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Applied Economics Letters Volume 14, 2007 - Issue 6
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Original Articles

Aggregate concentration and the cost of systemic risk

Sherrill Shaffer Department of Economics and Finance, University of Wyoming, 1000 East University Ave., Laramie, WY82071, USA E-mail: [email protected]
Pages 425-428 | Published online: 18 Feb 2011
 
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Abstract

Aggregate concentration may exacerbate systemic risk if the social cost of business failure is a superlinear function of the fraction of industry capacity lost to failure. This result suggests new empirical tests to inform policy debates, as well as supporting an efficiency rationale for restricting aggregate concentration under certain conditions.

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