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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 ...
The vanishing interest income of Chinese banks
(05.02.2020)
BOFIT Discussion Papers 2/2020
BOFIT Discussion Papers 2/2020
Chinese banks likely have more non-performing loans (NPLs) than officially reported. As hidden NPLs earn no interest income, loan quality problems may erode the gross interest income of banks. Using stochastic frontier ...
Regional favoritism in access to credit : just believe it
(21.03.2023)
BOFIT Discussion Papers 1/2023
BOFIT Discussion Papers 1/2023
ABSTRACT
We examine the effect of regional favoritism on the access of firms to credit. Using firm-level data on a large sample of 29,000 firms covering 47 countries, we investigate the hypothesis that firms in the birth ...
When banks’ shadow fades and shadow banking rises : Securitization and loan performance in China
(15.09.2023)
BOFIT Discussion Papers 4/2023
BOFIT Discussion Papers 4/2023
ABSTRACT
This study examines the relationship between securitization and loan performance using proprietary loan-level data from a Chinese bank. Securitized loans exhibit lower ex-post default rates and prepayment chances ...