The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Does Local Financial Development Matter?
Open accessAbstract
We study the effects of differences in local financial development within an integrated financial market. We construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market. By using this indicator, we find that financial development enhances the probability an individual starts his own business, favors entry of new firms, increases competition, and promotes growth. As predicted by theory, these effects are weaker for larger firms, which can more easily raise funds outside of the local area. These effects are present even when we instrument our indicator with the structure of the local banking markets in 1936, which, because of regulatory reasons, affected the supply of credit in the following 50 years. Overall, the results suggest local financial development is an important determinant of the economic success of an area even in an environment where there are no frictions to capital movements.
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Citations
Cites
How Much Should We Trust Differences-in-Differences Estimates?
Bertrand, M., Duflo, E., & Mullainathan, S. (2004) · The Quarterly Journal of Economics · doi:10.1162/003355304772839588 · Cited by 10,641
The great reversals: the politics of financial development in the twentieth century
Rajan, R. G., & Zingales, L. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00125-9 · Cited by 3,327
Self-citationBank competition and firm creation
Bonaccorsi di Patti, E., & Dell'Ariccia, G. (2004) · Journal of Money, Credit, and Banking · doi:10.1353/mcb.2004.0011 · Cited by 399
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Chapter 12 Finance and Growth: Theory and Evidence
Levine, R. (2005) · Handbook of Economic Growth · doi:10.1016/s1574-0684(05)01012-9 · Cited by 2,889
Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets
CETORELLI, N., & STRAHAN, P. E. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00841.x · Cited by 920
Democratizing entry: Banking deregulations, financing constraints, and entrepreneurship☆
Kerr, W. R., & Nanda, R. (2009) · Journal of Financial Economics · doi:10.1016/j.jfineco.2008.12.003 · Cited by 679
Bank Mergers and Crime: The Real and Social Effects of Credit Market Competition
GARMAISE, M. J., & MOSKOWITZ, T. J. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00847.x · Cited by 254
BENMELECH, E., & MOSKOWITZ, T. J. (2010) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01560.x · Cited by 239
Metadata
- Authors
- Guiso, L., Sapienza, P., & Zingales, L.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2004-08-01
- Volume
- 119
- Issue
- 3
- Pages
- 929-969
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W1492929016
- Cited by
- 1,084
- References
- 3
- FWCI
- 69.69
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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