Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael - 2021
municipalities crowds out private investment. Our results show how crowding out can happen in a developed economy characterized by … market power to charge higher rates on their SME customers. This crowded out firm investment. Perversely, fiscal … which increasingly borrowed from local public banks. Crowding out lowered aggregate private investment by around 30-40 bio …