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SUMMARY:The Economic Impact of a Bank Oligopoly: Britain at the Turn of th
 e 20th Century - Fabio Braggion
DTSTART:20141113T170000Z
DTEND:20141113T180000Z
UID:TALK53776@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:We investigate the impact of the formation of the "Big 5" high
 ly concentrated banking market in England and Wales. By 1920\nfive banks c
 ontrolled 80% of the deposit base\, following several decades of mergers a
 nd acquisitions and aggressive branch expansion. Borrowers in the counties
  that experienced higher bank concentration received smaller loan\, had to
  post more collateral\, and were granted loans of shorter duration.In thos
 e high concentration counties\, the quality of loan applicants had improve
 d\, which suggests that it is likely the oligopoly restricted credit\, rat
 her than changing the quality of loan applicants. We\nfind signs that bank
  concentration negatively impacted local economies. Counties with a more c
 oncentrated banking system generated lower tax revenues and experienced sl
 ower firm incorporation.\n
LOCATION:Judge Business School  - Room W4.03
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