The Distributive Impacts of Financial Development: Evidence from Mortgage Markets during US Bank Branch Deregulation
The Distributive Impacts of Financial Development: Evidence from Mortgage Markets during US Bank Branch Deregulation
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金融发展的分配性影响：美国银行分行放松管制期间抵押贷款市场的证据
DOI：
10.1257/app.6.4.175
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发表时间：
2014
期刊：
影响因子：
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通讯作者：
I. Tewari
中科院分区：
文献类型：
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作者：
I. Tewari
运转良好的信贷市场在促进整体经济增长方面发挥着关键作用，但其对分配结果的影响却不那么明显。我使用一个准实验设置提供的分支银行放松管制，美国金融发展的一个重要插曲，研究金融的分配影响。在1980年代和1990年代初取消对银行的地理限制后，中低收入群体、年轻人和黑人家庭获得抵押贷款的机会增加了。这些影响是由商业银行驱动的，商业银行是唯一受政策影响的金融机构。银行的新筛选技术可能是信贷扩张的原因。
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.