U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income
U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income
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美国银行业放松管制、小企业和州际个人收入保险
DOI：
10.2139/ssrn.557094
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发表时间：
2006
期刊：
影响因子：
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通讯作者：
Bent E. Sørensen
中科院分区：
文献类型：
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作者：
Yuliya Demyanyk;C. Ostergaard;Bent E. Sørensen
我们估计了1970-2001年期间美国银行业管制放松对州际个人收入保险金额的影响。当个人收入对各州产出冲击的反应小于一对一时，就会出现州际收入保险。我们发现，收入保险改善后，银行放松管制，这种影响是在小企业更重要的国家更大。我们进一步表明，放松管制的影响是更强的业主的收入比其他组成部分的个人收入。我们对这一结果的解释集中在银行作为小企业融资的主要来源的作用以及小企业主的个人和企业财务的密切交织上。我们的分析揭示了银行放松管制的真实的影响，对银行的保险功能，以及对银行市场的一体化。
We estimate the effects of deregulation of U.S. banking restrictions on the amount of interstate personal income insurance during the period 1970–2001. Interstate income insurance occurs when personal income reacts less than one-to-one to state-specific shocks to output. We find that income insurance improved after banking deregulation, and that this effect is larger in states where small businesses are more important. We further show that the impact of deregulation is stronger for proprietors’ income than other components of personal income. Our explanation of this result 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. Our analysis casts light on the real effects of bank deregulation, on the insurance function of banks, and on the integration of bank markets.