The Distributive Impacts of Financial Development: Evidence from Mortgage Markets during US Bank Branch Deregulation

• 成果类型: Article
• 署名作者: Tewari, Ishani
• 署名单位: Yale University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.6.4.175
• 发表日期: 2014
• 页码: 175-196
• 关键词: industry; GROWTH; matter

摘要

Well-functioning credit markets play a key role in boosting overall economic growth, but their impact on distributional outcomes is much less clear. I use a quasi-experimental setting provided by branch banking deregulation, an important episode of US financial development, to study the distributive impacts of finance. Following removal of geographic restrictions on banks in the 1980s and early 1990s, mortgage access increased for lower-middle income groups, young, and also black households. These effects were driven by commercial banks, the only financial institutions subject to the policy. Banks' new screening technologies may have been responsible for this expansion of credit.