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Does the structure of banking markets affect economic growth? Evidence from U.S. state banking markets

机译：银行市场结构是否会影响经济增长？来自美国州立银行市场的证据

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This paper examines the impacts of banking market structure and regulation on economic growth using new data on banking market concentration and manufacturing industry-level growth rates for U.S. states during 1899-1929-a period when the manufacturing sector was expanding rapidly and restrictive branching laws segmented the U.S. banking system geographically. Unlike studies of developing and developed countries today, we find that banking market concentration generally had a positive impact on manufacturing sector growth in the early twentieth century United States, with a somewhat stronger impact on industries with smaller establishments, lower rates of incorporation, and less reliance on bond markets (and, hence, relatively more reliance on banks). Because regulations affecting bank entry varied considerably across states and the industrial organization of the U.S. banking system differs markedly from those of other countries, we consider the impact of other aspects of banking market structure and policy on growth. Even after controlling for differences in the prevalence of branch banking, deposit insurance, and other aspects of policy and market structure, we find that market concentration boosted industrial growth.
机译：本文使用关于1899-1929年美国各州银行业市场集中度和制造业水平增长率的新数据，考察了银行业市场结构和监管对经济增长的影响。美国银行系统的地理位置。与今天对发展中国家和发达国家的研究不同，我们发现银行市场的集中度总体上对二十世纪初的美国制造业产生了积极的影响，对规模较小，公司注册率较低且规模较小的行业的影响较大。对债券市场的依赖（因此，对银行的依赖相对更多）。由于影响银行进入的法规在各州之间有很大差异，而且美国银行体系的行业组织与其他国家/地区明显不同，因此，我们考虑了银行市场结构和政策其他方面对增长的影响。即使在控制了分行业务，存款保险以及政策和市场结构的其他方面的差异之后，我们仍发现市场集中度促进了工业增长。

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