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Are Mergers Beneficial to Consumers? Evidence from the Market for Bank Deposits
Abstract
The general conclusion of the empirical literature is that in-market consolidation generates adverse price changes, harming consumers. Previous studies, however, look only at the short-run pricing impact of consolidation, ignoring effects that take longer to materialize. Using a database that includes detailed information on the deposit rates of individual banks in local markets for different categories of depositors, we investigate the long-run price effects of mergers. We find strong evidence that, although consolidation does generate adverse price changes, these are temporary. In the long run, efficiency gains dominate over the market power effect, leading to more favorable prices for consumers.
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Cited by
Bank Concentration and Competition: An Evolution in the Making
Berger, A. N., Demirguc-Kunt, A., Levine, R., & Haubrich, J. G. (2004) · Journal of Money, Credit, and Banking · doi:10.1353/mcb.2004.0040 · Cited by 693
Consolidation and efficiency in the financial sector: A review of the international evidence
Amel, D., Barnes, C., Panetta, F., & Salleo, C. (2004) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2003.10.013 · Cited by 526
Self-citationThe Effects of Regulatory Reform on Competition in the Banking Industry
Angelini, P. (., & Cetorelli, N. (2003) · Journal of Money, Credit, and Banking · doi:10.1353/mcb.2003.0033 · Cited by 440
Do Mergers Improve Information? Evidence from the Loan Market
PANETTA, F., SCHIVARDI, F., & SHUM, M. (2009) · Journal of Money, Credit and Banking · doi:10.1111/j.1538-4616.2009.00227.x · Cited by 440
Self-citationMergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature
DeYoung, R., Evanoff, D. D., & Molyneux, P. (2009) · Journal of Financial Services Research · doi:10.1007/s10693-009-0066-7 · Cited by 419
Metadata
- Authors
- Focarelli, D., & Panetta, F.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2003-08-01
- Volume
- 93
- Issue
- 4
- Pages
- 1152-1172
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2744060887
- Cited by
- 491
- References
- 0
- FWCI
- 51.89
- Type
- journal article
- Language
- en
- Open access
- closed
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