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来源类型Working Paper
规范类型报告
DOI10.3386/w23843
来源IDWorking Paper 23843
The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets
Brian S. Chen; Samuel G. Hanson; Jeremy C. Stein
发表日期2017-09-25
出版年2017
语种英语
摘要Small business lending by the four largest banks fell sharply relative to others in 2008 and remained depressed through 2014. We explore the dynamic adjustment process following this credit supply shock. In counties where the largest banks had a high market share, the aggregate flow of small business credit fell, interest rates rose, fewer businesses expanded, unemployment rose, and wages fell from 2006 to 2010. While the flow of credit recovered after 2010 as other lenders slowly filled the void, interest rates remain elevated. Although unemployment returns to normal by 2014, the effect on wages persists in these areas.
主题Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w23843
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/581516
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Brian S. Chen,Samuel G. Hanson,Jeremy C. Stein. The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets. 2017.
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