Foreign bank penetration of newly opened markets in the Nordic countries |
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| Institution: | 1. School of Business Administration, University of San Diego, 5998 Alcalá Park, San Diego, CA 92110, USA;2. Sprott School of Business, Carleton University, 1125 Colonel By Dr, Ottawa, Ontario K1S 5B6, Canada;1. Universidade Nova de Lisboa, Faculdade de Ciências e Tecnologia and CEFAGE, 2829-516 Caparica, Portugal;2. Department d’Economia and CREIP, Universitat Rovira i Virgili, Av. de la Universitat, 1, 43204 Reus, Spain;3. Universidade Católica Portuguesa, Católica Porto Business School, Rua Diogo de Botelho, 1327, 4169-005 Porto, Portugal;4. Universidade do Porto, Faculdade de Economia and CEF.UP, Rua Dr. Roberto Frias, 4200-464 Porto, Portugal;1. School of Business, Southern New Hampshire University, 2500 N. River Rd., Manchester, NH 03106, USA;2. Business Administration Division, Mahidol University International College, 999 Phutthamonthon 4 Road, Salaya, Nakhonpathom 73170, Thailand;1. Cornell University and NBER, USA;2. SKEMA Business School - Université Côte d’Azur, France |
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| Abstract: | The opening to foreign banks in the Nordic countries provides us with an opportunity to study the evolution of the foreign bank sector in situations where the sector had a definite start date. Despite low survival rates for individual foreign banks, on balance the foreign bank sector gained market share (in terms of the assets of the banking system) over time. Our results for the role of time, links to the home market and problems facing domestic competitors were strongly in accordance with expectations in the cases of Denmark, mixed or indeterminate for Finland and Norway, and strongly opposite in the case of Sweden. Lastly, our results are broadly consistent with the Stiglitz–Weiss argument that the foreign banks bought entry by accepting worse lending risks. |
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