全球智库信息集成服务系统(G2TT): Big Banks and Macroeconomic Outcomes: Theory and Cross-Country Evidence of Granularity

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w19093
来源ID	Working Paper 19093
	Big Banks and Macroeconomic Outcomes: Theory and Cross-Country Evidence of Granularity
	Franziska Bremus; Claudia Buch; Katheryn Russ; Monika Schnitzer
发表日期	2013-05-31
出版年	2013
语种	英语
摘要	Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which idiosyncratic shocks to bank lending can generate aggregate fluctuations in the credit supply when the banking sector is highly concentrated. We empirically assess the relevance of these granular effects in banking using a linked micro-macro dataset of more than 80 countries for the years 1995-2009. The banking sector for many countries is indeed granular, as the right tail of the bank size distribution follows a power law. We then demonstrate granular effects in the banking sector on macroeconomic outcomes. The presence of big banks measured by high market concentration is associated with a positive and significant relationship between bank-level credit growth and aggregate growth of credit or gross domestic product.
主题	Macroeconomics ; Business Cycles ; Money and Interest Rates ; International Economics ; International Macroeconomics ; Globalization and International Relations ; Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w19093
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/576768
推荐引用方式 GB/T 7714	Franziska Bremus,Claudia Buch,Katheryn Russ,et al. Big Banks and Macroeconomic Outcomes: Theory and Cross-Country Evidence of Granularity. 2013.