Abstract

http://ssrn.com/abstract=1915164
 
 

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Three’s Company: Wall Street, Capitol Hill, and K Street


Deniz Igan


International Monetary Fund (IMF) - Financial Studies Division

Prachi Mishra


International Monetary Fund (IMF) - Research Department

June 23, 2011


Abstract:     
This paper explores the link between the political influence of the financial industry and financial regulation in the run-up to the global financial crisis. We construct a detailed dataset documenting the politically targeted activities of the financial industry from 1999 to 2006.

The analysis shows that lobbying expenditures by the financial industry were directly linked to the position legislators took on the key bills. Network connections of lobbyists and the financial industry with the legislators were also associated with increased odds of the legislator’s position being in favor of lax regulation. These findings support the view that financial regulation is prone to be influenced by the financial industry.

Number of Pages in PDF File: 59

Keywords: lobbying, PAC, financial regulation

JEL Classification: G21, P16

working papers series





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Date posted: August 23, 2011  

Suggested Citation

Igan, Deniz and Mishra, Prachi, Three’s Company: Wall Street, Capitol Hill, and K Street (June 23, 2011). Available at SSRN: http://ssrn.com/abstract=1915164 or http://dx.doi.org/10.2139/ssrn.1915164

Contact Information

Deniz Igan (Contact Author)
International Monetary Fund (IMF) - Financial Studies Division ( email )
700 19th Street, N.W.
Washington, DC 20431
United States
Prachi Mishra
International Monetary Fund (IMF) - Research Department ( email )
700 19th Street NW
Washington, DC 20431
United States
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