TY  - UNPD
A1  - Haselmann, Rainer
A1  - Schoenherr, David
A1  - Vig, Vikrant
T1  - Rent-seeking in elite networks
T2  - SAFE working paper series ; No. 132
N2  - We employ a unique dataset on members of an elite service club in Germany to investigate how elite networks affect the allocation of resources. Specifically, we investigate credit allocation decisions of banks to firms inside the network. Using a quasi-experimental research design, we document misallocation of bank credit inside the network, with state-owned banks engaging most actively in crony lending. The aggregate cost of credit misallocation amounts to 0.13 percent of annual GDP. Our findings, thus, resonate with existing theories of elite networks as rent extractive coalitions that stifle economic prosperity.
T3  - SAFE working paper - 132 
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/40064
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-400642
UR  - http://safe-frankfurt.de/fileadmin/user_upload/editor_common/Research/Working_Paper/SAFE_WP_132.pdf
PB  - SAFE
CY  - Frankfurt am Main
ER  -