Bank Integration and State Business Cycles
Bank Integration and State Business Cycles
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银行一体化和国家经济周期
DOI：
10.2139/ssrn.304362
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
B. Rime
中科院分区：
文献类型：
--
作者：
Donald P. Morgan;Philip E. Strahan;B. Rime
我们调查了美国各州银行的更好整合如何影响各州的经济波动。从理论上讲，银行一体化和波动性之间的联系是模糊的;一体化往往会抑制银行资本冲击对国家活动的影响，但它会放大企业抵押品冲击的影响。从经验上看，随着各州银行（通过控股公司）与其他州的银行更好地整合，各州就业增长的年度波动下降，净效应一直在稳定。其规模很大，在经济相对单一的国家，其影响最为明显。与我们的模型相一致，我们发现一个国家的经济增长和银行资本之间的联系随着一体化而减弱，而增长和房价（公司资本的可能代理）之间的联系往往会增加。
We investigate how the better integration of U.S. banks across states has affected economic volatility within states. In theory, the link between bank integration and volatility is ambiguous; integration tends to dampen the impact of bank capital shocks on state activity, but it amplifies the impact of firm collateral shocks. Empirically, the net effect has been stabilizing as year-to-year fluctuations in employment growth within states fall as that state's banks become better integrated (via holding companies) with banks in other states. The magnitudes are large, and the effects are most pronounced in states with relatively undiversified economies. Consistent with our model, we find the link between economic growth and bank capital within a state weakens with integration, whereas the link between growth and housing prices (a possible proxy for firm capital) tends to increase.