Regional redistribution through SBA guaranteed loan programs
研究发现美国小企业管理局7(a)贷款计划的利率对地方违约风险不敏感，导致资金从低风险州向高风险州转移，这种转移在经济衰退期间起到了自动稳定器作用。
We document and quantify a new implicit transfer mechanism in the SBA 7(a) loan program that redistributes funds between US states. We use SBA 7(a) loan data in conjunction with Dealscan private corporate loan data to show that SBA 7(a) loan interest rates are much less responsive to predicted local loan default risk compared to private corporate loans. This redistributes funds from states with low default risk to states with high default risk. These transfers are positively correlated with the severity of local economic shocks during the Great Recession and the COVID-19 Recession. Therefore, even though it was unintended, the interest rates on SBA 7(a) loans acted as an automatic stabilizer mitigating regional economic shocks.