Handbook of Competition in Banking and Finance
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Handbook of Competition in Banking and Finance

Edited by Jacob A. Bikker and Laura Spierdijk

For academics, regulators and policymaker alike, it is crucial to measure financial sector competition by means of reliable, well-established methods. However, this is easier said than done. The goal of this Handbook is to provide a collection of state-of-the-art chapters to address this issue. The book consists of four parts, the first of which discusses the characteristics of various measures of financial sector competition. The second part includes several empirical studies on the level of, and trends in, competition across countries. The third part deals with the spillovers of market power to other sectors and the economy as a whole. Finally, the fourth part considers competition in banking submarkets and subsectors.
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Chapter 15: SME business loans

Richard J. Rosen and Gregory F. Udell

Abstract

This chapter explores the association between competition in the bank market and the provision of finance to small and mid-sized enterprises (SMEs). The traditional market power view and the relationship lending view are both discussed, including their differing predictions on the impact of competition. The discussion is presented in the context of the lending technology paradigm, which emphasizes distinct differences in the methods of underwriting SME loans. The chapter includes an assessment of both the theoretical and the empirical literature on competition and SME lending.

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