| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP8404
|
| DP8404 Financial Protectionism: the First Tests |
| Andrew Rose; Tomasz Wieladek
|
| 发表日期 | 2011-05-01
|
| 出版年 | 2011
|
| 语种 | 英语
|
| 摘要 | We provide the first empirical tests for financial protectionism, defined as a nationalistic change in banks? lending behaviour, as the result of public intervention, which leads domestic banks either to lend less or at higher interest rates to foreigners. We use a bank-level panel data set spanning all British and foreign banks providing loans within the United Kingdom between 1997Q3 and 2010Q1. During this time, a number of banks were nationalised, privatised, given unusual access to loan or credit guarantees, or received capital injections. We use standard empirical panel-data techniques to study the "loan mix," domestic (British) loans of a bank expressed as a fraction of its total loan activity. We also study effective short-term interest rates, though our data set here is much smaller. We examine the loan mix for both British and foreign banks, both before and after unusual public interventions such as nationalisations and public capital injections. We find strong evidence of financial protectionism. After nationalisations, foreign banks reduced the fraction of loans going to the UK by about eleven percentage points and increased their effective interest rates by about 70 basis points. By way of contrast, nationalised British banks did not significantly change either their loan mix or effective interest rates. Succinctly, foreign nationalised banks seem to have engaged in financial protectionism, while British nationalised banks have not. |
| 主题 | Financial Economics
; International Macroeconomics
|
| 关键词 | Bank
Crisis
Domestic
Empirical
Foreign
Loan
Nationalisation
Panel
Privatization
|
| URL | https://cepr.org/publications/dp8404
|
| 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/537217
|
推荐引用方式
GB/T 7714 |
Andrew Rose,Tomasz Wieladek. DP8404 Financial Protectionism: the First Tests. 2011.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
