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Foreign bank entry and financial development: New evidence on the cherry picking and foreign bank’s informational disadvantage phenomena in the MENA countries

机译:外资银行的进入和金融发展:中东和北非国家的樱桃采摘和外资银行的信息劣势现象的新证据

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This study investigates the impact of foreign banks entry on financial development in the MENA countries. We use the relative number of foreign banks as proxy for foreign banks entry, and liquid liabilities and claims on private sector as share of GDP as proxies for the financial development. We find a positive long-term and significant effect of foreign banks entry on the size and activity of financial development. We also find that the effect of foreign banks entry depends on the time period and the level of economic development. This result seems to suggest that MENA countries should not be taken as one group when studying the impact of financial sector reform on financial development. The impact of foreign bank entry is positive for the 10 richest MENA countries, while it is negative (but not statistically significant) or negligible for the group of less developed MENA countries. The last result indicates that there is a cherry picking phenomenon in less developed MENA countries. The negative effect of foreign banks cherry picking is diminished over time, since the period 2005-2014 show more positive impact of foreign bank entry on financial development, than the period 1995-2004. This result gives evidence that foreign banks need time to overcome informational disadvantage caused by geographical and cultural distance, to expand their lending into soft information borrowers, and to realize the expected positive effect of its entry on financial development in poorest MENA countries.
机译:这项研究调查了外资银行进入中东和北非国家金融发展的影响。我们将外国银行的相对数量用作外国银行进入的代理,而流动负债和对私营部门的债权则占国内生产总值的份额作为金融发展的代理。我们发现外资银行的进入对金融发展的规模和活动产生了长期的积极影响。我们还发现,外资银行进入的效果取决于时间段和经济发展水平。这一结果似乎表明,在研究金融部门改革对金融发展的影响时,不应将中东和北非国家视为一个整体。外资银行进入的影响对10个最富有的中东和北非国家是积极的,而对较不发达的中东和北非国家则是消极的(但在统计上不显着)或可忽略不计。最后的结果表明,在欠发达的中东和北非国家存在采摘樱桃的现象。随着时间的流逝,外资银行选择樱桃的负面影响逐渐减少,因为与1995-2004年相比,外资银行进入对金融发展的积极影响更大。这一结果表明,外资银行需要时间来克服由于地理和文化距离而造成的信息劣势,将其贷款扩大到软性信息借款人,并实现其进入最贫穷的中东和北非国家的金融发展的预期积极作用。

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