Finance in the New U.S. Economy: Local Finance and Service Job Growth in the Post-industrial Economy
研究了美国地方银行金融是否促进了向服务型经济的转型，发现地方金融通过缓解信息不对称和抵押约束，推动了服务业的就业创造。
Abstract I examine whether local bank finance facilitated the transition to a service-based economy in the U.S. I identify a causal role for local finance in service job creation. I use county-level changes to alcohol laws as demand shocks to service employers across a subsample of U.S. counties. Counties with more local finance experience more service job creation. This leads to labor market transitions that reflect shifts in the broader economy. Information asymmetry and collateral constraints connect local finance to service sector employment. The findings identify a unique role for local finance in the evolution to a postindustrial service-based economy.