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Integración monetaria y segmentación regional de mercados bancarios

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  • Carlos Javier Rodriguez Fuentes
  • David Padrón Marrero
  • Antonio Olivera Herrera
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    Abstract

    RESUMEN En la mayoría de los trabajos en los que se estudian las consecuencias económicas de la moneda única se suele indicar que su introducción conducirá a unos mayores niveles de integración de los mercados bancarios europeos. No obstante, los cambios ocurridos en el sector bancario europeo durante los años noventa no parecen corroborar tal apreciación, sino más bien la consolidación de una estructura nanciera peculiar en la que coexisten instituciones que operan a nivel europeo/internacional, con otras que se especializan en determinados segmentos de mercado y/o áreas geográ cas del mismo. La inexistencia de un sistema bancario plenamente integrado a nivel europeo podría tener consecuencias relevantes para la transmisión de los impulsos de la política monetaria única, lo cual justi ca en cierta medida el reciente interés por el estudio de la estructura nanciera europea. El objetivo de este trabajo es poner de mani esto que la existencia de una moneda única, así como de un fuerte impulso liberalizador y de armonización en el plano nanciero, no resultan condiciones su cientes para la eliminación de la segmentación existente en los mercados bancarios. Para apoyar nuestro razonamiento teórico estudiamos la especialización regional de las entidades bancarias españolas en los años ochenta y noventa. ABSTRACT Most papers analysing the economic consequences of the Euro point out that the single currency will lead to a higher degree of nancial market integration. However, current changes in European nancial sector point to the consolidation of a nancial structure which is characterised by the existence of a two-tier banking system. That is to say, a nancial structure where some institutions operate world wide whereas some others concentrate their activities in their national or regional markets. As some authors have pointed out, the consolidation of such a nancial structure might have relevant consequences for the transmission mechanism of the single monetary policy. The aim of this paper is to analyse the relationship in between monetary integration and bank market segmentation. The main goal of the paper is to determine whether bank market segmentation may persist within a perfect monetary union. For this reason we focus our attention in the Spanish regional banking markets prior to the introduction of the Euro. Our ndings suggest that despite existing a perfect monetary union some segmentation in banking markets may persist.

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    Bibliographic Info

    Article provided by Universidades Públicas de Andalucía in its journal Revista de Estudios Regionales.

    Volume (Year): 02 (2004)
    Issue (Month): ()
    Pages: 41-61

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    Handle: RePEc:rer:articu:v:02:y:2004:p:41-61

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    Keywords: Integración monetaria; Segmentación mercados bancarios;

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