European Regional Policy
How integrated regional financial markets are in Europe? A first gauge based on active securitised loans
How integrated regional financial markets are in Europe? A first gauge based on active securitised loans
Investigaciones Regionales - Journal of Regional Research, núm. 59, pp. 5-27, 2024
Asociación Española de Ciencia Regional
Esta obra está bajo una Licencia Creative Commons Atribución-NoComercial 4.0 Internacional.
Recepción: 22 Junio 2023
Aprobación: 01 Febrero 2024
Abstract: Little is known about the degree of integration of financial markets at subnational level in the EU. This article provides new evidence on interregional loan flows within Europe. Building on the "Loan Level Initiative" launched by the ECB, with more than 35 million active loans, we built a georeferenced dataset of securitised loans, covering the period 2014-2018 and the 166 European NUTS 2 regions for which data exists. After reviewing the complex nature of the dataset, we explored its geographical dimension, and conduct an econometric analysis focused on explaining the regional demand for such loans, using different explanatory variables related to the geographic and the socio-economic features of the regions, and alternative panel data specifications (classic versus spatial econometric ones).
Keywords: Capital flows, loans, securitized loans, European financial integration.
Resumen: Poco se sabe sobre el grado de integración de los mercados financieros a nivel regional en la UE. Este artículo proporciona un primer vistazo a los flujos de préstamos interregionales dentro de Europa. Partiendo de la base de datos «Loan Level Initiative» lanzada por el BCE, que permite acceder a información de más de 35 millones de préstamos activos, construimos un conjunto de datos georreferenciados de préstamos titulizados, capaz de cubrir el periodo 2014-2018 y las 166 regiones europeas NUTS 2 para las que dichos datos existen. Tras depurar y explorar el conjunto de datos, en este artículo exploramos su dimensión geográfica, mediante un análisis gráfico y econométrico centrados en explicar la demanda regional de dichos préstamos, utilizando variables geográficas y socio-económicas, y empleando diferentes especificaciones de datos de panel, clásicos y con elementos de econometría espacial.
Palabras clave: Flujos de capital, préstamos, préstamos titulizados, integración financiera europea.
[Para la comprensión de este artículo es necesario consultar la versión en PDF por la inclusión de símbolos matemáticos en la explicación que no son reproducibles aquí.]
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Información adicional
Clasificación JEL: O33; O34; J16.