Bank competition and firm creation

被引：192

作者：

Di Patti, EB

Dell'Ariccia, G

机构：

[1] Research Department, Bank of Italy

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2004年 / 36卷 / 02期

关键词：

bank competition; asymmetric information; growth;

D O I：

10.1353/mcb.2004.0011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the effects of competition in the financial sector on the creation of firms in the nonfinancial sector, explicitly allowing for heterogeneous effects across borrowers characterized by different degrees of asymmetric information. We find evidence of a bell-shaped relationship between bank competition and firm creation. In addition, consistently with theories arguing that competition may reduce the availability of credit to informationally opaque firms, we find that bank competition results less favorable to the emergence of new firms in industrial sectors where informational asymmetries are more important.

引用

收藏

页码：225 / 251

页数：27

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