Buying the Vote? The Economics of Electoral Politics and Small-Business Loans
研究选举政治如何影响政府小企业贷款分配，发现选举重要性高的地区在疫情后获得更多贷款，进而影响就业和商业活动。
Abstract We study the relation between electoral politics and government small-business lending, employment, and business formation. We construct novel measures of electoral importance capturing swing and base voters using data from Facebook ad spending, independent political expenditures, the Cook Political Report, and campaign contributions. We find that businesses in electorally important states, districts, and sectors receive more loans following the onset of the COVID-19 crisis, controlling for funding demand and both health and economic conditions. Estimates from survey and observational data show that electoral politics and the allocation of government funds affect employment, small-business activity, and business applications.