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Evolución del margen de intermediación en España: ¿Tipos de interés, riesgo, costes o competencia?
Juan Fernández de Guevara |
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This paper analyses the determinants of the interest margin in the Spanish banking sector. The model developed by Ho and Saunders (1981) is widened to take banks’ operating costs explicitly into account. In the model proposed, the interest margin depends of the interest rate and credit risk, the level of competition in banking markets and the average operating costs. The empirical model is tested for a panel of Spanish banks for the period 1992-1999. Results show that the decreases in the interest margin are caused by both a reduction in the average operating costs and a reduction in the uncertainty of the money markets (interest rate risk) that have counteracted the effect of an increase in the market power.
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