Financial Protectionism? First Evidence

• 成果类型: Article
• 署名作者: Rose, Andrew K.; Wieladek, Tomasz
• 署名单位: University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Bank of England
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12184
• 发表日期: 2014
• 页码: 2127-2149
• 关键词: FLIGHT HOME; MARKET

摘要

We examine large public interventions in the financial sector, such as bank nationalizations and search for financial protectionism, a decrease in the quantity and/or an increase in the price of loans that banks from one country make to borrowers resident in another. We use a bank-level panel data set spanning all U.K.-resident banks between 1997Q3 and 2010Q1. After nationalization, foreign banks reduced their fraction of British loans by about 11% and increased their effective interest rates by about 70 basis points. In contrast, nationalized British banks did not significantly change either their loan mix or effective interest rates.