Local Bank Financial Constraints and Firm Access to External Finance
利用阿根廷政府按公式向银行分配资金的外生变化，检验地方银行的融资约束和投资不足问题，发现银行每获得一美元外部融资，贷款增加0.66美元，且贷款扩张时边际贷款盈利性未下降，总借款增加。
ABSTRACT I exploit the exogenous component of a formula‐based allocation of government funds across banks in Argentina to test for financial constraints and underinvestment by local banks. Banks are found to expand lending by $0.66 in response to an additional dollar of external financing. Using novel data to measure risk and return on marginal lending, I show that the profitability of lending does not decline and total borrower debt increases during lending expansions, holding investment opportunities constant. Overall, financial shocks to constrained banks are found to have a quick, persistent, and amplified effect on the aggregate supply of credit.