The political economy of multilateral lending to European regions


Asatryan, Zareh ; Havlik, Annika


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URL: https://madoc.bib.uni-mannheim.de/53460
URN: urn:nbn:de:bsz:180-madoc-534608
Document Type: Working paper
Year of publication: 2019
The title of a journal, publication series: ZEW Discussion Papers
Volume: 19-046
Place of publication: Mannheim
Publication language: English
Institution: Außerfakultäre Einrichtungen > Graduate School of Economic and Social Sciences- CDSS (Social Sciences)
Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: D72 , F53 , G2,
Keywords (English): Political economy of international organizations , regional favoritism , European Investment Bank , European Union
Abstract: We study the political economy of allocation decisions within a major state investment bank. Our focus is the European Investment Bank (EIB) – “The Bank of the EU” – which is the largest multilateral lending (and borrowing) institutionin the world. We collect (and make available) information on the regions of origin of about 500 national representatives at the EIB’s Board of Directors – the decisive body for loan approvals – since its foundation in 1959 and show that arepresentative’s appointment increases the probability of her sub-national region receiving a loan by about 17 percentage points. This “home-bias” effect is driven by large loans financing infrastructure projects. We provide several pieces of evidence, which are consistent with the hypothesis that home-bias lending may lead to resource misallocation, however we cannot conclusively demonstrate this case of economic inefficiency.

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Asatryan, Zareh ; Havlik, Annika (2019) The political economy of multilateral lending to European regions. Open Access ZEW Discussion Papers Mannheim 19-046 [Working paper]
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