Entrepreneurship and Financial Deregulation

• 成果类型: Article; Early Access
• 署名作者: Mukoyama, Toshihiko; Zhang, Gang
• 署名单位: Georgetown University; Fudan University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.70084
• 发表日期: 2026
• 关键词: LENDING RELATIONSHIPS; Bank credit; industry structure; COMPETITION; INFORMATION; FIRMS; intermediation; reallocation; performance; integration

摘要

We quantitatively analyze the impact of US banking deregulation in the 1980s on the aggregate economy. Using recent econometric techniques, we first reexamine existing empirical evidence on the real effects of banking deregulation. We then construct a quantitative model that integrates imperfectly competitive banks into a general equilibrium framework of firm dynamics and occupational choice. Consistent with the empirical evidence, deregulation significantly increases output growth and firm entry. Increased competition among banks and the entrepreneurs' occupational choices play an important role in shaping the economy's response to deregulation.