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Financial Protectionism: the First Tests1
Andrew K. Rose2 and Tomasz Wieladek3
30 January 2012
Abstract
During the crisis of 2008-09, many countries engaged in bank nationalizations and other large public
interventions in the financial sector. Did such actions lead to nationalistic changes in financial
activities? In this paper we provide the first empirical tests for “financial protectionism.”
Manifestations of financial protectionism include a decrease in the quantity and/or an increase in the
price of loans that foreign banks make to domestic borrowers. We provide evidence of financial
protectionism from a bank-level panel data set spanning all British and non-British (foreign) banks
providing loans within the United Kingdom between 1997Q3 and 2010Q1. During this time, a
number of banks were nationalized, privatized, given unusual access to loan or credit guarantees, or
received capital injections. We use standard empirical panel-data techniques to study the “loan
mix,” British loans of a bank expressed as a fraction of its total loan activity. We also examine
effective short-term interest rates, though our data set here is smaller. We examine the loan mix for
British and foreign banks, both before and after unusual public interventions such as nationalizations
and public capital injections. We find strong evidence of financial protectionism. After
nationalization, non-British banks reduced the fraction of British loans by about eleven percentage
points and increased their effective interest rates by about 70 basis points. By way of contrast,
nationalized British banks did not significantly change either their loan mix or effective interest
rates. Succinctly, foreign nationalized banks seem to have engaged in financial protectionism, while
Bri
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