The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity

• 成果类型: Article
• 署名作者: Bai, John (Jianqiu); Carvalho, Daniel; Phillips, Gordon M.
• 署名单位: Northeastern University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Dartmouth College
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12726
• 发表日期: 2018
• 页码: 2787-2836
• 关键词: capital structure; deregulation; finance; COMPETITION; allocation

摘要

We provide evidence that the deregulation of U.S. state banking markets leads to a significant increase in the relative employment and capital growth of local firms with higher productivity, and that this effect is concentrated among young firms. Using financial data for a broad range of firms, our analysis suggests that this effect is driven by a shift in the composition of local bank credit supply toward more productive firms. We estimate that this effect translates into economically important gains in aggregate industry productivity and that changes in the allocation of labor play a central role in driving these gains.