Publication: A dynamic analysis of market power in the U.S. mortgage lending market
Issued Date
2012-01-01
Resource Type
ISSN
1450202X
1450216X
1450216X
Other identifier(s)
2-s2.0-84856184111
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Mahidol University
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SCOPUS
Bibliographic Citation
European Journal of Scientific Research. Vol.69, No.2 (2012), 218-223
Suggested Citation
Pandej Chintrakarn, Paan Jindapon A dynamic analysis of market power in the U.S. mortgage lending market. European Journal of Scientific Research. Vol.69, No.2 (2012), 218-223. Retrieved from: https://repository.li.mahidol.ac.th/handle/20.500.14594/13525
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Title
A dynamic analysis of market power in the U.S. mortgage lending market
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Abstract
This paper examines market power in mortgage lending market in the U.S., applying a dynamic reformulation of the Bresnahan-Lau model in an error correcting framework. The most common motivation for using this model is to solve the inference problem when using non-stationary data, and to incorporate dynamic factors such as habit formation from the demand side and adjustment costs for the producer. The results suggest that commercial banks exercise market power in mortgage loan market in the long run. The estimated markup of 82% is statistically significant at the 1% level. © 2012 EuroJournals Publishing, Inc.
