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

• 成果类型: Article
• 署名作者: Coleman, Nicholas; Feler, Leo
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors; Johns Hopkins University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.11.001
• 发表日期: 2015
• 页码: 50-66
• 关键词: credit; financial crises; State-owned banks; Local economic activity

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 counter-cyclical 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. (C) 2014 Elsevier B.V. All rights reserved.