Χρηματοδότηση τραπεζών του ‘Ευρωπαϊκού νότου’ από τράπεζες του ‘Ευρωπαϊκού βορά’ πριν την κρίση – Πού πήγαν τα χρήματα;
Βεγιάννης, Εμμανουήλ - Ραφαήλ
The liberalization of the financial system has meant the beginning of a seamless capital flow around the world, through the financial system in the form of funding. Particular growth also took place in Europe in the 2000s until the outbreak of the crisis, which had a direct impact on the banking system and the economy of each country. This research focuses on the financing of the banks of the ‘European south’ by the banks of the ‘north’ before the crisis and is trying to find out if through these funds the real estate sector was financed. The period that this research concentrates on is from 2005 to 2009, with data on real estate prices, GDP change, unemployment, ten-year government bond yields and foreign claims for the countries of Greece, Italy, Spain, Portugal, Ireland, France, Germany, Finland, the Netherlands and the United Kingdom, on a quarterly basis. The least squares analysis method for panel data was used. The results reveal a positive relationship between bank funding and changes in property prices. However, the negative relationship between the same prices and the yields of ten-year government bonds is also interesting.