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1 102/2 財金系 黃河泉 教授 期刊論文 發佈 Banking market structure, liquidity needs, and industrial growth volatility , [102-2] :Banking market structure, liquidity needs, and industrial growth volatility期刊論文Banking market structure, liquidity needs, and industrial growth volatilityHuang, Ho-Chuan (River), Fang, WenShwo, Miller, Stephen M.財務金融學系暨研究所Bank concentration;External liquidity;Financial development;Industrial growth volatilityJournal of Empirical Finance 26, pp.1-12While the existing literature acknowledges the effect of banking structure on industrial growth as well as the effect of financial development on industrial growth and its volatility, we examine whether banking structure, given financial development, exerts any nontrivial effect on industrial growth volatility. We show that bank concentration magnifies industrial growth volatility, but reduces the volatility in sectors with higher external liquidity needs. The reduction in industrial growth volatility mostly reflects the smoothing in the volatility of real value added per firm growth. A variety of sensitivity checks show that our findings re
2 102/2 財金系 黃河泉 教授 期刊論文 發佈 Banking market structure, liquidity needs, and industrial growth volatility , [102-2] :Banking market structure, liquidity needs, and industrial growth volatility期刊論文Banking market structure, liquidity needs, and industrial growth volatilityHuang, Ho-Chuan (River); Fang, WenShwo; Miller, Stephen M.淡江大學財務金融學系Bank concentration; External liquidity; Financial development; Industrial growth volatilityAmsterdam: Elsevier BV * North-HollandJournal of Empirical Finance 26, pp.1-14While the existing literature acknowledges the effect of banking structure on industrial growth as well as the effect of financial development on industrial growth and its volatility, we examine whether banking structure, given financial development, exerts any nontrivial effect on industrial growth volatility. We show that bank concentration magnifies industrial growth volatility, but reduces the volatility in sectors with higher external liquidity needs. The reduction in industrial growth volatility mostly reflects the smoothing in the volatility of real value added per firm growth. A variety of sens
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