International banking , gravity model , financial frictions
Abstract:
The global financial crisis has brought to an end a rather unprecedented period of banks’
international expansion. We analyze the effects of the crisis on international banking. Using a
detailed dataset on the international assets of all German banks with foreign affiliates for the
years 2002-2011, we study bank internationalization before and during the crisis. Our data allow
analyzing not only the international assets of the banks’ headquarters but also of their foreign
affiliates. We show that banks have lowered their international assets, both along the extensive
and the intensive margin. This withdrawal from foreign markets is the result of changing market
conditions, of policy interventions, and of a weakly increasing sensitivity of banks to financial frictions.
Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.
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