Politics and Banking in Russia: The Rise of Putin
نویسندگان
چکیده
This study examines how state ownership of banks can have contributed to the ascending to power of Vladimir Putin during the presidential elections of March 2000. We analyze how firm loans granted by the dominating state-owned bank Sberbank can have influenced the outcome of these elections. We study the relation at the regional level and analyze the variation in Sberbank firm loans and the increase of Putin’s popularity between the Duma elections of December 1999 and the presidential elections of March 2000. We assume that Sberbank lending has been used to provide incentives to firm managers in order to mobilize voting of the employees in favor of their regime. We find evidence that Sberbank lending increased before the elections to favor Putin victory. We do not find that regions with the greater increase in Putin’s popularity would have been rewarded with a stronger growth in Sberbank lending. Our results therefore support the view that Sberbank loans granted before the presidential elections can have supported the success of Vladimir Putin in the presidential elections of March 2000. JEL Codes: G21, P34
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