Cultural proximity and cross‐border banking flows
利用1996-2019年跨国面板数据，采用引力模型和泊松伪最大似然估计，发现文化亲近度同时推动跨境贷款和借款，并通过信息不对称和成本降低渠道发挥作用。
Abstract This paper disentangles the impacts of cultural proximity on cross‐border banking flows, using large country‐pair data from 1996 to 2019. On applying the gravity model with the Poisson Pseudo Maximum Likelihood estimator, our main findings show that cultural proximity is both a push and pull factor, which robustly anticipates increased outflows (cross‐border lending) and inflows (cross‐border borrowing). The impacts of cultural proximity are transmitted throughout the information asymmetry and cost reduction channels. These impacts become pronounced for geographically proximate country pairs and hold for a different measure of cultural goods taxonomy and for controlling the endogeneity problem.