Bank Branching Deregulation and the Deposit Channel of Credit Dislocation
研究发现美国州际银行分支放松管制导致小企业贷款持续下降超过5%，原因是存款从本地关系型贷款机构流向大型外来银行，后者优先吸收存款和发放抵押贷款，从而削弱了小企业信贷。
ABSTRACT We show that interstate bank branching deregulation in the United States led to a substantial and persistent decline in small business lending, driven by a reallocation of deposits away from local relationship lenders and toward large, out‐of‐state entrants. Lending to small businesses fell by over 5% in affected areas, with dynamic estimates revealing persistent declines of just under 10% in the medium run. The sharpest declines occurred in counties with larger deposit bases and stronger housing markets, suggesting that entering banks prioritized deposit acquisition and mortgage lending over relationship‐based small business credit. This funding disruption triggered lasting real effects: dynamic estimates suggest the number of small firms declined by approximately 5% relative to prederegulation levels, and employment at the smallest firms fell significantly. Our findings highlight a deposit channel through which deregulation can dislocate credit and reshape local business landscapes, even when aggregate banking activity ultimately stabilizes.