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Banking structure and employment growth

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Recent studies have documented an association between financial structure and per capita income growth. The relationship between financial structure and job growth, by contrast, is an unexplored issue of independent interest. Here we find that US nonmetropolitan employment grew faster in 1973-1996 where there were fewer locally owned bank offices and a more concentrated initial banking market structure; these linkages were less stable in metropolitan areas. In addition, controlling for employment growth does not undermine the empirical linkage between initial bank structure and subsequent per capita income growth.

Document Type: Research Article


Affiliations: 1: Office of Policy Analysis and Research, Office of Federal Housing Enterprise Oversight, Washington, DC 20552, USA 2: Department of Economics and Finance, University of Wyoming, Laramie, WY 82071, USA

Publication date: August 1, 2009

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