地域学研究
Online ISSN : 1880-6465
Print ISSN : 0287-6256
ISSN-L : 0287-6256
論文
The Long-run Equilibrium of the Consumer Loan Market
Nobuhiro MORIMakoto OKAMURATakao OHKAWA
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ジャーナル 認証あり

2009 年 39 巻 4 号 p. 941-949

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We investigate whether non-banks excessively or insufficiently enter the consumer loan market. Not only large non-banks such as Acom, Takefuji and Promise, but many small ones operate in the Japanese consumer loan market. These non-banks borrow most of the necessary funds from a few financial institutions such as banks and insurance companies. The market structure observed between these non-banks and firms that supply funds to them is a market with a vertical structure. Therefore, we developed a model of consumer loan markets as an oligopolistic market with a vertical structure, i.e. one upstream monopolistic bank and multiple non-banks. We show that non-banks insufficiently enter the consumer loan market in the long-run equilibrium. This result contrasts the well known "excess entry" theorem.

JEL Classification Numbers: D43, G29, L13

著者関連情報
© 2009 by The Japan Section of the Regional Science Association International
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