A reassessment of market power among credit card banks

• Autores: Sherrill Shaffer, Lorein Thomas
• Localización: Applied financial economics, ISSN 0960-3107, Vol. 17, Nº. 7-9, 2007, págs. 755-767
• Idioma: inglés
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• Resumen

  • An improved empirical specification of credit card conduct agrees with several prior studies in rejecting perfectly competitive equilibrium, indicates structural disequilibrium in the industry and is consistent with monopolistic competition. Measures of liquidity management costs, omitted from prior studies, are shown to be important factors in a properly specified model of pricing conduct in credit card lending.