The Distributive Impacts of Financial Development: Evidence from Mortgage Markets during US Bank Branch Deregulation
利用美国银行分支放松管制这一准自然实验，研究发现金融发展增加了中低收入、年轻和黑人家庭的抵押贷款可得性，主要由商业银行驱动，可能得益于新的筛选技术。
Well-functioning credit markets play a key role in boosting overall economic growth, but their impact on distributional outcomes is much less clear. I use a quasi-experimental setting provided by branch banking deregulation, an important episode of US financial development, to study the distributive impacts of finance. Following removal of geographic restrictions on banks in the 1980s and early 1990s, mortgage access increased for lower-middle income groups, young, and also black households. These effects were driven by commercial banks, the only financial institutions subject to the policy. Banks' new screening technologies may have been responsible for this expansion of credit.