Bank Integration and State Business Cycles
研究跨州银行所有权整合如何影响各州经济波动，发现银行整合降低了州经济增长的年际波动，但使各州经济周期更趋同步。
We investigate how integration of bank ownership across states has affected economic volatihty within states. In theory, bank integration could cause higher or lower volatility, depending on whether credit supply or credit demand shocks predominate. In fact, year-to-year fluctuations in a state's economic growth fall as its banks become more integrated (via holding companies) with banks in other states. As the bank linkages between any pair of states increase, fluctuations in those two states tend to converge. We conclude that interstate banking has made state business cycles smaller, but more alike.