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How integrated regional financial markets are in Europe? A first gauge based on active securitised loans

Author

Listed:
  • Moral Carcedo, Julián

    (Universidad Autónoma de Madrid)

  • Llanos Verduras, Carlos

    (Universidad Autónoma de Madrid)

Abstract

Little is known about the degree of integration of financial markets at subnational level in the EU. This article provides new evidence on interregional loan flows within Europe. Building on the "Loan Level Initiative" launched by the ECB, with more than 35 million active loans, we built a georeferenced dataset of securitised loans, covering the period 2014-2018 and the 166 European NUTS 2 regions for which data exists. After reviewing the complex nature of the dataset, we explored its geographical dimension, and conduct an econometric analysis focused on explaining the regional demand for such loans, using different explanatory variables related to the geographic and the socio-economic features of the regions, and alternative panel data specifications (classic versus spatial econometric ones).

Suggested Citation

  • Moral Carcedo, Julián & Llanos Verduras, Carlos, 2024. "How integrated regional financial markets are in Europe? A first gauge based on active securitised loans," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 59, pages 5-27.
    • Handle: RePEc:ris:invreg:0529
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    More about this item

    Keywords

    Capital flows; loans; securitized loans; European financial integration;
    All these keywords.

    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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