Local Financial Structure and the Pandemic’s Effect on the Distribution of Employment
利用美国县级行业就业数据，研究发现小银行占比高的县在疫情期间小企业就业、低收入工人就业和总体就业下降更少，小银行通过向小企业提供贷款缓冲了疫情冲击。
Abstract Does the structure of financial systems influence the employment respo0nse to adverse shocks? Using (a) county-industry employment data differentiated by firm size and (b) high-frequency county employment data differentiated by income, we find that employment at small firms, employment of low-income workers, and overall employment fell less in counties with higher proportions of small banks in response to the pandemic. Furthermore, small banks lend more to small businesses than large banks, above and beyond government-guaranteed PPP loans. Evidence suggests that small banks cushioned small firms and low-income workers from the adverse effects of the pandemic.