The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity
研究发现美国州级银行市场放松管制显著提高了高生产率本地企业的相对就业和资本增长，且这种效应集中在年轻企业，并通过信贷配置向高生产率企业转移，最终带来行业总生产率的重要提升。
ABSTRACT We provide evidence that the deregulation of U.S. state banking markets leads to a significant increase in the relative employment and capital growth of local firms with higher productivity, and that this effect is concentrated among young firms. Using financial data for a broad range of firms, our analysis suggests that this effect is driven by a shift in the composition of local bank credit supply toward more productive firms. We estimate that this effect translates into economically important gains in aggregate industry productivity and that changes in the allocation of labor play a central role in driving these gains.