NBER-技术银行：银行的技术采用及其影响

NBER WORKING PAPER SERIESBANKING ON TECHNOLOGY:BANK TECHNOLOGY ADOPTION AND ITS EFFECTSSheila JiangAlessandro RebucciGang ZhangWorking Paper 33551http://www.nber.org/papers/w33551NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138March 2025We are grateful to Manuel Amador, Anmol Bhandari, Xiaoji Lin, Gianni De Nicolo, Guangqian Pan (discussant), Fabrizio Perri, Yuchao Peng, Andrea Presbitero, Nicola Pierri, Robert Marquez, Qi Sun, Shengxing Zhang, and Yu Zhang (discussant), for their comments, suggestions, and discussions. We are thankful for comments received at the ABFER-JFDS, CBCF, CEIBS, the Federal Reserve Bank of Minneapolis, FISF, PHBS, SED, University of Sydney, and SDU. We also thank Huy Nguyen, Huajun Meng, and Jing Zhang for their excellent research assistance. Zhang gratefully acknowledges financial support from the ASEAN Business Research Initiative. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.© 2025 by Sheila Jiang, Alessandro Rebucci, and Gang Zhang. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.Banking on Technology: Bank Technology Adoption and Its EffectsSheila Jiang, Alessandro Rebucci, and Gang ZhangNBER Working Paper No. 33551March 2025JEL No. G21, O3, O4ABSTRACTWe develop and estimate a new model of endogenous growth in bank efficiency and firm productivity in which banks adopt technology embedded in capital goods produced by entrepreneurs, and agents choose whether to become workers or capital-good-producing entrepreneurs. In this framework, bank efficiency influences firm productivity by affecting agents' occupational choices, while firm productivity affects bank efficiency through the relative price of capital goods. We find that increasing technology adoption in the banking system to the level in the top half of the distribution in the data accelerates the economy's long-term growth from 2% to 2.17%. We also find that empirical evidence based on U.S. bank, metropolitan, and state-level data is consistent with the critical mechanisms of our model.Sheila JiangDepartment of Finance and Real EstateWarrington College of BusinessUniversity of FloridaP.O. Box 117168Gainesville, FL 32611Sheila.Jiang@warrington.ufl.eduAlessandro RebucciJohns Hopkins Carey Business School100 International DriveBaltimore, MD 21202and NBERarebucci@jhu.eduGang ZhangCheung Kong GSB1 Changan Ave, Oriental Plaza, E2, Floor 2 Dongcheng Dist, BeijingChinagzhang@ckgsb.edu.cn1IntroductionAs financial institutions increasingly adopt new technologies like Fintech and AI, under-standing their eco