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1、NICOLACETORELLIRealEffectsofBankCompetitionDoesbankingmarketpowercontributetotheformationofnonfinancialindustriespopulatedbyfew,largefirms,ordoesitinsteadenhanceindustryentry?Theoreticalargumentscouldbemadetosupporteitherside.ThebankingindustryofEuropea
2、nUnion(EU)countrieshasbeensignificantlyderegulatedintheearly1990s.Undertheoldregime,cross-borderexpan-sionswereheavilyconstrained,whileafterderegulation,banksfromEUcountrieshaveinsteadbeenallowedtobranchfreelyintootherEUcountries.Concurrentlytotheproce
3、ssofderegulation,Europeanbankingindustrieshavealsoexperiencedasignificantprocessofconsolidation.ExploitingsuchsignificantinnovationsaffectingthebankingindustriesofEUcountries,thispaperexploreswhetherchangesinbankcompetitionhaveinfactplayedaroleonthemark
4、etstructureofnonfinancialindustries.Empiricalevidenceisderivedfromapanelofmanufacturingindustriesin29OECDcountries,bothEUandnon-EUmembers,adoptingamethodologythatallowscontrol-lingforotherdeterminantsofindustrymarketstructurecommonacrossindustries,acro
5、sscountriesorrelatedtotimepassing.TheevidencesuggeststhattheoverallprocessofenhancedcompetitioninEUbankingmarketshasledtomarketsinnonfinancialsectorscharacterizedbyloweraveragefirmsize.JELcodes:L2,G2,G3Keywords:bankcompetition,marketstructure,firmsize,fir
6、msizedistribution.Thispaperanalyzestheeffectofbankderegulationandbankconcentrationonthemarketstructureofnonfinancialsectors.ThefocusonEuropeisjustifiedbythesignificantstructuralchangesofthebankingindustrywitnessedinEuropeanUnion(EU)countriesduringthe1990
7、s.SimilartotheU.S.ownexperienceTheviewsexpressedhereinarethoseoftheauthorsandnotnecessarilythoseoftheFederalReserveBankofChicagoortheFederalReserveSystem.IhavebenefitedfromthecommentsofparticipantstotheWorldBankConferenceonBankConcentrationandCompetiti
8、onandtheFederalReserveBankofCleveland2003AnnualConferenceonBankingConsolidationandCompetition.IespeciallythankAndyWinton,RichRosen,ananonymousreferee,andtheEditorsfortheirinsightsandsuggestionsonhowtoimprovethepaper.NicolaCetorelliisasenioreco
