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Bank Mergers and Crime: The Real and Social Effects of Credit Market Competition


Mark J. Garmaise


University of California, Los Angeles (UCLA) - Anderson School of Management

Tobias J. Moskowitz


University of Chicago - Booth School of Business

December 2004

NBER Working Paper No. w11006

Abstract:     
Using a unique sample of commercial loans and mergers between large banks, we provide microlevel (within-county) evidence linking credit conditions to economic development and find a spillover effect on crime. Neighborhoods that experienced more bank mergers are subjected to higher interest rates, diminished local construction, lower prices, an influx of poorer households, and higher property crime in subsequent years. The elasticity of property crime with respect to merger-induced banking concentration is 0.18. We show that these results are not likely due to reverse causation, and confirm the central findings using state branching deregulation to instrument for bank competition.

Number of Pages in PDF File: 48

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Date posted: January 25, 2005  

Suggested Citation

Garmaise, Mark J. and Moskowitz, Tobias J., Bank Mergers and Crime: The Real and Social Effects of Credit Market Competition (December 2004). NBER Working Paper No. w11006. Available at SSRN: http://ssrn.com/abstract=637503

Contact Information

Mark J. Garmaise
University of California, Los Angeles (UCLA) - Anderson School of Management ( email )
110 Westwood Plaza
Los Angeles, CA 90095-1481
United States
Tobias J. Moskowitz (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-834-2757 (Phone)
773-702-0458 (Fax)
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