Globalizzazione e sistema bancario europeo: Determinanti e impatto sulla redditività

ALIANO, MAURO

2016-03-31

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Abstract

Based on a dataset that allows tracking banks across four Euro countries and across different modes of foreign entry, this study addresses the multi-nationalization strategies of European banks in the aftermath of the financial crisis of 2007. In this period the relevant regulatory activities that involved the banking sector and the high volatility of global economic and financial environment, represent the macro-institutional framework. In this context, bank hysteresis mechanisms among Euro countries are progressively attenuated, but still persist and affect ECB and its policy. In the analysis, we study the impact of country and firm level factors for bank multi-nationalization supported by a database of about 350 banks of the four major countries of the Euro area (Germany, France, Italy and Spain), for the period 2008-2014, on which statistical methods of panel regression are applied. We estimate a model with two specifications. In the first, we theoretically model the intensity of multi-nationalization of banks as a function of profitability, risk, and macroeconomics variables; in the second, we employ the intensity of multi-nationalization as impact-variable on bank profitability. Among the conclusions one seems the most important, the one linked to the prevailing negative relationship (dynamic in both directions) between profitability and intensive multi-nationalization process.