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La banca frente a la disrupción digital 

Date: 02/2020 Author(s): Vives, Xavier Editor(s): Cátedra Abertis de Regulación, Competencia y Políticas Públicas Document type: Non-refereed article Este documento analiza la disrupción tecnológica en el sector bancario, su impacto sobre la competencia y su potencial para aumentar la eficiencia y el bienestar del cliente. Se abordan las posibles estrategias de los participantes-bancos tradicionales, firmas fintech, y el papel de la regulación. Aunque la competencia aumentará con los nuevos entrantes, ... More information

El reto de sumar para multiplicar: la colaboración público-privada como eje de transformación de Barcelona 

Date: 18/12/2019 Author(s): Vives, Xavier; Hernández, Mateu; Guardans i Cambó, Pau; Campistol, Josep M.; Conesa, Pilar; Grandes, Ainhoa; Mas-Colell, Andreu Editor(s): PPSRC - Public-Private Sector Research Center Document type: Study and Monograph El informe, elaborado por más de 50 socios de Barcelona Global recoge 16 propuestas en los ámbitos de la cultura, la investigación, las Smart Cities, la salud y la inversión para relanzar la colaboración público-privada y plantea la necesidad de que ésta vuelva a ser un motor de desarrollo y crecimiento para la ciudad, que tan clave fue para el 'Modelo ... More information

Sound At Last? Assessing a Decade of Financial Regulation 

Date: 06/06/2019 Author(s): Bolton, Patrick; Cecchetti, Stephen; Danthine, Jean-Pierre; Vives, Xavier Document type: Study and Monograph This is the first report in a new series on The Future of Banking, part of the new Banking Initiative from the IESE Business School that was launched in October 2018. The first report assesses fundamental aspects of the regulatory reform of the financial system, in particular banking, after the Great Recession. It critically reviews regulatory changes ... More information Read related article

Common Ownership and the Secular Stagnation Hypothesis 

Date: 05/2019 Author(s): Azar, José; Vives, Xavier Document type: Proceeding We extend the model in Azar and Vives (2018) to allow for investment and show that higher effective market concentration (augmented by common ownership) leads to lower equilibrium wages, real interest rates, lower output, lower labor share, and lower capital share as well (under a mild condition). We calibrate a multisector sector model of the US ... More information

Oligopoly, Macroeconomic Performance, and Competition Policy 

Date: 02/08/2018 Author(s): Azar, José; Vives, Xavier Document type: Working Paper We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns to scale are non-increasing, then an increase in ?effective? ... More information

Strategic Complementarities in Oligopoly 

Date: 23/02/2018 Author(s): Vives, Xavier Document type: Chapter Oligopoly theory is closely connected with game theory. Indeed, oligopoly competition is the leading example of strategic interaction and it should suffice to mention that Cournot's equilibrium concept is just the modern Nash equilibrium. Modeling strategic interaction presents formidable problems as the founders of oligopoly theory (Cournot, Bertrand, ... More information

The Impact of Fintech on Banking 

Date: 23/12/2017 Author(s): Vives, Xavier Document type: Non-refereed article The influence of fintech is beginning to be felt in the banking sector and capital markets. This article surveys its development and its impact on efficiency, banking market structure, strategies of incumbents and entrants, and financial stability. Fintech has a welfare-enhancing disruptive capability but regulation needs to adapt so that the new technology ... More information

Spanish Reform Monitor 

Date: 11/12/2017 Author(s): Vives, Xavier; Xifré, Ramon Collaborator(s): Cabrales, Antonio; Pastor, Alfredo; Ganuza, Juan-José; de la Rica, Sara; Carbó, Santiago; Torres, Raymond; Cuenca, Alain; Domènech, Rafael; Jiménez, Sergi; Mas, Núria; Salvador, Jordi; Sponsor(s): Fundación de las Cajas de Ahorros - FUNCAS; Other collaboration: Rodríguez Planas, Miquel; Monner, Carlota; Everis; ESCI-UPF International Busisness; Editor(s): PPSRC - Public-Private Sector Research Center Document type: Study and Monograph The sixth Spanish Reform Monitor, covering the period up to 2017-Q3, encounters a mix of signals about the state of the economy and the reformist agenda in Spain. Overall, the prevailing tone in our panel of experts accords with that of the previous release. Growth and recovery appear to be well stablished with solid medium-term perspectives but policy ... More information Read related article

¿Un nuevo paradigma para los mercados financieros? 

Date: 12/2017 Author(s): Vives, Xavier Document type: Non-refereed article La crisis financiera y económica que se desencadenó en el año 2007 ha puesto en cuestión el análisis económico y financiero y sus modelos. Además ha cuestionado en general el funcionamiento y la estabilidad de las economías de mercado, y ha restado credibilidad a los mercados financieros y a sus instituciones. La situación sólo tiene un precedente ... More information

Regulatory Reform: Where to from Here? 

Date: 11/2017 Author(s): Vives, Xavier Document type: Chapter The recent financial crisis has exposed many market and regulatory failures. Those failures have triggered regulatory reform. The question is whether this reform goes in the right direction and whether it will work. More information
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