RUI: Community Bank and Credit Union Effects on Communities and Local Economies in the US during the Great Recession

RUI：大衰退期间社区银行和信用合作社对美国社区和当地经济的影响

• 批准号: 1528190
• 负责人: Marc Schneiberg
• 金额: $ 17.08万
• 依托单位: Reed College
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2015
• 资助国家: 美国
• 起止时间: 2015-07-01 至 2019-08-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=1528190&HistoricalAwards=false
• 关键词: RUI; Community; Bank; Credit; Union

Marc SchneibergSES-1528190Reed CollegeThis study examines how community banks and credit unions helped communities and local economies weather the Great Recession. Over the past three decades, American banking abandoned its traditional roots and practices. As it shed regulatory oversight, it concentrated assets in a handful of giant, national or global banking corporations, and shifted away from "boring banking" practices (taking deposits and making and holding loans) toward market-based banking involving derivatives trading and the creation and sale of new financial instruments. With these changes came a growing disconnect between banks and local economies, and an extraordinary run up in debt and risk within the financial system, setting the stage for crisis. Yet community banks and credit unions continued to play vital roles in the US economy, providing consumers, small business and working families with access to nearly 14,000 smaller, locally owned and operated, and even cooperatively organized banks. These institutions participated less, if at all, in derivatives and securities trading. They sustained close ties to their communities, and remained committed and organized internally to serving clients and those communities rather than just pursuing shareholder value, and related to local economies differently from banks like CITI or JP Morgan Chase. Using new data on the American economy from 1994 to 2013, this study will analyze the effects of community banks and credit unions on communities, local economies, and their capacities to sustain employment, vibrant small business sectors, new business formation, and recovery. Through these analyses, this study will contribute new knowledge about how different kinds of banking and the organization of finance affect community resilience and local economic performance in the face of crises. It will also identify new avenues for reform, including supplementing traditional regulation of "too-big-to-fail" banks with policies that support smaller, more local community based and cooperative financial institutions. This study will develop and test hypotheses about the effects of community banks and credit unions on four key outcomes within local economies in the United States: new business formations, the size and changes in the share of the small business sector, income inequality, and the spike and recovery in unemployment through the Great Recession. The study will mine economic sociology and the sociology of finance for hypotheses about how the social structure of finance affects banking practices and local economies, exploiting theory about two key dimensions of finance. It will focus on: 1) the organizational structure of banks, developing the insight that small, locally owned and operated or cooperatively owned banks are less likely to abandon their communities and clients in the pursuit of shareholder value; and 2) the type of the exchange relations between banks and clients, developing the insight that banks that engage in relational lending practices and sustain close, ongoing or embedded ties with borrowers will relate quite differently to clients and local economies than banks that rely mainly on abstract risk rating and arm's length, transactional bank practices. The study will then test these hypotheses using time series analyses of annual, county- and Metropolitan Statistical Areas-level data on the banking, organizational, and economic structure of local economies from 1994 through 2013. The results of these analyses will advance sociological research on finance by going beyond its focus on money-center banks, trading rooms in currency and derivatives markets, and the dyadic relations between banks and clients to document quantitatively and more broadly how relational banking and the organizational structure of banks affect local economies. The results will also deepen links between economic and urban sociology by tracing how social structures of finance and ties between banks and communities shape community resilience in the face of crisis.

马克SchneibergSES-1528190里德学院这项研究探讨了社区银行和信用合作社如何帮助社区和地方经济度过大衰退。在过去的30年里，美国银行业抛弃了传统的根基和做法。随着它摆脱监管，它将资产集中在少数几家大型、全国性或全球性银行公司，并从“无聊的银行业务”（吸收存款、发放和持有贷款）转向基于市场的银行业务，包括衍生品交易以及新金融工具的创造和销售。随着这些变化，银行和地方经济之间的联系越来越脱节，金融体系内的债务和风险急剧上升，为危机奠定了基础。然而，社区银行和信用合作社继续在美国经济中发挥着至关重要的作用，为消费者、小企业和工薪家庭提供了近14,000家规模较小、由当地人拥有和经营的银行，甚至是合作组织的银行。这些机构参与衍生品和证券交易的程度较低，如果有的话。他们与社区保持着密切的联系，并在内部保持着为客户和社区服务的承诺和组织，而不仅仅是追求股东价值，与当地经济的关系与CITI或摩根大通等银行不同。利用1994年至2013年美国经济的新数据，本研究将分析社区银行和信用合作社对社区、地方经济的影响，以及它们维持就业、充满活力的小企业部门、新企业形成和复苏的能力。通过这些分析，本研究将有助于了解不同类型的银行业务和金融组织如何影响社区的复原力和地方经济在危机面前的表现。它还将确定新的改革途径，包括以支持更小、更地方社区和合作金融机构的政策来补充对“大到不能倒”银行的传统监管。这项研究将开发和测试假设社区银行和信用合作社对美国地方经济中的四个关键结果的影响：新的业务形成，小企业部门的规模和份额的变化，收入不平等，以及通过大衰退失业率的飙升和复苏。这项研究将挖掘经济社会学和金融社会学关于金融的社会结构如何影响银行实践和地方经济的假设，利用关于金融的两个关键维度的理论。 它将侧重于：1）银行的组织结构，使人们认识到，小型的、当地所有和经营的或合作所有的银行不太可能为了追求股东价值而放弃社区和客户; 2）银行与客户之间的交换关系类型，发展对从事关系型贷款业务并保持密切关系的银行的洞察力，与主要依赖抽象风险评级和公平交易的银行做法相比，与借款人的持续或嵌入式联系与客户和当地经济的关系将大不相同。 然后，该研究将使用1994年至2013年关于地方经济的银行，组织和经济结构的年度，县和大都市统计区数据的时间序列分析来验证这些假设。这些分析的结果将推动金融社会学研究，超越对货币中心银行、货币和衍生品市场交易室以及银行与客户之间的二元关系的关注，定量地、更广泛地记录关系银行业务和银行组织结构如何影响地方经济。研究结果还将通过追踪社会金融结构以及银行与社区之间的联系如何塑造社区在危机面前的复原力，加深经济与城市社会学之间的联系。