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Politics and real firm activity: Evi...

Kumar, Nitish.

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Politics and real firm activity: Evidence from distortions in bank lending in India.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Politics and real firm activity: Evidence from distortions in bank lending in India./
Author:	Kumar, Nitish.
Description:	76 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
Contained By:	Dissertation Abstracts International76-11A(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3712561
ISBN:	9781321894769

Politics and real firm activity: Evidence from distortions in bank lending in India.
Kumar, Nitish.

Politics and real firm activity: Evidence from distortions in bank lending in India. - 76 p.

Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.

Thesis (Ph.D.)--The University of Chicago, 2015.

Using data from staggered state elections in India, I analyze the consequences of political interference in the banking sector on firm activity. In states with forthcoming elections, politicians influence banks to increase lending to farmers, which crowds out lending to manufacturing firms. Both the increase in agricultural lending and the decrease in manufacturing lending before elections are larger in locations where a higher proportion of voters are engaged in agriculture. Comparing firms in states that have an election in a given year against comparable firms in states that do not, I find reduced availability of bank credit forces firms to reduce production, cut investment and lay off workers. Additionally, new firms are less likely to start production during an election year. I explore alternative explanations and provide evidence that the results are more consistent with political interference. This interference is costly: reduced production during elections lowers plant utilization rates and renders some productive capacity idle.

ISBN: 9781321894769Subjects--Topical Terms:

542899
Finance.

Politics and real firm activity: Evidence from distortions in bank lending in India.
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020 $a 9781321894769
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100 1 $a Kumar, Nitish. $3 3190767
245 1 0 $a Politics and real firm activity: Evidence from distortions in bank lending in India.
300 $a 76 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
500 $a Advisers: Raghuram G. Rajan; Amit Seru.
502 $a Thesis (Ph.D.)--The University of Chicago, 2015.
520 $a Using data from staggered state elections in India, I analyze the consequences of political interference in the banking sector on firm activity. In states with forthcoming elections, politicians influence banks to increase lending to farmers, which crowds out lending to manufacturing firms. Both the increase in agricultural lending and the decrease in manufacturing lending before elections are larger in locations where a higher proportion of voters are engaged in agriculture. Comparing firms in states that have an election in a given year against comparable firms in states that do not, I find reduced availability of bank credit forces firms to reduce production, cut investment and lay off workers. Additionally, new firms are less likely to start production during an election year. I explore alternative explanations and provide evidence that the results are more consistent with political interference. This interference is costly: reduced production during elections lowers plant utilization rates and renders some productive capacity idle.
590 $a School code: 0330.
650 4 $a Finance. $3 542899
650 4 $a Labor economics. $3 642730
650 4 $a South Asian studies. $3 3172880
650 4 $a Political science. $3 528916
690 $a 0508
690 $a 0510
690 $a 0638
690 $a 0615
710 2 $a The University of Chicago. $b Business. $3 1671506
773 0 $t Dissertation Abstracts International $g 76-11A(E).
790 $a 0330
791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3712561