Politics, Banks, and Sub-Sovereign Debt: Unholy Trinity or Divine Coincidence?
In: ECB Working Paper No. 2146
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In: ECB Working Paper No. 2146
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In: Deutsche Bundesbank Discussion Paper No. 53/2018
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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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In: ECB Working Paper No. 2086
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Working paper
In: American economic review, Band 106, Heft 5, S. 630-635
ISSN: 1944-7981
We exploit regional variations in U.S. house price fluctuations during the boom-bust cycle of the 2000s to study the impact of the housing cycle on young Americans' choices related to education and employment. We find that in MSAs which experienced large increases in house prices between 2001 and 2006, young adults were substantially more likely to forego a higher education and join the workforce, lowering skill formation. During the bust years, the young, especially those without higher education, were more likely to be unemployed in areas which experienced higher declines in house prices.
In: ECB Working Paper No. 1892
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In: ECB Working Paper No. 1910
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Working paper
In: Journal of international economics, Band 96, Heft 2, S. 323-337
ISSN: 0022-1996
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Working paper
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In: ECB Working Paper No. 1821
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In: European Banking Center Discussion Paper No. 2013-001
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Working paper
In: ECB Working Paper No. 1544
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Working paper
In: Economic policy, Band 27, Heft 71, S. 447-482
ISSN: 1468-0327
In: NBER Working Paper No. w18556
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