Haku
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Monetary policy shocks and peer-to-peer lending in China
(05.12.2019)
BOFIT Discussion Papers 23/2019
BOFIT Discussion Papers 23/2019
This paper studies monetary policy transmission in China’s peer-to-peer lending market. Using spectral measures of causality, we explore the impacts of Chinese monetary policy shocks on China’s P2P market interest rates ...
Benford’s law and Chinese banks’ non-performing loans
(19.12.2019)
BOFIT Discussion Papers 25/2019
BOFIT Discussion Papers 25/2019
Benford’s law states that the leading significant digits in real-world data sets, provided the data span several orders of magnitude, are not normally uniformly distributed. Deviations from this law may indicate human ...
Lending cycles and real outcomes : Costs of political misalignment
(21.01.2019)
BOFIT Discussion Papers 1/2019
BOFIT Discussion Papers 1/2019
We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending around local elections compared with private banks in the same province. ...
What does peer-to-peer lending evidence say about the risk-taking channel of monetary policy?
(29.08.2019)
BOFIT Discussion Papers 16/2019
BOFIT Discussion Papers 16/2019
This paper uses loan application-level data from a peer-to-peer lending platform to study the risk-taking channel of monetary policy. By employing a direct ex-ante measure of risk-taking and estimating the simultaneous ...
Herding behaviour in P2P lending markets
(14.11.2019)
BOFIT Discussion Papers 22/2019
BOFIT Discussion Papers 22/2019
We explore individual lender behaviour on Renrendai.com, a leading Chinese peer-to-peer (P2P) crowdlending platform. Using a sample of roughly 5 million investor-loan-hour observations and applying a high-dimension fixed ...
Credit and fiscal multipliers in China
(28.02.2019)
BOFIT Discussion Papers 5/2019
BOFIT Discussion Papers 5/2019
We estimate credit and fiscal multipliers in China, using subnational political cycles as a source of exogenous variation. The tenure of the provincial party secretary, interacted with the credit and fiscal expenditure ...
Ownership structure and the cost of debt : Evidence from the Chinese corporate bond market
(19.09.2019)
BOFIT Discussion Papers 18/2019
BOFIT Discussion Papers 18/2019
Drawing upon evidence from the Chinese corporate bond market, we study how ownership structure affects the cost of debt for firms. Our results show that state, institutional and foreign ownership formats reduce the cost ...
China's monetary policy and the loan market : How strong is the credit channel in China?
(09.08.2019)
BOFIT Discussion Papers 15/2019
BOFIT Discussion Papers 15/2019
We study the credit channel of Chinese monetary policy in a structural vector autoregressive framework. Using combinations of zero and sign restrictions, we identify monetary policy shocks linked to supply and demand ...