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Information costs and regulatory barriers are the main distinguishing features of international as compared to national financial markets. This paper presents a simple model of the impact of these factors on banks' cross border activities and provides empirical evidence. Our dataset allows us to capture both the time series and the cross-section dimension of information costs and changes in regulations, in particular for intra-EU asset holdings. While EU membership per se seems to have had a negative impact on cross-border banking activities, the adoption of the Single Market clearly had a positive impact. Regulations and information costs are important for all reporting countries but their relative importance differs between countries.

Information or Regulation: What is Driving the International Activities of Commercial Banks?