Banking deregulation and innovation

• 成果类型: Article
• 署名作者: Chava, Sudheer; Oettl, Alexander; Subramanian, Ajay; Subramanian, Krishnamurthy V.
• 署名单位: University System of Georgia; Georgia Institute of Technology; University System of Georgia; Georgia State University; Indian School of Business (ISB)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2013.03.015
• 发表日期: 2013
• 页码: 759-774
• 关键词: Banking; INNOVATION; GROWTH; Young firms; Private Firms

摘要

We document empirical support for a key micro-level channel-innovation by young, private firms-through which financial sector deregulation affects economic growth. We find that intrastate banking deregulation, which increased the local market power of banks, decreased the level and risk of innovation by young, private firms. In contrast, interstate banking deregulation, which decreased the local market power of banks, increased the level and risk of innovation by young, private firms. These contrasting effects on innovation also translated into contrasting effects on economic growth. Our study suggests that the nature of financial sector deregulation crucially affects its potential benefits to the real economy. (c) 2013 Elsevier B.V. All rights reserved.