文章基本信息

标题：From proximity to distant banking: Spanish banks in the EMU
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作者：Alfredo Martín-Oliver
期刊名称：Documentos de Trabajo / Banco de España
印刷版ISSN：0213-2710
电子版ISSN：1579-8666
出版年度：2010
卷号：1
出版社：Banco de España
摘要：
This paper examines the nature of competition in the Spanish banking industry during the
years before and after Spain joined the European Monetary Union (EMU). The paper models
competition in a product-differentiated market where banks choose from a list of price
(interest rates of loans and deposits) and non-price variables (branches, advertising,
IT capital). The empirically estimated demand and cost functions are used to simulate the
values of the endogenous variables of the representative bank in response to the historically
low official interest rates of the post Euro period. The results show that there has been a
convergence in the levels of price competition in the loans and deposits markets during the
post Euro period. Additionally, the paper finds that branches have lost weight in the mix of
competition variables in benefit of advertising and IT capital. This is interpreted as evidence
that traditional proximity banking is evolving towards distant banking. Finally, the simulation
results highlight the high imbalances between loans and deposits for the representative bank
in the regime of low official interest rates of the Euro zone.
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