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architecture --- concept --- sens et sensations --- architecture --- composition, proportions, etc. --- concept --- sens et sensations

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This paper provides the first empirical analysis of the cross-country relationship between a direct measure of competitive conduct of financial institutions and banking system fragility. Using the Panzar and Rosse H-Statistic as a measure for competition in 38 countries during 1980-2003, we present evidence that more competitive banking systems are less prone to systemic crises and that time to crisis is longer in a competitive environment. Our results hold when concentration and the regulatory environment are controlled for and are robust to different methodologies, different sampling periods, and alternative samples.

Bank management. --- Banks and banking. --- Electronic books. -- local. --- Finance --- Business & Economics --- Banking --- Banks and banking --- Agricultural banks --- Banking industry --- Commercial banks --- Depository institutions --- Management --- Financial institutions --- Money --- Banks and Banking --- Econometrics --- Finance: General --- Macroeconomics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Discrete Regression and Qualitative Choice Models --- Discrete Regressors --- Proportions --- Financial Crises --- Econometrics & economic statistics --- Economic & financial crises & disasters --- Competition --- Logit models --- Systemic crises --- Econometric models --- Financial crises --- United States

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This paper investigates the increasing exposure of European households to risky financial assets and the consequent impact on the economy. I analyze household data for Italy and the United Kingdom, countries that differ dramatically in their financial structure and capital markets. I estimate an endogenous switching model with bivariate switching to overcome two important obstacles in this line of research, namely, the consumption Capital Asset Pricing Model Puzzle and the excess sensitivity puzzle. The results show that there are wealth effects in both countries. I find some evidence of liquidity constraints only in Italy and habit formation exclusively in the United Kingdom.

Capital market -- Great Britain -- Econometric models. --- Capital market -- Italy -- Econometric models. --- Consumption (Economics) -- Great Britain -- Econometric models. --- Consumption (Economics) -- Italy -- Econometric models. --- Electronic books. -- local. --- Wealth -- Great Britain -- Econometric models. --- Wealth -- Italy -- Econometric models. --- Finance --- Business & Economics --- Investment & Speculation --- Capital market --- Consumption (Economics) --- Wealth --- Econometric models. --- Affluence --- Distribution of wealth --- Fortunes --- Riches --- Consumer demand --- Consumer spending --- Consumerism --- Spending, Consumer --- Capital markets --- Market, Capital --- Business --- Economics --- Capital --- Money --- Property --- Well-being --- Demand (Economic theory) --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Finance: General --- Investments: Stocks --- Macroeconomics --- Money and Monetary Policy --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Discrete Regression and Qualitative Choice Models --- Discrete Regressors --- Proportions --- Consumer Economics: Empirical Analysis --- Financial Markets and the Macroeconomy --- Portfolio Choice --- Investment Decisions --- Macroeconomics: Consumption --- Saving --- Aggregate Factor Income Distribution --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Inflation --- Deflation --- Investment & securities --- Monetary economics --- Consumption --- Income --- Stocks --- Liquidity --- National accounts --- Asset and liability management --- Financial markets --- Asset prices --- Prices --- Italy