The changing structure of banks' income - An empirical investigation

Abstract

In recent years, the changing nature of the banking and financial services industry has become an increasing focus of policy interest and of academic study. It has been argued that widespread deregulation accompanied by technological development has changed the environment in which financial intermediaries, and in particular banks, are operating. In Europe, further financial change seems likely to be provoked by EMU, in particular changes linked to the integration of euro area financial markets (De Bandt 1998). Depending on the point of view of the commentator, these changes may be seen as (i) necessary and welcome progress towards a more efficient financial system, which provides financial intermediation more cost-efficiently and allocates capital more efficiently than has been previously the case; and/or (ii) they are seen as threatening to financial stability and as a development towards a financial system that is prone to crises at frequent intervals.

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