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Financial Protectionism? First Evidence

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  • ANDREW K. ROSE
  • TOMASZ WIELADEK

Abstract

type="main"> We examine large public interventions in the financial sector, such as bank nationalizations and search for “financial protectionism,” a decrease in the quantity and/or an increase in the price of loans that banks from one country make to borrowers resident in another. We use a bank-level panel data set spanning all U.K.-resident banks between 1997Q3 and 2010Q1. After nationalization, foreign banks reduced their fraction of British loans by about 11% and increased their effective interest rates by about 70 basis points. In contrast, nationalized British banks did not significantly change either their loan mix or effective interest rates.

Suggested Citation

  • Andrew K. Rose & Tomasz Wieladek, 2014. "Financial Protectionism? First Evidence," Journal of Finance, American Finance Association, vol. 69(5), pages 2127-2149, October.
    • Handle: RePEc:bla:jfinan:v:69:y:2014:i:5:p:2127-2149
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    File URL: http://hdl.handle.net/10.1111/jofi.12184
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