The Division of Spoils in a Booming Industry
In: ECB Working Paper No. 2022/2709
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In: ECB Working Paper No. 2022/2709
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In: ECB Working Paper No. 2115, ISBN: 978-92-899-3031-4
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Working paper
In: Journal of development economics, Band 107, S. 202-214
ISSN: 0304-3878
In: Journal of development economics, Band 107, S. 202-214
ISSN: 0304-3878
World Affairs Online
In: ECB Working Paper No. 1593
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In: ECB Working Paper No. 1606
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Working paper
In: ECB Working Paper No. 1368
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In: ECB Working Paper No. 1121
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In: Journal of international economics, Band 144, S. 103797
ISSN: 0022-1996
In: ECB Working Paper No. 2023/2778
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In: ECB Working Paper No. 2022/2762
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In: CEPR Discussion Paper No. DP16745
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In: Voprosy istorii: VI = Studies in history, Band 2020, Heft 7, S. 4-21
In: Columbia Business School Research Paper Forthcoming
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Working paper
We exploit election-driven turnover in State and local governments in Germany to study how banks adjust their securities portfolios in response to the loss of political connections. We find that local savings banks, which are owned by their host county and supervised by local politicians, increase significantly their holdings of home-State sovereign bonds when the local government and the State government are dominated by different political parties. Banks' holdings of other securities, like federal bonds, bonds issued by other States, or stocks, are not affected by election outcomes. We argue that banks use sub-sovereign bond purchases to gain access to politically distant government authorities.
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