Marques-Ibanez,David, van Leuvensteijn, Michiel, (2017), “Bank competition and financial stability: The role of financial innovation”, VoxEu, 3 Φεβρουαρίου
An unprecedented process of deregulation took place in the banking sector in the three decades prior to the Global Crisis. This column argues that during periods of intense bank competition, financial innovation can compound the adverse effects of competition on stability. Coupled with strong competition, the significant use of one such innovation – securitisation – in the run-up to the crisis was related to high levels of bank risk.
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