This second edition of The Industrial Organization explores the study of the structure of
individual banks, banking markets, and their interactions. The book has the same two key …

The international linkages between banks play a crucial role in today's global economy.
Existing models explain these links largely on the basis of portfolio theory, in which banks …

Patterns in cross-border banking have changed since the global financial crisis. This may
affect domestic bank market structures and macroeconomic stability in the longer term. In …

We explore the impact of large banks and of financial openness for aggregate growth. Large
banks matter because of granular effects: if markets are very concentrated in terms of the …

This paper disentangles the impacts of cultural proximity on cross‐border banking flows,
using large country‐pair data from 1996 to 2019. On applying the gravity model with the …

This paper studies how frictions to foreign bank operations affect the sectoral composition of
banks' foreign positions, their funding sources, and international bank flows. It presents a …

Individual banks differ substantially in their foreign operations. This paper introduces
heterogeneous banks into a general equilibrium framework of banking across borders to …

The purpose of this paper is to assess the impact of targeted financial development on
aggregate outcomes, in particular aggregate productivity. The development of the both the …

This paper develops a model of banking across borders where banks differ in their
efficiencies that can replicate key patterns in the data. More efficient banks are more likely to …

We draw on stylized facts from the finance literature to build a model where altering the
relative costs of bank and bond financing changes the entire distribution of firm size, with …