Banking performance in Andorra, 1931-2007
Keywords:
Andorra, banking performance, market structure, offshore financial centreAbstract
This paper presents a first estimate of the profitability of Andorran banking (return on equity) from its beginnings until 2007. The research suggests, after analysing the main banking aggregates for the country, that the Andorran financial centre acted as a safe haven for foreign capital in times of economic turmoil. After meeting local demand for credit, the excess capital was transferred to the international market, making it possible to obtain higher returns. The study of this new quantitative source permits a first evaluation of the market structure-performance relationship. The evidence suggests that collusive agreements, rather than efficiency, boosted the sector’s profitability in the long term.Downloads
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2018 Revista de Historia Industrial. Economía y Empresa
This work is licensed under a Creative Commons Attribution 4.0 International License.
The author assigns all rights to the publisher. Creative Commons
The author who publishes in this journal agrees to the following terms:
- The author assigns all intellectual property rights exclusively to the publisher for the entire duration of the applicable intellectual property rights.
- The publisher will distribute the texts under the Creative Commons Attribution License, which allows others to share the work, provided that they acknowledge the authorship, its initial publication in this journal, and the conditions of the license.