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We investigate whether non-banks excessively or insufficiently enter the consumer loan market. Not only large non-banks such as Acom,Takefuji and Promise,but many small ones operate in the Japanese consumer loan market. These non-banks borrow most of the necessary funds from a few financial institutions such as banks and insurance companies. The market structure observed between these non-banks and firms that supply funds to them is a market with a vertical structure. Therefore,we developed a model of consumer loan markets as an oligopolistic market with a vertical structure,i.e.one upstream monopolistic bank and multiple non-banks. We show that non-banks insufficiently enter the consumer loan market in the long-run equilibrium. This result contrasts the well known“excess entry”theorem. JEL Classification Numbers:D43,G29,L13

The Long-run Equilibrium of the Consumer Loan Market