Consolidation of the Financial Services Industry: Causes, Consequences, and211 Implications for the Future

摘要

This article designs a framework for evaluating the causes, consequences, and211u001efuture implications of financial services industry consolidation, reviews the 211u001eextant research literature within the context of this framework (over 250 211u001ereferences), and suggests fruitful avenues for future research. The evidence is 211u001econsistent with increases in market power for some types of consolidation; 211u001eimprovements in profit efficiency and diversification of risks, but little or no 211u001ecost efficiency improvement on average; relatively little effect on the 211u001eavailability of services to small customers; potential improvements in payment 211u001esystem efficiency; and potential costs on the financial system from increasing 211u001esystemic risk or expanding the financial safety net.