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Institutional shocks and competition in Portuguese commercial banking in the long run, 1960-2015

Author

Listed:
  • Luciano Amaral

    (Nova School of Business & Economics)

  • Filipa Santos Machado

    (Collège d’Europe Bruges)

Abstract

"The Portuguese economy passed through two massive institutional shocks in the period from 1960 to 2015: in 1975, with one of the largest nationalisation programmes ever in the Western world; and in the late-1980s, with one of the largest privatisation programmes ever in the world. We assess how these shocks affected competition in commercial banking through statistical tests of the Panzar-Rosse type. Interesting conclusions result, namely that the nationalisation period did not imply a reduction in competition and that the privatisation period might have meant a reduction in competition. We provide a few hypotheses to understand these counterintuitive results."

Suggested Citation

  • Luciano Amaral & Filipa Santos Machado, 2018. "Institutional shocks and competition in Portuguese commercial banking in the long run, 1960-2015," Working Papers 18023, Economic History Society.
    • Handle: RePEc:ehs:wpaper:18023
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    JEL classification:

    • N00 - Economic History - - General - - - General

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