Real Effect of Bank Efficiency: Evidence from Disaggregated Manufacturing Sectors
研究了银行效率对23个制造业部门增长和市场结构的影响，发现依赖外部融资的行业在银行效率高的国家增长更快，且该效应在金融危机期间主要来自成本效率。
In this paper, we investigate the real effect of bank efficiency for the growth and market structure of 23 manufacturing sectors in a two‐dimensional panel framework. We use the cost and profit efficiency scores that are estimated based on the stochastic frontier model for 5850 banks. The robust finding is that industries that rely heavily on external finance grow faster and are enhanced by the creation of new enterprises in countries with efficient banking systems. Further evidence, however, reveals that the efficiency effect is mainly derived from the cost side during the financial crisis period.