Arbeitspapier
Electoral cycles in savings bank lending
We provide causal evidence that German savings banks – where local politicians are by law involved in their management – systematically adjust lending policies in response to local electoral cycles. The different timing of county elections across states and the existence of a control group of cooperative banks – that are very similar to savings banks but lack their political connectedness – allow for clean identification of causal effects of county elections on savings banks’ lending. These effects are economically meaningful and robust to various specifications. Moreover, politically induced lending increases in incumbent party entrenchment and in the contestedness of upcoming elections.
- Sprache
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Englisch
- Erschienen in
-
Series: Munich Discussion Paper ; No. 2014-14
- Klassifikation
-
Wirtschaft
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
Bureaucracy; Administrative Processes in Public Organizations; Corruption
- Thema
-
Bank lending cycles
political business cycles
political connectedness
public banks
government ownership of firms
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Englmaier, Florian
Stowasser, Till
- Ereignis
-
Veröffentlichung
- (wer)
-
Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
- (wo)
-
München
- (wann)
-
2014
- DOI
-
doi:10.5282/ubm/epub.20845
- Handle
- URN
-
urn:nbn:de:bvb:19-epub-20845-1
- Letzte Aktualisierung
-
23.04.2029, 06:43 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Englmaier, Florian
- Stowasser, Till
- Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
Entstanden
- 2014
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