Financial Liberalization, Credit Market Dynamism, and Allocative Efficiency
研究了美国各州信贷市场自由化如何影响企业间信贷重新配置，发现自由化增强了信贷市场活力，促进了资金向高生产率企业流动，并提升了全要素生产率增长。
Abstract We investigate the effects of financial liberalization on the dynamism of the credit market. We measure interfirm credit reallocation in the U.S. states following a methodology akin to Davis and Haltiwanger (1992). We then exploit the staggered liberalization of the credit markets of the U.S. states to identify an exogenous shock to the credit reallocation process. The liberalization intensified credit reallocation in the states, even within narrowly defined groups of continuing firms, while leaving credit growth essentially unaltered. The results suggest that the increased credit market dynamism enhanced the allocation of funds to productive firms and total factor productivity growth.