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by Malgorzata Iwanicz-Drozdowska (Author), Paola Bongini (Author), Pawel Smaga (Author), Bartosz Witkowski (Author)
About the Author
Małgorzata Iwanicz-Drozdowska is a full professor of finance at Warsaw School of Economics, Poland, and the head of the Financial System Department in the Institute of Finance.
Paola Bongini is a professor of banking and finance at the University of Milan-Bicocca, Italy. She is dean of the undergraduate taught course in banking and finance and the postgraduate degree in economics and finance.
Pawel Smaga is an assistant professor in the Institute of Finance at Warsaw School of Economics, Poland, and a senior economist at the National Bank of Poland.
Bartosz Witkowski is an associate professor in the Institute of Econometrics at Warsaw School of Economics, Poland. His research specialization includes panel data analysis and its application in economics and finance.
About this book
This book provides an in-depth analysis of the role of foreign-owned banks for credit growth, financial stability and economic growth in the post-communist European countries. Using data covering 20 countries over the period from 1995 to 2015, the authors analyse the evolution of banking sectors in CESEE after the transformation in the historical context. This helps draw a new picture of the role of financial development and EU accession in that region, being also a lesson for other countries or regions in transition. Additionally, as the Global Financial Crisis has left a stigma in banking sectors, the book shows its impact on the post-communist banking sectors. As the foreign banks dominate the banking sectors in CESEE countries (the stake of foreign-owned banks is below 50% of assets in only five out of 20 countries), their strategies materially impact the development of CESEE banking sectors, which warrants our scientific exploration.
Arriving at a clear concluding point of view on the role of foreign-owned banks and providing insights for future policy of CESEEs towards foreign presence in their banking sectors, this book should be of interest to academics, students, and policymakers.
Brief contents
1 Introduction 1
Bibliography 3
2 CESEE Countries: Historical Background, Transition, and Development 5
2.1 A Brief History of CESEE Countries 5
2.2 Economic and Political Transition 7
2.3 How Developed Are CESEE Countries? 11
2.4 What Are the Development Driving Forces? 15
Bibliography 17
3 Foreign Bank Entry into CESEE Countries in the 1990s and Afterwards 19
3.1 Why Did Foreign Banks Decide to Enter? 19
3.2 Entry Strategies and Organizational Forms 41
3.3 Performance of Foreign-Owned Banks 47
3.4 Conclusions 59
Bibliography 60
4 Credit Activity of Foreign-Owned Banks in CESEE 65
4.1 What Drives Credit Growth in CESEE? 65
4.2 Are Foreign-Owned Banks More or Less Procyclical than Domestic-Owned Banks? 78
Bibliography 84
5 Impact of Foreign-Owned Banks on Financial Stability 89
5.1 Global Financial Crisis in the Context of CESEE 89
5.2 Measures of Financial Stability in CESEE Countries 121
5.3 Do Foreign-Owned Banks Promote Financial Stability? Differences Between Foreign-Owned and Domestic-Owned Banks 136
5.4 What Drives Financial Stability in CESEE Banking Sectors? 145
5.5 Financial Stability Outlook in the CESEEs 151
Bibliography 157
6 Impact of Foreign-Owned Banks on Economic Development 169
6.1 Economic Growth and Financial Development: Theory and Evidence 169
6.2 Finance and Growth in CESEE Countries 181
6.3 Is Foreign Bank Credit Growth-Enhancing? 191
6.4 Foreign Ownership in CESEE Countries: Evidence from a Large Sample and Extended Sample Period 196
6.5 Conclusions 204
Bibliography 205
7 Concluding Remarks: Who Is the Winner of Foreign Banks’ Presence? 213
Bibliography 215
Index 217
Series: Studies in Economic Transition
Length: 220 pages
Publisher: Palgrave Macmillan; 1st ed. 2018 edition (December 19, 2018)
Language: English
ISBN-10: 3030011100
ISBN-13: 978-3030011109
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