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In Finance, Size Matters
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Author/Editor: |
Bossone, Biaggio | Lee, Jong-Kun |
| Authorized for Distribution: |
June 1, 2002 |
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Electronic Access: |
Free Full Text (PDF file size is 1,672KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This study investigates the relationship between production efficiency in financial intermediation and financial system size. The study predicts and tests for the existence of "systemic scale economies" (SSEs), whereby value-maximizing intermediaries operating in large systems are expected to have lower production costs and lower costs of risk absorption and reputation signaling than intermediaries operating in small systems. The study investigates different channels through which the SSEs work their effects through the intermediaries and estimates such effects using a large banking data panel. The study shows strongly supporting evidence in favor of SSEs. It also finds that the institutional environment, the risk environment, and market concentration affect significantly the production efficiency of financial intermediaries.
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Series: |
Working Paper No. 02/113 |
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Subject(s): |
Banks | Financial institutions | Financial intermediation | Financial systems | Capital markets | Economic models |
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Author's keyword(s): |
Banks
| Financial infrastructure
| financial intermediation
| financial systems
| financial markets
| systemic scale economie
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Published: |
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June 1, 2002 |
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ISBN/ISSN: |
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1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA1132002 |
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Pages: |
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48 |
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Price: |
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US$15.00
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Price Delivery Note: |
Prepayment required for individual copies. An annual subscription is $375.00 a year. It includes 12 monthly shipments and priority mail delivery. The Stock No. for the subscription is WPEA. |
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Please address any questions about this title to publications@imf.org.
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