| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16613 |
| 来源ID | Working Paper 16613 |
| The Domestic and International Effects of Interstate U.S. Banking | |
| Fabio Ghironi; Viktors Stebunovs | |
| 发表日期 | 2010-12-16 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper studies the domestic and international effects of the transition to an interstate banking system implemented by the U.S. since the late 1970s in a dynamic, stochastic, general equilibrium model with endogenous producer entry. Interstate banking reduces the degree of local monopoly power of financial intermediaries. We show that the an economy that implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account deficit. The rest of the world experiences a long-run increase in GDP and consumption. Less monopoly power in financial intermediation results in less volatile business creation, reduced markup countercyclicality, and weaker substitution effects in labor supply in response to productivity shocks. Bank market integration thus contributes to a moderation of firm-level and aggregate output volatility. In turn, trade and financial ties between the two countries in our model allow also the foreign economy to enjoy lower GDP volatility in most scenarios we consider. The results of the model are consistent with features of the U.S. and international business cycle after the U.S. began its transition to interstate banking. |
| 主题 | Macroeconomics ; Business Cycles ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w16613 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574288 |
| 推荐引用方式 GB/T 7714 | Fabio Ghironi,Viktors Stebunovs. The Domestic and International Effects of Interstate U.S. Banking. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16613.pdf（1406KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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