226, 03.
  3. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  4. Caminal, Ramón & Gual, Jordi & Vives, Xavier, 1989. "Competition in Spanish Banking," CEPR Discussion Papers 314, C.E.P.R. Discussion Papers.
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Cited by:
  1. Ana Lozano-Vivas & Miguel Meléndez-Jiménez & Antonio Morales, 2011. "With whom to merge? A tale of the Spanish banking deregulation process," SERIEs, Spanish Economic Association, vol. 2(2), pages 159-184, June.

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