Financial Protectionism? First Evidence
研究了银行国有化等大规模金融干预是否导致金融保护主义，即一国银行减少对另一国借款人的贷款量或提高利率。基于1997-2010年英国所有银行的面板数据，发现外国银行在国有化后对英国贷款减少约11%，利率提高约70个基点，而国有化的英国银行变化不显著。
ABSTRACT 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.