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Title page 1

Contents 1

Abstract 2

Non-Technical Summary 3

1. Introduction 5

2. Stylized Facts 9

3. Measuring Cross-Border Frictions in the Microdata 18

3.1. Microeconometric Framework 18

3.2. Results: Relationships, Loan Pricing and Sizes 21

3.3. Bank Entry Wedges 24

4. The Role of Regulatory Fragmentation 25

4.1. Data Sources on Banking Regulations 26

4.2. Measuring Regulatory Fragmentation 28

5. A Spatial Model of Banking 31

5.1. Households and Deposits 31

5.2. Firms and the Demand for Loans 32

5.3. Banks, Interest Rates and Branching Decisions 35

5.4. Market Clearing and Equilibrium 39

6. The Macroeconomic Gains from Lifting Barriers 40

6.1. Calibration 40

6.1.1. External Calibration 41

6.1.2. Internal Calibration and Estimation 42

6.2. Counterfactual Analysis with Fixed Bank Network 44

6.3. Counterfactuals with Endogenous Bank Network 46

7. Conclusion 48

References 49

Appendix 57

A. Empirical Appendix 57

B. Data Appendix 76

C. Selected Model Proofs 88

D. Additional Model Results 93

Acknowledgements 97

Tables 14

Table 1. Descriptive Statistics: Relationship-Level 14

Table 2. Cross-Border Frictions to Relationship Formation 22

Table 3. Cross-Border Wedges in Interest Rates 23

Table 4. Cross-Border Wedges in Bank Entry 25

Table 5. Externally Calibrated Parameters 41

Table 6. Aggregate effects of a 10% reduction in cross-border barriers 45

Table 7. Descriptive Statistics: Bank- and Firm-Level 69

Table 8. Cross-Border Wedges in Credit Quantities 73

Table 9. Cross-Border Wedges in Bank Entry 74

Table 10. Regulatory Drivers of Cross-Border Frictions 75

Table 11. Number of Variables, by Category 87

Figures 13

Figure 1. Geography of Cross-Border Lending in the EA 13

Figure 2. Cross-Border Entry Patterns 16

Figure 3. Average Policy Distance by Country Pair 17

Figure 4. Correlations of Cross-Border Barriers with Policy Distances 30

Figure 5. Financial and Real Effects of Banking Integration 46

Figure 6. Cross-Border Lending Patterns by Operational Geography 57

Figure 7. Geography of Cross-Border Lending in the EA - Group Structure 58

Figure 8. Cross-Border Entry Patterns 61

Figure 9. Relationship Wedges 68

Figure 10. Quantity Wedges 70

Figure 11. Interest Rate Wedges 71

Figure 12. Bank Entry Wedges 72

Figure 13. Correlations of Cross-Border Barriers with Policy Distances 74

Figure 14. Distance Metrics by Categories 86

Appendix Figures 93

Figure D.1. Increase in Productive Capital 93

Figure D.2. Increase in Lending 94

Figure D.3. Increase in Borrowing 94

Figure D.4. Effects of Banking Integration on User Costs of Capital 95

Figure D.5. Cannibalization Test: Change in Banking Groups' Profits 96

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