Big Banks and Macroeconomic Outcomes: Theory and Cross‐Country Evidence of Granularity
研究大银行的存在是否影响宏观经济结果，通过构建银行部门颗粒性理论，发现银行规模分布右尾服从幂律，且市场集中度高时银行信贷增长与总信贷或GDP增长正相关。
Abstract Does the mere presence of big banks affect macroeconomic outcomes? We develop a theory of granularity for the banking sector by modeling heterogeneous banks charging variable markups. Using data for a large set of countries, we show that the banking sector is indeed “granular,” as the right tail of the bank size distribution follows a power law. We demonstrate empirically that the presence of big banks, measured by a high degree of market concentration, is associated with a positive and significant relationship between bank‐level credit growth and aggregate growth of credit or GDP.