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• W3125904008 abstract "In this paper, we examine the impact of competition in the banking industry on financial market activity. In particular, we explore this issue in a setting where banks simultaneously insure individuals against liquidity risk and offer loans to promote intertemporal consumption smoothing. In addition, spatial separation and private information generate a transactions role for money. Interestingly, we demonstrate that the industrial organization of the financial system bears significant implications for the effects of monetary policy. Under perfect competition, higher rates of money growth lead to lower interest rates and a higher volume of lending activity. In contrast, in a monopoly banking sector, money growth restricts the availability of funds and raises the cost of borrowing. JEL classification: E43, E52, L11 Le role de la concurrence dans le secteur financier pour la politique monetaire. Dans ce memoire, on examine l’impact de la concurrence dans l’industrie bancaire sur l’activite du marche financier. En particulier, on explore ce probleme dans un cadre ou les banques a la fois assurent les individus contre les risques attaches a la liquidite et offrent des prets pour promouvoir un assouplissement inter temporel de la consommation. De plus, la separation spatiale et l’information privee generent un role de facilitation des transactions pour la monnaie. On montre que l’organisation industrielle du systeme financier a un impact significatif sur les effets de la politique monetaire. En concurrence parfaite, des hauts taux de croissance de la masse monetaire entrainent des taux d’interet plus bas et un plus fort volume d’activite de prets. Au contraire, dans un secteur bancaire monopoliste, la croissance monetaire restreint la disponibilite de fonds et accroit les couts de l’emprunt. We thank Stacey Schreft for detailed feedback on an earlier version of the manuscript. Seminar participants at the University of Missouri, the Midwest Economic Theory Meetings at the University of Kansas, and the Federal Reserve Bank of Atlanta provided valuable comments. We also thank an anonymous referee for his/her insights. Email: Edgar.Ghossoub@UTSA.edu Canadian Journal of Economics / Revue canadienne d’Economique, Vol. 45, No. 1 February / fevrier 2012. Printed in Canada / Imprime au Canada 0008-4085 / 12 / 270–287 / C © Canadian Economics Association Financial sector competition for monetary policy 271" @default.
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• W3125904008 title "The role of financial sector competition for monetary policy" @default.
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