We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete … in liquidity risk and expected liquidity needs for each bank and for the banking system. Large mergers tend to increase … expected aggregate liquidity needs, and thus the liquidity provision by the central bank. Comparative statics suggest that a …

bank-level data to study the impact of interchange fee regulation. We find that consumer and merchant welfare improved … because of increased consumer and merchant adoption leading to greater usage of payment cards. We also find that bank revenues …

In a payment card association such as Visa, each time a consumer pays by card, the bank of the merchant (acquirer) pays … an interchange fee (IF) to the bank of the cardholder (issuer) to carry out the transaction. This paper studies the … qualitative results are robust to imperfect issuer competition, imperfect acquirer competition, and to other factors affecting …

We study the relative effect of venture capital and bank finance on large manufacturing firms in local U.S. markets …