US banking deregulation, small businesses, and interstate insurance of personal income

• 成果类型: Article
• 署名作者: Demyanyk, Yuliya; Ostergaard, Charlotte; Sorensen, Bent E.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - St. Louis; BI Norwegian Business School; Norges Bank; University of Houston System; University of Houston
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2007.01292.x
• 发表日期: 2007
• 页码: 2763-2801
• 关键词: Financial intermediation; CREDIT AVAILABILITY; RISK; MARKETS; INFORMATION; debt; securitization; restrictions; COMPETITION; ECONOMICS

摘要

We estimate the effects of deregulation of U.S. banking restrictions on interstate personal income insurance for the period 1970 to 2001. Interstate income insurance occurs when personal income reacts less than one-to-one to state-specific output shocks. We find that insurance improved after banking deregulation, with a larger effect in states where small businesses are more important and on proprietors' income than on other components of personal income. Our explanation centers on the role of banks as a prime source of small business finance and on the close intertwining of the personal and business finances of small business owners.