Banks, freedom, and political connections: New evidence from around the world

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2024-11-22 DOI:10.1016/j.jfs.2024.101353

Bartłomiej Cegłowski , Krzysztof Jackowicz , Łukasz Kozłowski , Iwa Kuchciak

引用次数: 0

Abstract

This study examines how various facets of social and political freedom shape the impact of political connections on bank lending. Using a new dataset covering the period 2007–2018 and more than 100 countries, we find that the establishment of political connections stimulates lending, but only in countries with constrained media freedom and restricted freedom of association and expression, as well as in those scoring low on political rights and civil liberties. These results suggest that social and political freedom constitute critical factors that limit the resource-allocation distortions caused by political connections.

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银行、自由和政治关系：来自世界各地的新证据

本研究探讨了社会和政治自由的各个方面如何影响政治关系对银行贷款的影响。通过使用涵盖 2007-2018 年间 100 多个国家的新数据集，我们发现建立政治关系会刺激贷款，但仅限于媒体自由受限、结社和言论自由受限的国家，以及政治权利和公民自由得分较低的国家。这些结果表明，社会和政治自由是限制政治关系造成的资源分配扭曲的关键因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.