The consolidation of the financial services industry: Causes, consequences, and implications for the future
构建了一个评估金融服务业整合原因、后果及未来影响的框架，综述了250多篇文献，发现整合增强了市场势力、提高了利润效率和风险分散，但对成本效率提升有限，且可能增加系统性风险。
This article designs a framework for evaluating the causes, consequences, and future implications of financial services industry consolidation, reviews the extant research literature within the context of this framework (over 250 references), and suggests fruitful avenues for future research. The evidence is consistent with increases in market power from some types of consolidation; improvements in profit efficiency and diversification of risks, but little or no cost efficiency improvement on average; relatively little effect on the availability of services to small customers; potential improvements in payments system efficiency; and potential costs on the financial system from increases in systemic risk or expansion of the financial safety net.