Cultural proximity and cross-border banking flows

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE International Journal of Finance & Economics Pub Date : 2023-09-14 DOI:10.1002/ijfe.2886
Doan Ngoc Thang
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Abstract

This paper disentangles the impacts of cultural proximity on cross-border banking flows, using large country-pair data from 1996 to 2019. On applying the gravity model with the Poisson Pseudo Maximum Likelihood estimator, our main findings show that cultural proximity is both a push and pull factor, which robustly anticipates increased outflows (cross-border lending) and inflows (cross-border borrowing). The impacts of cultural proximity are transmitted throughout the information asymmetry and cost reduction channels. These impacts become pronounced for geographically proximate country pairs and hold for a different measure of cultural goods taxonomy and for controlling the endogeneity problem.

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文化接近与跨境银行流动
本文利用 1996 年至 2019 年的大型国家对数据,分析了文化接近性对跨境银行流动的影响。在运用泊松伪最大似然估计法的引力模型时,我们的主要研究结果表明,文化接近性既是推动因素,也是拉动因素,能稳健地预期资金流出(跨境借贷)和流入(跨境借贷)的增加。文化接近性的影响通过信息不对称和成本降低渠道传递。这些影响在地理位置相近的国家对中更为明显,并且在采用不同的文化产品分类标准和控制内生性问题时也是如此。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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