Gateway to Think Tanks
来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP15612 |
DP15612 Banks, Political Capital, and Growth | |
Thomas Lambert; Wolf Wagner; Eden Quxian Zhang | |
发表日期 | 2020-12-28 |
出版年 | 2020 |
语种 | 英语 |
摘要 | We show that politically connected banks influence economic activity. We exploit shocks to individual banks’ political capital following close US congressional elections. We find that regional output growth increases when banks active in the region experience an average positive shock to their political capital. The effect is economically large, but temporary, and is due to lower restructuring in the economy rather than increased productivity. We show that eased lending conditions (especially for riskier firms) can account for the growth effect. Our analysis is a first attempt to directly link the politics and finance literature with the finance and growth literature. |
主题 | Financial Economics |
关键词 | Campaign contributions Close elections Corporate lending Creative destruction Economic growth Political connections Productivity |
URL | https://cepr.org/publications/dp15612 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544625 |
推荐引用方式 GB/T 7714 | Thomas Lambert,Wolf Wagner,Eden Quxian Zhang. DP15612 Banks, Political Capital, and Growth. 2020. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。