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BigTech Credit and Monetary Policy Transmission
Francis Osei-TutuYiping HuangLaurent WeillXiang LiHan QiuChanghua Yu
其他書名
Micro-level Evidence from China
出版BOFIT, the Bank of Finland Institute for Emerging Economies, 2023
ISBN95232342509789523234253
URLhttp://books.google.com.hk/books?id=iYH2zwEACAAJ&hl=&source=gbs_api
註釋We examine the effect of regional favoritism on the access of firms to credit. Using firm-level data on a large sample of 29,000 firms covering 47 countries, we investigate the hypothesis that firms in the birth regions of national political leaders have better access to credit. Our evidence suggests that firms located in birth regions of political leaders are less likely to be credit constrained. The effect takes place through the demand channel: firms in leader regions face fewer hurdles in applying for loans. We find no evidence, however, of preferential lending from banks to firms in leader regions. Thus, regional favoritism affects access to credit through differences in perceptions of firm managers, not deliberate changes in the allocation of resources by political leaders.