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Financial Integration and Growth: Banks' Previous Industry Exposure Matters

Author

Listed:
  • Neslihan Dincbas
  • Tomasz Kamil Michalski

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Evren Ors

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

Abstract

Using U.S. interstate banking deregulations, we identify the effect of banks' prior to market-entry industry exposures on the state-level manufacturing sector growth. Examining industry value added, gross operating surplus, total compensation, number of employees, output per employee and wages, we find that the larger the discrepancy in specialization in an industry between a state-pair, the higher is the impact of banking integration on the growth of that sector in the less specialized state. Our results indicate that a banking channel shapes the states' industrial landscape. Banks prior exposure to different sectors appears to have important consequences for regional economic integration.

Suggested Citation

  • Neslihan Dincbas & Tomasz Kamil Michalski & Evren Ors, 2015. "Financial Integration and Growth: Banks' Previous Industry Exposure Matters," Working Papers hal-02002769, HAL.
    • Handle: RePEc:hal:wpaper:hal-02002769
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    Keywords

    banking integration; industry structure; industrial specialization; economic convergence;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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