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Measuring competition in Portuguese commercial banking during the Golden Age (1960-1973)

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  • Luciano Amaral

Abstract

The institutional environment of Portuguese banking during the Golden Age of economic growth (1950-1973) has been criticised in many accounts. According to various authors, on the one hand it would have granted excessive protection to existing banks, allowing them to obtain high rents, a disincentive for them to compete; on the other, it would have forced them to concentrate their activity excessively on short-term credit instruments, thereby preventing them from contributing effectively to finance growth. In this article we use a formal statistical approach of the Panzar-Rosse type and conclude that the system did, in fact, have some interesting competitive features.

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  • Luciano Amaral, 2015. "Measuring competition in Portuguese commercial banking during the Golden Age (1960-1973)," Business History, Taylor & Francis Journals, vol. 57(8), pages 1192-1218, November.
    • Handle: RePEc:taf:bushst:v:57:y:2015:i:8:p:1192-1218
    DOI: 10.1080/00076791.2015.1021691
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    References listed on IDEAS

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    1. James R. Barth & Gerard Caprio Jr. & Ross Levine, 2001. "Banking Systems around the Globe: Do Regulation and Ownership Affect Performance and Stability?," NBER Chapters, in: Prudential Supervision: What Works and What Doesn't, pages 31-96, National Bureau of Economic Research, Inc.
    2. Monnet,Eric, 2019. "Controlling Credit," Cambridge Books, Cambridge University Press, number 9781108400084, October.
    3. Xavier Freixas & Jean-Charles Rochet, 1997. "Microeconomics of Banking," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061937, April.
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    Cited by:

    1. Alves, André Bernardo & Wanke, Peter & Antunes, Jorge & Chen, Zhongfei, 2020. "Endogenous network efficiency, macroeconomy, and competition: Evidence from the Portuguese banking industry," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    2. Cermeño, Alexandra L. & Palma, Nuno & Pistola, Renato, 2023. "Stunting and wasting in a growing economy: biological living standards in Portugal during the twentieth century," Economics & Human Biology, Elsevier, vol. 51(C).
    3. Cermeño, Alexandra L. & Palma, Nuno & Pistola, Renato, 2021. "Stunting and wasting in a growing economy:biological living standards in Portugal,1924-1994," CAGE Online Working Paper Series 585, Competitive Advantage in the Global Economy (CAGE).

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