Has Competition in the Japanese Banking Sector Improved?

Figure 2. Estimates of θ_t for city banks

— — estimates

И 95% upper

—A—95% lower

—X—1/n

Note: MVR estimates of θ_t in Table 2 are shown with their 95% confidence interval. Line of 1/n corresponds to Cournot oligopoly, and line at zero

to perfect competition.

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