Do Banks Affect the Level and Composition of Industrial Volatility?
利用跨国数据发现，银行信贷越多的国家，工业产出波动越低，且主要通过企业逆周期借贷实现，对系统性波动影响较小。
ABSTRACT In theory, better access to bank credit can reduce or increase output volatility depending on whether firms are more financially constrained during contractions or expansions. This paper finds that the volatility of industrial output is lower in countries with more bank credit. Most of the reduction in volatility is idiosyncratic, which follows from the ability of banks to pool and diversify shocks. Systematic volatility is reduced less strongly. Volatility dampening is achieved via countercyclical borrowing: At the firm level, short‐term borrowing is less (or more negatively) correlated with sales and inventories in countries with high levels of bank credit.