Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets
检验美国地方银行市场竞争如何影响非金融部门的市场结构，发现银行集中度高的市场中，潜在进入者更难获得信贷。
ABSTRACT This paper tests how competition in local U.S. banking markets affects the market structure of nonfinancial sectors. Theory offers competing hypotheses about how competition ought to influence firm entry and access to bank credit by mature firms. The empirical evidence, however, strongly supports the idea that in markets with concentrated banking, potential entrants face greater difficulty gaining access to credit than in markets in which banking is more competitive.