FINANCE AND COMPETITION

• 成果类型: Article
• 署名作者: Dellas, Harris; Fernandes, Ana
• 署名单位: University of Bern; University of Oxford; University of Fribourg
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12055
• 发表日期: 2014
• 页码: 269-288
• 关键词: entrepreneurial choice; industry structure; MODEL

摘要

We investigate the role of financial constraints for product market competition in a general equilibrium model, where firms may differ in terms of own wealth and/or efficiency. We find that, in general, the amelioration of financial constraints increases competition (it lowers the Lerner index of markups) in financially dependent sectors even when other standard concentration indexes indicate otherwise. Our analysis implies that disruptions in financial markets - such as the recent financial crisis - may have adverse effects on competition in product markets, a cost that has not been identified before.