The Politics of Related Lending
利用同一国家结构相似的政府银行数据，通过自然实验发现政府银行向其所有者贷款是为了转移收入，尤其在政治竞争激烈地区更明显。
Abstract We analyze the profitability of government-owned banks’ lending to their owners, using a unique data set of relatively homogeneous government-owned banks; the banks are all owned by similarly structured local governments in a single country. Making use of a natural experiment that altered the regulatory and competitive environment, we find evidence that such lending was used to transfer revenues from the banks to the governments. Some of the evidence is particularly pronounced in localities where the incumbent politicians face significant competition for reelection.