Specialization in Banking

Abstract

NBER WORKING PAPER SERIES SPECIALIZATION IN BANKING Kristian Blickle Cecilia Parlatore Anthony Saunders Working Paper 31077 http://www.nber.org/papers/w31077 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2023 We would like to thank Tobias Berg, Darrell Duffie, Quirin Fleckenstein, Linda Goldberg, Sebastian Hillenbrand, Victoria Ivashina, Elena Loutskina, Stephan Luck, Matt Plosser, Philipp Schnabl, Johannes Stroebel, and Toni Whited as well as seminar participants at the Federal Reserve Bank of Philadelphia, The Federal Reserve Bank of New York, Temple University, Vilanova, the University of Sydney for helpful comments and suggestions. The opinions expressed in this paper are those of the authors and do not necessarily represent those of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research. Any errors are our own. 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 They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2023 by Kristian Blickle, Cecilia Parlatore, and Anthony Saunders. 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. Specialization in Banking Kristian Blickle, Cecilia Parlatore, and Anthony Saunders NBER Working Paper …

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