Book notes: Competition and Stability in Banking, by Xavier Vives
The book highlights many important issues, but also has a few flaws
Xavier Vives, Competition and Stability in Banking: The Role of Regulation and Competition Policy, Princeton University Press, 2016, 344 pages
Economists from Adam Smith to Kenneth Arrow are in favour of competition. Competitive markets allocate resources as well as is possible, and also foster innovation and thus economic growth. That, it can reasonably be said, is the basic and standard position. There are, of course, qualifications to that. Smith wanted to ensure there were the means to
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