Following a natural disaster, the rate of economic growth recovers faster in less competitivebanking markets. A 10% reduction in competition increases the rate of economicgrowth by 0.3%. In less competitive markets, banks respond to a disaster by increasingthe supply of real estate credit by refinancing mortgage loans but do not lend more tobusinesses or consumers. Instead, government agencies provide disaster loans to affectedbusinesses and households. Smaller, profitable and well-capitalized institutionsthat rely more on traditional retail banking originate most mortgage credit.
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