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We exploit the introduction of free banking laws in US states during the 1837-1863 period to examine the impact of removing barriers to bank entry on bank competition and economic growth. As governments were not concerned about systemic stability in this period, we are able to isolate the...
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This paper explores the transmission of non-capital shocks through banking networks. We develop a methodology to construct non-capital (idiosyncratic) shocks, using labor productivity shocks to large firms. We document a change in the relationship between foreign idiosyncratic shocks and...
Persistent link: https://www.econbiz.de/10012694566
"After three years of near stagnation, the mood in Europe is definitely gloomy. Many doubt that the European model has a future. In this paper, I argue that things are not so bad, and there is room for optimism. Over the last thirty years, productivity growth has been much higher in Europe than...
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change borders to estimate treatment effects for 23 separate deregulation events. To distinguish real treatment effects from … in five out of the 23 deregulation events examined. Hinterland countiesʺ within the still-regulated states, but farther …-border spillover of deregulation effects may invalidate the empirical design …
Persistent link: https://www.econbiz.de/10003507197
This paper examines the impact of banking deregulation on growth in the U.S. Many states relaxed restrictions on intra … on external financing should grow faster in the post-deregulation period. While this issue had been partly examined in a … case for the U.S.; industries that borrow less from banks in fact grew at a faster rate after deregulation. This could be …
Persistent link: https://www.econbiz.de/10013101782
change borders to estimate treatment effects for 23 separate deregulation events. To distinguish real treatment effects from … five out of the 23 deregulation events examined. Hinterland counties within the still-regulated states, but farther away …-border spillover of deregulation effects may invalidate the empirical design …
Persistent link: https://www.econbiz.de/10013316911