Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data
利用跨国行业数据，发现银行集中度通过便利年轻企业信贷，促进更依赖外部融资的行业增长，但同时也对所有行业和企业的增长产生普遍的抑制作用。
ABSTRACT This paper explores the empirical relevance of banking market structure on growth. There is substantial evidence of a positive relationship between the level of development of the banking sector of an economy and its long‐run output growth. Little is known, however, about the role played by the market structure of the banking sector on the dynamics of capital accumulation. This paper provides evidence that bank concentration promotes the growth of those industrial sectors that are more in need of external finance by facilitating credit access to younger firms. However, we also find evidence of a general depressing effect on growth associated with a concentrated banking industry, which impacts all sectors and all firms indiscriminately.