Bank Concentration and Schumpeterian Growth: Theory and International Evidence
研究了银行集中度对经济增长的影响，发现其效果取决于国家与世界技术前沿的距离，靠近前沿时银行集中度抑制增长，而信贷受限国家增长仅依赖金融中介。
This paper investigates the relationship between economic growth and bank concentration.We introduce imperfect competition within the banking system according to the Schumpeterian growth paradigm, and we theoretically and empirically show that the effects of bank concentration on economic growth depend on the proximity to the world technology frontier. The theory predicts that when a country reaches a sufficient level of financial development, bank concentration has a negative effect on development and growth and that this effect increases when the country approaches the frontier. However, for countries with credit constraints, growth depends on only financial intermediation. ? 2018 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.