Publication: Softening the blow: U.S. state-level banking deregulation and sectoral reallocation after the China trade shock
Softening the blow: U.S. state-level banking deregulation and sectoral reallocation after the China trade shock
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Hoffmann, M., & Ruslanova, L. (2021). Softening the blow: U.S. state-level banking deregulation and sectoral reallocation after the China trade shock (No. 365; Working Paper Series / Department of Economics).
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U.S. state-level banking deregulation during the 1980’s mitigated the impact of the China trade shock (CTS) on local economies (states and commuting zones) a decade later, in the 1990s. Local economies, where local banking markets opened up earlier, were also effectively financially more integrated by the 1990’s and saw smaller declines in house prices, wages, and income following the CTS. We explain this pattern in a theoretical model that emphasizes the stabilizing effect of financial integration on demand for housing and on housing
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Hoffmann, M., & Ruslanova, L. (2021). Softening the blow: U.S. state-level banking deregulation and sectoral reallocation after the China trade shock (No. 365; Working Paper Series / Department of Economics).
