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In a world of 6 billion inhabitants, international migration seems insignificant as it comes to represent about three per cent of the world. Most migration, in fact is internal—rural to rural, rural to urban—and international migration in many cases follows a sequence of stages, from rural to urban, then to the international sphere. However, international migration takes on greater relevance because of the significant volume of remittances worldwide. To many, remittances have become a stable source of finances (Ratha, 2003, Sørensen, 2002). These flows of remittances as well as the widespread distribution. | RESEARCH GROUP Liberalization Corporate Governance AND Saving Banks Manuel Illueca Universitat Jaume I Department of Finance abd Accounting Lars Norden University of Mannheim Department of Banking and Finance Gregory F. Udell Indiana Univesrity Kelley School of Business MoFiR MoFiR working paper n 17 February 2009 T l 1 J z 8 i z - t in T x 1 Liberalization Corporate Governance and Savings Banks Manuel Illuecaa Lars Nordenb and Gregory F. Udellc a Department of Finance and Accounting Universitat Jaume I Spain b Department of Banking and Finance University of Mannheim Germany c Department of Finance Kelley School of Business Indiana University USA First version March 2 2008 Abstract We study the effects of the interplay between banking deregulation and corporate governance on the lending behavior of savings banks in Spain. The removal of branching barriers that constrained these banks has led to a nationwide expansion increasing the number of their branches and their commercial lending volume dramatically. Analyzing a unique data set combining information on the geographic distribution of bank branches and matched lenderborrower financial statements during 1996-2004 we provide evidence that suggests that the governance of those banks affects the way in which they expand their lending activities. In particular political influence affects where they expand and their ex ante risk taking behavior. Because most countries have a portion of their banking system that is not privately owned the behavior of these Spanish savings banks may have broader implications about the impact of global banking deregulation and industry consolidation and their interaction with bank governance. Keywords Deregulation Bank lending Bank branching Geographic expansion Distance JEL classification G10 G21 G30 H11 L30 Contact information illueca@cofin.uji.es M. Illueca norden@bank.BWL.uni-mannheim.de L. Norden gudell@indiana.edu G.F. Udell . We are grateful to Patrick Behr Santiago Carbó Valverde