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Financial Liberalization and Competition in Banking: an Empirical Investigation

We ask whether Israeli banks lost market power as a consequence of financial liberalization, despite the fact that the banking industry remained highly concentrated. We estimate a "monopoly power" conduct parameter and a "monopsony power" conducte parameter, jointly, for the non-indexed local currency loan and deposit markets, building on the method developed in Bresnahan (1982, 1989), Porter (1983), and Lee and Porter (1984).