毓秀讲堂 |【Seminar预告】 No.656--张罡(长江商学院)

时 间：2025年5月27日（Tue.）

15:30 - 17:00 p.m.

地 点：同德楼208

主 讲：张罡(长江商学院)

This study investigates how bank expertise in identifying productive projects shapes economic structures. Utilizing the U.S. interstate banking deregulation of the 1980s as a quasi-natural experiment, we find that deregulation facilitated the convergence of economic structures across states. This effect is particularly pronounced among state pairs with significantly different pre-deregulation economic structures or when one state depends on external finance while the other is more financially developed. We then develop a general equilibrium model embedded in a Lucas-island framework featuring imperfect searching and matching between banks and firms. Calibrated to U.S. data, our model accounts for approximately half of the observed convergence of economic structures between service and manufacturing-dominated states following deregulation. Furthermore, while deregulation enhances welfare, banks may deviate from the socially optimal level of entry, either underor overpenetrating markets, due to pricing power and labor displacement effects. The extent of these deviations is determined by banks’ entry costs and market concentration.

张罡博士现任长江商学院经济学助理教授。研究方向包括宏观金融、生产网络与国际宏观经济学。他于2018年获得美国弗吉尼亚大学经济学博士学位。他还在堪萨斯城联邦储备银行担任暑期论文实习生，并在美洲开发银行担任研究员。此外，他曾在芬兰银行（2025年）和香港金融研究中心（2022年）担任访问学者。