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1、WhyAreBigBanksGettingBigger?RicardoT.FernholzandChristofferKochFederalReserveBankofDallasResearchDepartmentWorkingPaper1604WhyAreBigBanksGettingBigger?RicardoT.FernholzyChristofferKochzClaremontMcKennaCollegeFederalReserveBankofDallasThisVersion:February18,2016AbstractTheU.S.ban
2、kingsectorhasbecomesubstantiallymoreconcentratedsincethe1990s,raisingquestionsaboutboththecausesandimplicationsofthisconsolidation.Weaddressthesequestionsusingnonparametricempiricalmethodsthatcharacterizedynamicpowerlawdistributionsintermsoftwoshapingfactors—thereversionrates(ame
3、asureofcross-sectionalmeanreversion)andidiosyncraticvolatilitiesofassetsfordifferentsize-rankedbanks.Usingquarterlydataforsubsidiarycommercialbanksandthriftsandtheirpar-entbank-holdingcompanies,weshowthatthegreaterconcentrationofU.S.bank-holdingcompanyassetsisaresultoflowermeanre
4、version,aresultconsistentwithpolicychangessuchasinterstatebranchingderegulationandtherepealofGlass-Steagall.Incontrast,thegreaterconcentrationofbothU.S.commercialbankandthriftassetsisaresultofhigheridiosyncraticvolatility,yet,idiosyncraticvolatilityofparentbank-holdingcompanyasse
5、tsfell.Thiscontrastsuggeststhatdiversificationthroughnon-bankingactivitieshasreducedtheidiosyncraticassetvolatilitiesofthelargestbank-holdingcompaniesandaffectedsys-temicrisk.Keywords:BankSizeDistributions,BankStructure,DynamicPowerLaws,FinancialStabil-ity,Non-BankActivities,Nonpa
6、rametricMethods,SystemicRiskJELCodes:G21,C81,E58,C14TheviewsexpressedinthispaperarethoseoftheauthorsaloneanddonotnecessarilyreflecttheviewsoftheFederalReserveBankofDallasortheFederalReserveSystem.WewouldliketothankDerekLemoine,KarenLewis,andStephenTerryfortheirhelpfulcomments.Any
7、errorsoromissionsarethesoleresponsibilityoftheauthors.y500E.NinthSt.,Claremont,CA91711.rfernholz@cmc.edu+19096071692.z2200NorthPearlStreet,Dallas,TX75201.christoffer.koch@dal.frb.org.+12149225173.Contents1Introduction42Data83ANonparametricApproachtotheBankSizeDistribution93.1Setu
8、pandResults.............................
