Measuring competition in Portuguese commercial banking during the Golden Age (1960-1973)

Luciano Amaral

Business History, 2015, vol. 57, issue 8, 1192-1218

Abstract: The institutional environment of Portuguese banking during the Golden Age of economic growth (1950-1973) has been criticised in many accounts. According to various authors, on the one hand it would have granted excessive protection to existing banks, allowing them to obtain high rents, a disincentive for them to compete; on the other, it would have forced them to concentrate their activity excessively on short-term credit instruments, thereby preventing them from contributing effectively to finance growth. In this article we use a formal statistical approach of the Panzar-Rosse type and conclude that the system did, in fact, have some interesting competitive features.

Date: 2015
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DOI: 10.1080/00076791.2015.1021691

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