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Bank ownership lending and local economic performance during the 2008–2009 financial crisis

机译:2008-2009年金融危机期间的银行所有权贷款和当地经济表现

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摘要

Although government banks are frequently associated with political capture and resource misallocation, they may be well-positioned during times of crisis to provide countercyclical support. Following the collapse of Lehman Brothers in September 2008, Brazil’s government banks substantially increased lending. Localities in Brazil with a high share of government banks received more loans and experienced better employment outcomes relative to localities with a low share of government banks. While increased government bank lending mitigated an economic downturn, we find that this lending was politically targeted, inefficiently allocated, and reduced productivity growth.
机译:尽管政府银行经常与政治占领和资源分配不当相关,但在危机时期它们可能处于有利位置,可以提供反周期支持。雷曼兄弟(Lehman Brothers)在2008年9月倒闭后,巴西的政府银行大幅增加了贷款。与政府银行份额较低的地方相比,巴西政府银行份额较高的地方收到的贷款更多,就业结果也更好。尽管增加的政府银行贷款缓解了经济下滑的影响,但我们发现,这种贷款在政治上是有针对性的,分配效率低下,并降低了生产率的增长。

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