ITは助けとなるか? 銀行業における情報技術と起業

前回エントリに続きITと銀行のネタ。表題のBIS論文をMostly Economicsが紹介している。原題は「Does IT help? Information technology in banking and entrepreneurship」で、著者は Toni Ahnert(ECB)、Sebastian Doerr(BIS)、Nicola Pierri(IMF)、Yannick Timmer(FRB)。

This paper analyzes the importance of information technology (IT) in banking for entrepreneurship. To guide our analysis, we build a parsimonious model of bank screening and lending that predicts that IT in banking can spur entrepreneurship by making it easier for startups to borrow against collateral. We then empirical show that job creation by young firms is stronger in US counties that are more exposed to IT-intensive banks. Consistent with a strengthened collateral lending channel, entrepreneurship increases by more in IT-exposed counties when house prices rise. In line with the model's implications, higher startup activity does not diminish startup quality. Instrumental variable regressions at the bank level further show that IT makes banks' credit supply more responsive to changes in local house prices, and weakens the importance of geographical distance between borrowers and lenders. These results suggest that banks' IT adoption can increase dynamism by improving startups' access to finance.