Competition policy

Tara Rice, Kathryn Petralia, 24 September 2019

On 24 September the CEPR launched the latest Geneva Report on the world economy, called Banking disrupted? Financial intermediation in an era of transformational technology. Tim Phillips asks Tara Rice and Kathryn Petralia, two of the authors, whether fintechs and cryptocurrencies signal the beginning of the end for banks.

Kathryn Petralia, Thomas Philippon, Tara Rice, Nicolas Véron, 24 September 2019

FinTech and Big Tech firms are both increasingly stepping on banks’ traditional turf. This column introduces the 22nd Geneva Report on the World Economy, which looks at the challenges generated by new technology-enabled entrants to the global banking industry and the public authorities that oversee it. It argues that to respond adequately to the FinTech/Big Tech challenge, authorities will need to raise their game and enter uncharted territories.

Kathryn Graddy, 21 September 2019

The auction market provides important information regarding prices to a host of players, including buyers, sellers, investors, students of art history, and even economists. Already dominating the high-end public auction system in art, Christie’s and Sotheby’s have recently been making a significant push into private sales. This column examines the potential implications of this move for the art market and whether it may decrease competition.

Francesco Decarolis, Gabriele Rovigatti, 12 September 2019

The concentration in the supply of online advertisement space among a few tech giants has led to their careful scrutiny by competition authorities in both the EU and the US, and some large fines for abuse of dominant position. This column discusses new evidence suggesting that, even without these policy interventions, the market is changing in ways that are reducing the ability of the ad space sellers to gain from their dominant position. Advertisers’ increasing delegation of their ad purchases to demand-side intermediaries has generated a countervailing buyer power capable of leading to marked reductions in online ad prices. 

Maria Chiara Cavalleri, Alice Eliet, Peter McAdam, Filippos Petroulakis, Ana Soares, Isabel Vansteenkiste, 24 August 2019

Recent evidence suggests that competitive intensity has been declining in the US. This column aims to contribute to our understanding of these trends in the euro area. It finds that, in contrast to the situation in the US, market power metrics have been relatively stable over recent years and mark-ups have marginally been trending down since the late 1990s. It suggests that more research on the sectoral level and with better data is necessary to analyse the complex welfare and policy implications of these developments.

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