Financial Development, Bank Ownership, and Growth: Or, Does Quantity Imply Quality?
利用1980年印度国有化大型私人银行导致的城镇间不同所有权模式，识别银行所有权对金融发展、贷款利率、中介质量及就业投资的影响，发现国有化带来更快信贷增长但更低中介质量，且可能减缓贸易服务业就业增长。
In 1980, India nationalized its large private banks. This induced different bank ownership patterns across different towns, allowing credible identification of the effects of bank ownership on financial development, lending rates, and the quality of intermediation, as well as employment and investment. Credit markets with nationalized banks experienced faster credit growth during a period of financial repression. Nationalization led to lower interest rates and lower-quality intermediation, and may have slowed employment gains in trade and services. Development lending goals were met, but these had no impact on the real economy. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.