| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7013 |
| DP7013 Free Flows, Limited Diversification: Explaining the Fall and Rise of Stock Market Correlations, 1890-2001 | |
| Hans-Joachim Voth; Dennis Quinn | |
| 发表日期 | 2008-10-17 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Using a novel dataset that allows us to trace the primary bank relationships of a sample of mostly unlisted firms, we explore which borrowers are able to benefit from foreign bank presence in emerging markets. Our results suggest that the limits to financial integration are less tight than the static picture of bank-firm relationships implies. Even though foreign banks are more likely to engage large and foreign-owned firms, they do not terminate relationships with the clients of banks they acquire as often as domestic financial acquirers do. Most importantly, firms appear to have the same access to financial loans and ability to invest whether they borrow from a foreign bank or not. Since firms without bank relationships make lower use of financial loans, and invest less, our results suggest that by making relationships more stable and by indirectly enhancing access to the financial system, foreign banks may benefit all firms. |
| 主题 | Financial Economics |
| 关键词 | Competition Emerging markets Foreign bank lending Lending relationships |
| URL | https://cepr.org/publications/dp7013 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535830 |
| 推荐引用方式 GB/T 7714 | Hans-Joachim Voth,Dennis Quinn. DP7013 Free Flows, Limited Diversification: Explaining the Fall and Rise of Stock Market Correlations, 1890-2001. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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