Publication: Political uncertainty and the geographic allocation of credit: evidence from small businesses
Political uncertainty and the geographic allocation of credit: evidence from small businesses
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Cerqueiro, G., Mão-de-Ferro, A., & Penas, M. F. (2023). Political uncertainty and the geographic allocation of credit: evidence from small businesses (DP 2020-00; TILEC Discussion Paper). https://doi.org/10.2139/ssrn.3492043
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We investigate how banks change the geographic distribution of their small business loan portfolio when they face political uncertainty in some of the states where they operate. Using exogenous variation in gubernatorial elections with binding term limits, we show that political uncertainty causes local banks to increase out-of-state lending to small firms, especially to firms located in the wealthiest out-of-state counties. This effect follows a decrease in lending in the local market and is stronger for banks that are more capital c
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Cerqueiro, G., Mão-de-Ferro, A., & Penas, M. F. (2023). Political uncertainty and the geographic allocation of credit: evidence from small businesses (DP 2020-00; TILEC Discussion Paper). https://doi.org/10.2139/ssrn.3492043
