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JEL classifications: t r a c t We document empirical support for a key micro-level channel-innovation by young, private firms-through which financial sector deregulation affects economic growth. We find that intrastate banking deregulation, which increased the local market power of banks, decreased the level and risk of innovation by young, private firms. In contrast, interstate banking deregulation, which decreased the local market power of banks, increased the level and risk of innovation bydoi:10.2139/ssrn.2174420 fatcat:oflvn7mvirej7ewhjhrc75tzd4