Are Competitive Banking Systems More Stable?
用45个国家的数据发现，竞争性更强的银行体系更不容易发生系统性危机，且危机间隔时间更长；而银行集中度反而与危机概率正相关，说明集中度不能作为竞争的代理变量。
Using the Panzar and Rosse H‐statistic as a measure of competition in 45 countries, we find that more competitive banking systems are less prone to experience a systemic crisis and exhibit increased time to crisis. This result holds even when we control for banking system concentration, which is associated with higher probability of a crisis and shorter time to crisis. Our results indicate that competition and concentration capture different characteristics of banking systems, meaning that concentration is an inappropriate proxy for competition. The findings suggest that policies promoting competition among banks, if well executed, have the potential to improve systemic stability.