Bank branching, concentration, and local economic growth in pre-WW1 England and Wales
研究一战前四十年英格兰和威尔士各郡银行网点扩张与银行业集中度对地方经济增长的影响，发现银行网点增加促进增长，而集中度未显示负面作用。
Abstract This paper explores the relationship between the spread of bank offices, banking sector concentration, and economic growth in English and Welsh counties in the four decades before WW1. During this period, banks rapidly expanded their branch networks, while banking sector concentration increased. Findings from both panel fixed effects and instrumental variable regressions suggest that an increase in the number of bank offices in English and Welsh counties had a positive impact on local economic growth. There is no evidence of banking sector concentration being negatively associated with local economic performance prior to WW1.