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Article: Local Financial Structure and the Pandemic’s Effect on the Distribution of Employment
| Title | Local Financial Structure and the Pandemic’s Effect on the Distribution of Employment |
|---|---|
| Authors | |
| Issue Date | 3-May-2024 |
| Publisher | Oxford University Press |
| Citation | The Review of Corporate Finance Studies, 2024 How to Cite? |
| Abstract | Does the structure of financial systems influence the employment respo0nse to adverse shocks? Using (a) county-industry employment data differentiated by firm size and (b) high-frequency county employment data differentiated by income, we find that employment at small firms, employment of low-income workers, and overall employment fell less in counties with higher proportions of small banks in response to the pandemic. Furthermore, small banks lend more to small businesses than large banks, above and beyond government-guaranteed PPP loans. Evidence suggests that small banks cushioned small firms and low-income workers from the adverse effects of the pandemic. |
| Persistent Identifier | http://hdl.handle.net/10722/343576 |
| ISSN | 2023 Impact Factor: 1.9 2023 SCImago Journal Rankings: 5.418 |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Levine, Ross | - |
| dc.contributor.author | Lin, Chen | - |
| dc.contributor.author | Xie, Wensi | - |
| dc.date.accessioned | 2024-05-21T03:11:56Z | - |
| dc.date.available | 2024-05-21T03:11:56Z | - |
| dc.date.issued | 2024-05-03 | - |
| dc.identifier.citation | The Review of Corporate Finance Studies, 2024 | - |
| dc.identifier.issn | 2046-9128 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/343576 | - |
| dc.description.abstract | <p>Does the structure of financial systems influence the employment respo0nse to adverse shocks? Using (a) county-industry employment data differentiated by firm size and (b) high-frequency county employment data differentiated by income, we find that employment at small firms, employment of low-income workers, and overall employment fell less in counties with higher proportions of small banks in response to the pandemic. Furthermore, small banks lend more to small businesses than large banks, above and beyond government-guaranteed PPP loans. Evidence suggests that small banks cushioned small firms and low-income workers from the adverse effects of the pandemic.<br></p> | - |
| dc.language | eng | - |
| dc.publisher | Oxford University Press | - |
| dc.relation.ispartof | The Review of Corporate Finance Studies | - |
| dc.title | Local Financial Structure and the Pandemic’s Effect on the Distribution of Employment | - |
| dc.type | Article | - |
| dc.identifier.doi | 10.1093/rcfs/cfae008 | - |
| dc.identifier.eissn | 2046-9136 | - |
| dc.identifier.issnl | 2046-9128 | - |