Capital Market Regimes and Bank Structure in Europe
研究了欧洲各国资本市场特征如何影响银行资本化和贷款增长，发现股权友好型市场促进银行资本化，股权和信贷友好型市场均促进贷款增长，且对小银行和合作制银行影响更大。
We hypothesize that fundamental features that distinguish European capital markets have predictably influenced emerging national differences in bank capitalization and loan growth. Using bank‐level data from 13 European countries, 1998 to 2004, we find evidence of positive effects of “equity‐friendly” market features on bank capitalization and positive effects of both “equity‐friendly” and “credit‐friendly” market features on loan growth. The findings are strongest in small banks and in banks with cooperative charters. Our results suggest that ongoing and prospective integration of European banking markets is mitigated by relatively static features of the equity and credit markets on which banks rely.