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We investigate whether the occurrence of elections affect access to credit for firms. We perform an investigation using firm-level data covering 44 developed and developing countries. We find that elections have a detrimental influence on access to credit: firms are more credit-constrained in election years but also in pre-election years. We explain this finding by the fact that elections exacerbate political uncertainty. The negative effect of elections takes place through lower credit demand, whereas the occurrence of elections does not affect credit supply. We further establish that the design of political and financial systems affects how elections influence access to credit.

Trust in banks is essential to financial system effectiveness. The present study examines the determinants of trust in banks in China. Using the most recent wave of the World Values Survey, which included information on trust in banks from the survey in China in 2012, we perform ordered logit estimations to investigate the potential influence of a large set of individual and provincial indicators on trust in banks. We observe the influence of certain sociodemographic indicators. Membership in the Communist Party and living in a rural area are negatively associated with trust in banks. Age and satisfaction with financial situation contribute to higher trust in banks, while being married and having a higher level of education tend to lower trust in banks. Access to information regardless of the type of media disseminating the information (newspapers, television or Internet) seem to have no impact on trust in banks. Economic values influence trust in banks. In particular, individuals who favour inequality as an incentive for individual effort or support an expanded government ownership role in the economy tend to trust banks more.

Trust in banks is essential to financial system effectiveness. This study examines the determinants of trust in banks in China. Using the most recent wave of the World Values Survey, which included information on trust in banks from the survey in China in 2012, we perform ordered logit estimations to investigate the potential influence of a large set of individual and provincial indicators on trust in banks. We observe the influence of certain sociodemographic indicators. Membership in the Communist Party and living in a rural area are negatively associated with trust in banks. Age and satisfaction with financial situation contribute to higher trust in banks, while being married and having a higher level of education tend to lower trust in banks. Access to information regardless of the type of media disseminating the information newspapers, television, internet) seem to have no impact on trust in banks. Economic values influence trust in banks. In particular, individuals who favor inequality as an incentive for individual effort or support an expanded government ownership role in the economy tend to trust banks more.

We investigate whether lending by the dominant Russian state bank, Sberbank, contributed to Vladimir Putin's ascent to power during the presidential elections of March 2000. Our hypothesis is that Sberbank corporate loans could have been used as incentives for managers at private firms to mobilize employees to vote for the incumbent regime. In line with our proposed voter mobilization mechanism, we find that the regional growth of Sberbank corporate loans in the months before the presidential election is related to the regional increase in votes for Putin and to the regional increase in voter turnout between the Duma election of December 1999 and the presidential election of March 2000. The effect of Sberbank firm lending on Putin votes was most pronounced in regions where the governor was affiliated with the regime and in regions with extensive private employment. The effect was less apparent in regions with many single-company towns, where voter intimidation is sufficient to get the required result. Additional robustness checks and placebo regressions confirm the main findings. Our results support the view that additional Sberbank corporate loans granted prior to the March 2000 presidential election facilitated Putin's early electoral success.

Nous utilisons la première réglementation d'exigences de fonds propres sur les banques en Chine en 2004 pour analyser l'impact exogène des exigences de fonds propres sur l'efficience des banques. Nous mesurons l'efficience des banques chinoises sur un échantillon de 100 banques sur la période 2004-2009 au moyen du modèle proposé par Battese et Coelli [1995]. Nous observons que les fonds propres favorisent l'efficience des banques. Nous en concluons que l'influence des fonds propres sur l'efficience renforce son effet bénéfique sur la stabilité financière. Nos résultats plaident pour un renforcement des fonds propres des banques en Chine afin de réduire les risques d'instabilité financière.

L'objectif de cet article est d'étudier la relation entre l'aide étrangère et l'efficience macroéconomique des pays receveurs. Nous utilisons l'approche de frontière stochastique pour estimer l'efficience macroéconomique sur un échantillon de 67 pays entre 1985 et 2010. Notre étude montre que l'aide accroît l'efficience macroéconomique des pays receveurs. Cette relation est positive que l'aide soit bilatérale ou multilatérale. Nous observons aussi que l'effet bénéfique de l'aide sur l'efficience est d'autant plus grand que les pays receveurs sont démocratiques et macroéconomiquement stables.