The 1971 UK banking deregulation had a positive effect on firms

Starting in the 1970s, various countries deregulated their banking systems and abandoned the strict rules that governed financial institutions since the Great Depression. Deregulation was intended to increase competition in the credit market, improve consumers’ welfare but it has been indicated by many observers to be at the roots of the 2008 financial crisis. Despite the large interest in this issue, we have limited knowledge of the effects of deregulation and increased bank competition on the real economy. Does banking deregulation have a positive effect on firms’ access to credit and investment? Or does it only increase the fragility of the financial system?

20世纪70年代起，全球多国逐步放松银行业管制，摒弃了大萧条以来针对金融机构的严格监管框架。此次放松管制的初衷是提升信贷市场竞争水平、改善消费者福祉，但诸多学界与业界观察者均指出，其实为2008年金融危机的根源之一。尽管该议题已引发广泛关注，我们对于银行业放松管制与银行竞争加剧对实体经济的具体影响仍知之甚少。银行业放松管制究竟能否切实提升企业的信贷可得性与投资水平？抑或仅会加剧金融体系的脆弱性？