Small Bank Comparative Advantages in Alleviating Financial Constraints and Providing Liquidity Insurance over Time
利用1993至2012年月度调查数据，发现小银行在缓解小企业融资约束上有比较优势，尤其在不利经济条件下，且能为大银行客户提供流动性保险，暗示银行业整合存在社会成本。
We use novel monthly survey data from 1993 to 2012 on small business managerial perceptions of financial constraints and other conditions, matched with information on banks in their local markets. The data suggest that small banks have comparative advantages in alleviating these constraints. These advantages tend to be greater during adverse economic conditions and do not appear to decrease or increase secularly. Small banks also appear to have comparative advantages in providing liquidity insurance to small business customers of large banks experiencing liquidity shocks during financial crises. Our findings suggest a source of social costs from ongoing consolidation of the banking industry. Received December 28, 2015; editorial decision January 13, 2017 by Editor Philip Strahan.