Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985
研究1980年代法国银行业放松管制如何影响企业行为和产品市场结构，发现放松管制后银行更不愿救助表现差的企业，银行依赖度高的行业更易重组，行业层面资产和就业重新配置增加、资源配置效率提升、集中度下降，支持更高效的银行业促进“创造性破坏”的观点。
ABSTRACT We investigate how the deregulation of the French banking industry in the 1980s affected the real behavior of firms and the structure and dynamics of product markets. Following deregulation, banks are less willing to bail out poorly performing firms and firms in the more bank‐dependent sectors are more likely to undertake restructuring activities. At the industry level, we observe an increase in asset and job reallocation, an improvement in allocative efficiency across firms, and a decline in concentration. Overall, these findings support the view that a more efficient banking sector helps foster a Schumpeterian process of “creative destruction.”