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首页> 外文期刊>Financial history review >Imperfect but true competition: innovation and profitability in Portuguese banking during the golden age (1950-1973)
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Imperfect but true competition: innovation and profitability in Portuguese banking during the golden age (1950-1973)

机译：不完美但真正的竞争：黄金时代（1950-1973）葡萄牙银行业的创新和盈利能力

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摘要

The institutional environment of Portuguese banking during the golden age years of economic growth (1950-73) has been criticised in many instances, at the time and in recent literature. Direct observers of the period as well as historians have stressed two main aspects of that environment: excessive protection of existing banks, allowing them to obtain high rents, which represented a disincentive for them to compete and innovate; excessive concentration of their activity on short-term commercial paper, thus preventing them from contributing to finance growth. There seems to be a contradiction here, however, with the high growth rates of the years 1950 to 1973. The apparent contradiction is not limited to Portugal, in fact, as rapid growth in many economies in that period occurred within a framework of heavily regulated financial systems. This is the 'financial paradox' of the golden age. Portugal is an interesting case in the international perspective. As in the rest of the western world, legislation repressed banking quite tightly, but banks circumvented the law and competed with each other. The signs of competition were visible mostly in two dimensions: the growth of time deposits and geographical expansion.
机译：在经济发展的黄金时期（1950-73年），葡萄牙银行业的制度环境在当时和最近的文献中都受到了许多批评。那个时期的直接观察者和历史学家们都强调了这种环境的两个主要方面：对现有银行的过度保护，使他们可以获得高租金，这阻碍了它们竞争和创新。他们的活动过多地集中在短期商业票据上，从而阻止了他们为金融增长做出贡献。然而，这里似乎与1950年至1973年的高增长率存在矛盾。事实上，明显的矛盾不仅限于葡萄牙，因为在此期间许多经济体的快速增长发生在受到严格管制的框架内金融系统。这是黄金时代的“金融悖论”。从国际角度来看，葡萄牙是一个有趣的案例。与西方其他国家一样，立法对银行业施加了严密的压制，但是银行规避法律并相互竞争。竞争的迹象主要体现在两个方面：定期存款的增长和地域的扩张。

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