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Date Submitted: 09/23/2012 07:05 PM
EUROPEAN
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BANK
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W O R K I N G PA P E R S E R I E S
WORKING PAPER NO. 292
BANK MERGERS, COMPETITION
AND LIQUIDITY
BY ELENA CARLETTI,
PHILIPP HARTMANN AND
GIANCARLO SPAGNOLO
November 2003
EUROPEAN
CENTRAL
BANK
W O R K I N G PA P E R S E R I E S
WORKING PAPER NO. 292
BANK MERGERS, COMPETITION
AND LIQUIDITY1
BY ELENA CARLETTI2,
PHILIPP HARTMANN3 AND
GIANCARLO SPAGNOLO4
November 2003
1
2
3
4
We would like to thank Franklin Allen, Giuseppe Bertola, Ulrich Bindseil, Urs Birchler, Jürg Blum,Vittoria Cerasi, Hans Degryse, Fiorella De Fiore, Charles Goodhart, Martin Hellwig,
Cornelia Holthausen, Haizhou Huang, Roman Inderst, Andreas Irmen, Simone Manganelli, Bruno Parigi, Rafael Repullo, Jean-Charles Rochet, Richard Rosen, Martin Ruckes, Rune
Stenbacka and Jürgen Weigand for comments and suggestions.Thanks also to the participants at the Fed Chicago Bank Structure Conference 2003, the Launching Worskhop of the
ECB-CFS network in Frankfurt, the Third Joint Central Bank Conference in Basel, the CEPR/Fundación BBVA conference on universal banking in Madrid, EFA 2002 in Berlin, EEA and
ESEM 2002 in Venice, GFA 2002 in Cologne, ESSFM 2002 in Gerzensee; and to seminar participants at the Bank of England, ECB, Ente Enaudi, EUI, Fed Board, New York Fed,
George Washington University, IMF, Swiss National Bank, University Carlos III, and University of Zurich.We appreciated the excellent research assistance by Andres Manzanares and
Sandrine Corvoisier. Any views expressed are only the authors´ own and do not necessarily coincide with the views of the ECB or the Eurosystem.This paper can be downloaded
without charge from http://www.ecb.int or from the Social Science Research Network electronic library at http://ssrn.com/abstract_id=487471.
University of Mannheim, Department of Economics, 68131 Mannheim, Germany, email: carletti@rumms.uni-mannheim.de....