The Moderating Influence of Financial Market Development on the Relationship between Loan Guarantees for SMEs and Local Market Employment Rates
研究发现，在小企业信贷市场中，政府干预（SBA担保贷款）对就业的积极影响在金融欠发达地区更为显著，为政策制定提供了方向。
We empirically examine whether a major government intervention in the small firm credit market yields significantly better results in markets that are less financially developed. The government intervention that we investigate is mall usiness dministration (SBA) guaranteed lending. After controlling for the appropriate cross‐sectional market characteristics, we find that SBA guaranteed lending has a significantly more positive impact on the average annual level of employment when the local market is relatively less financially developed. This result has important implications for public policy directives concerning where SBA guaranteed lending should be directed.