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The Determinants of Cross-Border Lending in the Euro Zone

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  • Sylvia Heuchemer

    (Cologne University of Applied Sciences Claudiusstr.1, K�ln 50678, Germany)

  • Stefanie Kleimeier

    ([1] Limburg Institute of Financial Economics, Maastricht University, Tongersestraat 53, LM Maastricht 6211, The Netherlands[2] METEOR, Maastricht University, Tongersestraat 53, LM Maastricht 6211, The Netherlands)

  • Harald Sander

    ([1] Cologne University of Applied Sciences Claudiusstr.1, K�ln 50678, Germany[2] METEOR, Maastricht University, Tongersestraat 53, LM Maastricht 6211, The Netherlands)

Abstract

We investigate the determinants of cross-border lending in the euro zone with a focus on the potentially limiting role of cultural and political factors. Employing a unique data set of European cross-border loans, the study uses various specifications of gravity models, which are subsequently augmented by societal proxies. Although trade-theoretic and financial development reasoning can explain part of the surge in cross-border lending, we demonstrate that distance and borders still matter. Moreover, we identify cultural differences and different legal family origin as important barriers to further integration in the euro zone.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 51 (2009)
Issue (Month): 4 (December)
Pages: 467-499

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Handle: RePEc:pal:compes:v:51:y:2009:i:4:p:467-499

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Cited by:
  1. Fidrmuc, Jarko & Hainz, Christa, 2013. "The effect of banking regulation on cross-border lending," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(5), pages 1310-1322.
  2. Sander, Harald & Kleimeier, Stefanie & Heuchemer, Sylvia, 2013. "E(M)U effects in global cross-border banking," Economics Letters, Elsevier, Elsevier, vol. 118(1), pages 91-93.
  3. Anton, Sorin Gabriel & Avadanei, Andreea, 2010. "The implications of European retail banking integration on small and medium-sized enterprises financing. An overview," MPRA Paper 28660, University Library of Munich, Germany.

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