G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15612
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
URLhttps://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.
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