The Finance-Growth Nexus: Evidence from Bank Branch Deregulation
研究美国各州放松银行分支限制后，发现人均收入和产出增长率显著提高，且增长源于银行贷款质量改善而非数量增加。
This paper provides evidence that financial markets can directly affect economic growth by studying the relaxation of bank branch restrictions in the United States. We find that the rates of real, per capita growth in income and output increase significantly following intrastate branch reform. We also argue that the observed changes in growth are the result of changes in the banking system. Improvements in the quality of bank lending, not increased volume of bank lending, appear to be responsible for faster growth.