The German financial system is characterized by lower degrees of penetration by foreign commercial banks and of (bank …

Theory suggests that bank integration (financial integration generally) can magnify or dampen the business cycles … that bank integration across U.S. states over the late 1970s and 1980 dampened economic volatility within states …. Internationally, however, we find that foreign bank integration, which advanced widely during the 1990s, has been either unrelated to …