Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties
研究了一家德国银行外生性贷款削减对企业和县的影响，发现贷款削减通过降低总需求和集聚溢出效应，独立于企业银行关系产生影响，且导致产出、就业、创新和生产率持续下降。
Lending cuts by banks directly affect the firms borrowing from them, but also indirectly depress economic activity in the regions in which they operate. This paper moves beyond firm-level studies by estimating the effects of an exogenous lending cut by a large German bank on firms and counties. I construct an instrument for regional exposure to the lending cut based on a historic, postwar breakup of the bank. I present evidence that the lending cut affected firms independently of their banking relationships, through lower aggregate demand and agglomeration spillovers in counties exposed to the lending cut. Output and employment remained persistently low even after bank lending had normalized. Innovation and productivity fell, consistent with the persistent effects.