more open to foreign entry. In the model, banking sector integration leads to bank exit and entry and convergence in the … return on loans and funding costs across countries. Bank heterogeneity matters for the associated welfare gains. Results … suggest that differences in bank efficiencies across countries drive banking across borders, that fixed costs are crucial for …

This paper studies how frictions to foreign bank operations affect the sectoral composition of banks' foreign positions …, their funding sources and international bank flows. It presents a parsimonious model of banking across borders, which is … matched to bank-level data and used to quantify cross-border frictions. The counterfactual analysis shows how higher barriers …

Germany is world champion in exporting capital ("Exportweltmeister"). No other country invests larger amounts of … savings outside its borders. However, Germany plays in the third division when it comes to investment performance, as we show … in this paper. We study the returns on German foreign investments from 1950 to 2017 and find that: (1) Germany's annual …

Germany is one of the most important FDI infl ow countries worldwide. Recently, a new database on foreign ownership became …

linear estimator, both with fixed effects. The heterogeneity of product market regulations has a large and robust impact on …, the divergence of command and control regulations and of protection of incumbents (antitrust exemptions, entry barriers in …