This paper investigates the spillover effects of aggregate stock market liquidity on bank market power using a sample of 44 countries and 7297 individual banks from 1999 to 2014. Country-level and bank-level analysis shows that enhancement in stock market liquidity strengthens the market power of the banking sector. This relationship is more pronounced in developed market countries and in countries with common law origin, which offer better investor protection. To the best of our knowledge, this is the first paper to provide comprehensive empirical evidence of the complementary relationship between banks and stock markets, providing important policy implications for regulators.

中文翻译：

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考察股票市场流动性对银行市场支配力的影响

本文以 1999 年至 2014 年 44 个国家和 7297 家个体银行为样本，研究了股市总流动性对银行市场支配力的溢出效应。银行业。这种关系在发达市场国家和普通法起源国家更为明显，它们提供更好的投资者保护。据我们所知，这是第一篇为银行与股票市场之间的互补关系提供全面实证证据的论文，为监管机构提供了重要的政策启示。