Banking Market Structure and Firms Financing in Fi.. (MARKET STRUCTURE)
Banking Market Structure and Firms Financing in Financial Turmoil”
Date du début: 1 mars 2014,
Date de fin: 29 févr. 2016
The proposal aims to investigate the existing relationship between banking market structures (e.g. banks’ headquarter location, efficiency and banks board of directors ) and the supply of credit to non-financial firms by looking and comparing German, French and Italian banking systems during financial turmoil. In particular, I disentangle the effects of specific characteristics of financial markets at local market level, distinguishing the factors that may have driven differences in the severity of credit constrain to different types of firms on their economic performances. One of the most debated consequences of the crisis has been the possible credit crunch caused by the contraction of the bank’s capital and the adverse liquidity shock in interbank market. Motivated by theoretical and empirical evidences at country level, whether and how financial structure influences firms’ financing and consequently their profitability remain a crucial policy issue. Despite the debate on-course the analysis of some mechanisms through which financial structures affect firms’ financing and their profitability has been left under-researched particularly in a cross-country comparing view, at local market level and after the collapse of Lehman Brothers. There are theoretical suggesting that the market structures of the banking systems have a non-trivial impact on the process of capital accumulation. Any departure from perfect competition in the credit market, driven by factors both imputable at the structure rather than at bank level, introduces inefficiencies that would harms' access to credit, thus impacting negatively on firms’ performance. The findings could identify the mechanism and possible effects as well as differences of the local market structures in the severity of credit constrain and financing across different types of firms and countries. Therefore, policy-makers could focus on implementation of policies to enhance banks efficiency and firms’ financing.
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