ǣͳͲǤʹ͵ͷͶȀǤͳǤʹǤͳǤʹͲͳͺ
Stefan Gärtner
*Jorge Fernandez-Mototo
** ǡ
ͳAbstract
ϐ ǡȂ
Ȃ
Ǣǡϐ ǤǦ
ϐ
ǡ ǡ ǡ
ǦǤ
ǡ
ǡ ǡ
ǡǦ
Ǥ
ȗ ¡ ȋǤ Ȍǡ ǼǦ
ǽ ǡ
Ǧ Ȁ ǡ ϐ ǡ
ǡ ǡ ǡ Ǥ
ȗȗ Ǧ ǦǦ ¡
Ǥ
ͳ ǦÚ ǡ ǡ
ȋǡǦ
ǡȌ Ǥ
Ú Ǥ
ͺ Key wordsǣ Ǣ ǡ
Ǣϐ Ǣǡǡ ϐ ǡǢ
Ǣ
1. Introduction
ǡͳǡͶͲͲ
ǡ
ǯ
ʹͲͲȂʹͲͲͺȏ¡ʹͲͳͳǢʹͲͳ͵Ǣ
ʹͲͳȐǤ ǡ
ʹͲͲͺȀʹͲͲͻ
ǡ ǦǦȋȌȏ¡
ÚʹͲͳȐǤǡϐ
Ǥ
ǡ ϐ ǡ
ϐ ȏ ʹͲͲͶȐǤ ǡ
ǯϐ ǡ
Ǧ Ǧ ǡ
ȏ ʹͲͲͳǢʹͲͲͳȐǤ
Ǥ ǡ ǡ
ȏʹͲͲͻȐǡ
Ǧ ϐ ȏ
ʹͲͲȐǤ
ϐ ȏͳͻͻͷǢ
ʹͲͲʹǢ¡ʹͲͳ͵Ǣ¡ ÚʹͲͳͶȐǡ
ϐ ǡ
ϐ ȏ¡ ÚʹͲͳͶȐǤǡ
ǡ
ǡǤǤǡ ǡ
Ǥǡ
ȏͳͻͻǢʹͲͲʹǢͳͻͻͺȐǡ
ϐǤ
ǡ
ǦÚ ǡ ϐ
ǡ Ǥ
Ǥ
ϐ ȏ
ʹͲͲȐǤ ǡ ǡ ϐ ǡ
ͻ
ϐ Ǥ
ǯ
Ǥǡ
ǡ ǯ
ͳͻͺͺǡ Ǥ ǡ ϐ
ϐ ǡ ǡ
ǡǤ
ǡ
Ǥϐ
Ǥ
ϐ ǡ
ǡ Ǥ
ǡ ǡ Ǧ
ϐ ǡǤ
Ǥǡ
Ǥ ǡ ͵ʹ ǡ
ǡ ǡ ǡ
Ǥ ǡ
ȋǦ Ȍ
Ǥ
ǡǡ
Ǥǡ
ǡ ǡ
Ǥ
2. Decentralised and centralised banking
ͳͻͻͷǡ ϐ
ȏ ͳͻͻͷȐǤ ǡ
ǡ
ϐ
ȏǤǤǡ Ǥ ʹͲͲͷȐǤ
ǡ
Ǥ
Ǧ ǡȏʹͲͲʹȐϐ
ϐ Ǥ ϐ ǡ
ϐ ͳͺͷͲǡ
ǡ
ͳͲ
Ǥǡǡ
ϐ Ǧ
ȋǤǤǡ ǡȌǡ
ǡ ȋ Ȍ ȏʹͲͲʹȐǤȏʹͲͲʹȐ
ϐ
ǡ
ǡ
Ǥ ǡ ȏʹͲͲʹȐ
Ǥ
ǡ
ǡ
ȏ¡ ÚʹͲͳͶȐǣ
ϐ ǯ
ǣ ǡ ǤǤǡ
ǡ
ǡ
Ȁ
ȋǤȌǫ
Ǧ
ϐ ȏ ͳͻͺͺǢ
ÀǦ ͳͻͻǢ ʹͲͲͷǢ ¡ ʹͲͲͺȐǤ ǡ
Ǧ
ϐ
ȏ¡ʹͲͲͺȐǤ
Ǧǣ
ȋǤǤǡȌ ǡ
Ǣ ǡ ǫ
Ǥ ǡ
ǡ
ȏʹͲͲʹǢʹͲͲ͵ǢǤ ʹͲͲͷǢ¡ʹͲͲͻǢǤʹͲͲͻǢ ÚʹͲͳȐǤ ϐ Ǧ
ǦǡǦ
Ǧ
ǯϐ
Ǥ ǡ
ϐ ϐ
Ǥ
ͳͳ
Ǧǡ ȋȌ
ȋȌǦ
ȏ ʹͲͲͺǢ ¡ Ú ʹͲͳȐǤ
ǡ ϐ
ǡ ǡǡǡ ϐǡ Ǥǡ
ϐ ȏ ͳͻͺǢʹͲͲͳǢǤ ʹͲͲ͵ǢʹͲͲ͵ǢʹͲͲͶǢÚǤʹͲͲǢʹͲͲͻǢ
ʹͲͲͻǢʹͲͳͳǢ¡ʹͲͳ͵ǢÚʹͲͳͷȐǤ
Ǧ ǡ
ȏ Ǥ ʹͲͲͻȐǣ ǡ
ȋ ȌǢ ǡ
ǡ ǤǤǡ ϐ ȋ ȌǤ
ÚȏʹͲͳȐǡ ǯȏʹͲͲʹȐ
ǡ
ǣ
ǡ
Ǧǡ
ȏ ÚʹͲͳȐǤ ǡ
ϐ ǡ
ϐ
ȏ ʹͲͲͷǢʹͲͲͷǢ
ʹͲͲͺǢʹͲͳͶȐǤǡ ǡ
ϐǡ
ȏ ʹͲͲ͵Ǣ
ʹͲͲͷǢǤʹͲͲͻȐǤǡ
ǦǦ
Ǥ
ϐ ǡ
Ǧ
ȋ Ȍ
ȏ Ǥ ʹͲͲͻǢ
ʹͲͳͶǢ ¡ Ú ʹͲͳͶȐǤ ǡ
ǯ ǡ
Ǥ
ǡ Ǧ
ȏ Ú ʹͲͳȐǤ ǡ ǡ
Ǥǡ
ȏǤʹͲͳȐǡ
Ǥ
ͳʹ
3. The structure of the spanish banking system
Ǥ ͳͶ
ͳͻͺͺǡ ͷͺͷȏ
ͳͻͻͲȐǤ ǡͳͻͻʹǡ
͵ͷΨǡͶͺǤϐ ǡǮǯ
ʹͲͳǤ
ǡͳͻͺͺǡ ǡ
ǡǡ
ȏ ǤʹͲͲͷȐǤǡ
Ǥ Ʈ
ǡ
ǡ ǡ
ǡ Ǥ
ͳͻͺͺǡǦ
Ǥͳͻͺͺǡͳͳʹ Ǣͳͻͻͷǡǡ
ͻǡ
ȏͳͻͻȐǤ
ͳͻͻͲ ȏ ͳͻͻȐǤ
ǡ͵ǡ͵ͺͷͳͻͺͺȏ ͳͻͻͲȐͻͷ
ʹͲͳ ȏ ʹͲͳȐǡ
Ǥ
ǡ
ǡǤ
ǡ ǡ ǣ ǡ ʹͲͳͷǡ
ͳǡͶ͵Ǥ
ǡǡǣ
ʹͲͳͷǤ
ϐǡǡ
ȋ
ȌǤ ʹͷǡ
ǡͳͲΨ
ͳͻͺ͵͵ͶΨʹͲͲͶǤǡʹͲͳͲǤ
ϐ ǡ
Ǥ
Ǥǡ
Ǥ ǡ
Ǥ
ͳ͵
Figure 1. Number of institutions within the Spanish banking sector
Banks Savings Banks Cooperatives
0
1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
20 40 60 80 100 120
ǣ Óǡ Ǥ
Figure 2. Market shares of loans to industrial enterprises (construction excluded)
20
19841983 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
0 10 40 60 80 100% 90
70
50 30
Savings Banks Commercial Banks Cooperatives
ǣ Óǡ Ǥ
ǡ
ǣ ǡ
ͷΨ ǡͶΨ
Ǥǡ
Ǥ ʹͲͳͷǡ
ͶΨ
ȋǦ ȌǤ
ǡȋȌȂ
ͳͶ
Ȃ ͵ͷǤͶΨ ȋ
ʹȌǤ ͳͻͻͻǡ ǡ
ͶͶǤʹΨǡ
͵ͷǤͷΨǤǡ
ȏǡ ȐǤ
Figure 3. Market shares of loans to service enterprises (real estate excluded)
20
19841983 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
0 10 40 60 80 100% 90
70
50
30
Savings Banks Commercial Banks Cooperatives
ǣ Óǡ Ǥ
Ǧ ǡ
ȋ ʹȌǤ ǡ
ǡ
Ǥ
ǡ ǡ
ǯǤ ϐ
ȏϐ ǡ¡ʹͲͳ͵Ǣ×
ǦʹͲͳͷȐǤ ǡ
Ǣǡ ȋǦ͵Ȍǡ
ͶͲʹ Ǯ ¡ǯ ͷʹ Ǯ ǯǤ
ϐ
Ȁ Ǥ ǡǦ
Ǥ
ǡ ϐ
Ǥ
ǣ
ͳͷ
. RKI Bb
Bb 0 5
. ..
j .
i
ij j
j )
=
/
-bijαǡ ǡ
Bi.αǡ
b.jαǡ
B..α
ͲδͳǤͳ
ȋϐȌǤ
Figure 4. Spatial concentration of the employees in ϐinance for Spain and Germany (Nuts-3)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
0.20 0.18 0.16 0.14 0.12 0.10 0
NUTS3-DE NUTS3-ES
ϐǢ ǣòȋȀ ȌǦ
ȋȀ ȌǤ
ϐ
ǡ
Ǥ
ʹͲͲͺ
ϐ Ǥ
Ǧ͵
ǣ
Ǥ
ǡ Ǣǡ
Ǥ
Ǧ ǡ
ȋϐͷȌǤ ȋȌ
̀Ǧ ʹͲͳͶǤ
ͳ
Figure 5. Bank headquarters locations in Spain and Germany, 2014
ϐǢ ǣǤ
ϐǣ
ǡ
ǤʹͲͳͶȂ ȂǤ
ǡ
ǡ
ϐ
ǡ
Ǥǡǡ
ǡǤ
ϐ
ϐ
ȋϐ
ȌǤǦǦ Ǥ ǡ ȋϐȌǤǡ
ǡ
ȋ Ȍ ȋ Ȍ Ǥ
ȋ ǡ
ȌǤ ǡ
ǡ
Ǥǡ
17
Ǥ ȋϐȌǡ
ǡ ϐ
regard to operational and functional distance.
Figure 6. Operational and functional distance in Germany
Functional Distance
G: Savings and Cooperative Banks G: Commercial
Banks
Operational Distance Source: author’s own work.
Figure 7. Operational and functional distance in Spain
Functional Distance
IV Centralised Banks with a huge branch network Loans officer as very
limited influence
2 Savings Banks and some Cooperative Banks
Commercial and former Savings Banks with high market sharesis some
regions
Commercial banks specialized in SME in urban
agglomerations. In some regions very small functional and operational
distance II Centralised
Banks with regional ties
I Local/regional orientated Banks
III Urban Banks with ties in the agglomeration
Operational Distance Source: author’s own work.
ͳͺ Bank type I: Local- and regional-orientated banks
ϐ Ǧ Ǧ Ǥ ǡ
Ǥ
Ǥ
Ǣ Ǣ Ǧ
Ǥ
ǦǦǤ
ǡ
Ǥ
Ǥ
Bank type II: Centralised banks with regional ties
ǡ Ǥ
Ǥ
ǡ Ǥ
Ǧ Ǥ
Ǣǡ
Ǥ
Ǥ Bank type III: Urban banks with ties in the agglomerations
ǡȂ
Ǥ Ǧ
Ǥ ǡ
Ǥ
ǡ
Ǥ
Bank type IV: Centralised banks with a huge branch network but less decision power
Ǥ
Ǥ
Ǥ Ǯǯ
Ǥ
Ǧ ǡ
Ǥ
Ǥ
ϐ
Ǥϐ ǡ
ȋ Ȍϐ Ǥ
ͳͻ
Ǥ
ǡ ǤǤǡ ȋ ǡ Ȍǡ
ϐ Ǥǡ
ǡǦ ǡǤ
4. Governance, cohesion and banks
ǡ ϐ
Ǧ Ǧ
Ǥ ǡ ϐ
ǡǡǡ
ȏ Ǥ ʹͲͲͳǢ ʹͲͲͷǢ ʹͲͳʹȐǤ ϐ
ȏ ʹͲͲͳȐǡ
Ǥ
ϐ ǡ
ȏǡ
ͳͻͻǢ ϐ ǡ ͳͻͻͺȐǤ
ǡȏʹͲͲʹȐ
Ǥǡ
Ǥ
ͶǤͳǤ
ǡ
Ǥǡ
ϐ Ǥ
ǡϐ ǡ
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ϐ ȋϐ Ȍ ǡ Ǥ Ǧ
ǡ ȂǤǤǡ
ϐ Ȃ
ȏòò Ǥ ʹͲͳ͵Ǣ ¡ Ú ʹͲͳǢ ʹͲͳͷȐǤ
ǡ ǡ
ǡ
Ǥ
ǡ Ǥ
Ǧ ȋȌǡ
ʹͲ
ϐ Ǥ ǯ ϐ Ǥ ȋȌ
Ǥ
ǡ
ȋȌ
Ǥǡ
Ǥ
Ǥ
ǡ͵ǡʹͳͳʹ
ʹͲͳͷǢ ǡ ǡ
ʹͲͳͷȏǡʹͲͳͷȐǤ
ǡ
ȋȌǡ
ϐ
ȏǤʹͲͳȐǤ
ǡ ǡ
Ǧϐ Ǥ
ͶǤʹǤ
ǡ
Ǥǡ
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ȏ¡ȐȌǤ
ǡ
ϐǡ ǡ ǡ
Ǥ ǡ
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ȋȌȏ ʹͲͲͶǢ ʹͲͲȐǤ
ͳͻͲǡ ȋǤǤǡ
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Ȃ ϐ ȏ¡ʹͲͳ͵ȐǤ
ǡ ϐ ǡ ȋ
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ȏǡʹͲͲͻȐ
ȏǤʹͲͲʹȐǤ
ͳͷͺʹͳͻͺͺǡͳͳ
Ǥͳͻͺͺ
ǡ
ƬǤ
ʹͳ
ǡ
Ǥ
ȋ Ȍ
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ÀǦ ͳͻͻǢ¡ʹͲͲͻȐǤͳͻͷͲǡ
Ǯ
ϐ
ǯȏͳͻͷͻǣʹȐǤ
Ȃ
ǡ Ǥ
ǡȂ
ϐ Ǥ
Ǥϐ
ȏͳͻͻͻȐǤ
ǡ Ǯ
ǣ ϐ ǡ
ǡ
ǡ ǯȏ ͳͻͺͺǣ ʹͶͲȐǤ ǡǤǡ
ȏ¡ʹͲͲͺǢʹͲͳͲǢʹͲͳͲǢ
¡ʹͲͳͶȐǤ
Ǥ
ǡ ǡ
Ǥ
Ǥ
ǡǡ ǡ
Ǧ Ǧ ȏ ʹͲͲͶȐǤ
ǡ ǯ
ǡ
ȏͳͻͻͷȐǤ
ȀǤ
Ǥ
Ǥ
ǡ
Ǥ
Ψ ǯȋ
ʹͲͲͻȌ ǣǡ
ͷͷǤͷ ȋͶͺǤΨȌ ȏǡ ʹͲͳ͵ȐǤ
ʹʹ
Ǥ
ǡ
Ǥ
ǡ
Ǥ ϐ
ǡ ǡ
ȋȌǤ ȋ
ͲͳȌǡ ǡ
ȋͲǤͲͻ͵Ȍǡ
ȋͲǤͲͻʹȌ ȏǡ ʹͲͳ͵ȐǤ
ϐ Ǥ
ǡ ϐ ʹ ȏéǡ ʹͲͲͷȐ
Ψ Ǥ
ǡ ǡ
Ǥ ϐ
ͲǤͲͶ͵ͶͻͷǡȋͲǤͲͻ͵ͻȌǡ
Ǥ
ǡ
Ǥ ϐ
Ǥǡ
ǡ ǡ
ǡ ϐ
Ǥ
ȏ ʹͲͲͺǢ ×Ǧ Ǥ ʹͲͳͳǢ Ǧ
ʹͲͳ͵ǢʹͲͳ͵ȐǤǦȏʹͲͳ͵Ȑ
Ǥ
ͶǤ͵Ǥȋ Ȍ
ǡͳͻ
ϐ Ǯǯ ȏ¡ǤʹͲͳͲǢǡʹͲͳȐǡ
ǯǡ ȏǦ
Ǧ ʹͲͲȐǤ ǡ
ͳͻǣ ǡ
ǡ Ǥ ǡ
Ǧǡ
ϐȏÚ
ʹͲͲͲȐǤ ǡ ǡ
ʹ αstandard deviation mean