In this study, we analyze the effect of a merger between banks by extending a structural model of the banking industry with the possibility of bank runs developed by Egan et al. (2017; American Economic Review, 107, 169–216). We use our framework to analyze whether the 2008 merger between Wells Fargo and Wachovia was beneficial for social welfare. The results suggest that the stability of the financial system is critical for evaluating mergers in the banking industry.

中文翻译：

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金融不稳定下银行并购的福利分析

在这项研究中，我们通过扩展银行业的结构模型以及伊根等人提出的银行挤兑的可能性来分析银行之间合并的影响。 （2017 年；《美国经济评论》，107, 169–216）。我们使用我们的框架来分析 2008 年富国银行和美联银行之间的合并是否有利于社会福利。结果表明，金融体系的稳定性对于评估银行业的合并至关重要。