US National Banks and Local Economic Fragility
研究发现，美国国民银行在当地市场份额越大，所在县的收入增长波动越大；正常时期收入增长更明显，但市场困境时显著下降，且银行在正常时期创造更多流动性，困境时则减少。
Abstract We examine the relationship between US national banks’ local market shares and the economic fragility of the counties in which they operate. We find that counties with national banks that have large local market shares experience a greater fluctuation in their income growth in the subsequent year. Further, an increase in income growth is more pronounced during normal times but declines significantly in a distressed market. We further find that the national banks create greater liquidity during normal times and lower liquidity in distressed times. Overall, our results indicate that national banks may expose local economies to macro-level distress.