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Credit Allocation Under Economic Stimulus: Evidence from China

文献类型：期刊论文

作者Cong, Lin William7; Gao, Haoyu3,4; Ponticelli, Jacopo1,5; Yang, Xiaoguang2,6
刊名REVIEW OF FINANCIAL STUDIES
出版日期2019-09-01
卷号32期号:9页码:3412-3460
ISSN号0893-9454
DOI10.1093/rfs/hhz008
英文摘要We study credit allocation across firms and its real effects during China's economic stimulus plan of 2009-2010. We match confidential loan-level data from the nineteen largest Chinese banks with firm-level data on manufacturing firms. We document that the stimulus-driven credit expansion disproportionately favored state-owned firms and firms with a lower average product of capital, reversing the process of capital reallocation toward private firms that characterized China's high growth before 2008. We argue that implicit government guarantees for state-connected firms become more prominent during recessions and can explain this reversal.
资助项目Fama-Miller Center ; IGM center ; Polsky Center ; Cohen and Keenoy Faculty Research Fund at the University of Chicago ; National Science Foundation of China[NSFC 71532013] ; National Science Foundation of China[71702207]
WOS研究方向Business & Economics
语种英语
WOS记录号WOS:000493388400004
出版者OXFORD UNIV PRESS INC
源URL[http://ir.amss.ac.cn/handle/2S8OKBNM/50708]  
专题中国科学院数学与系统科学研究院
通讯作者Ponticelli, Jacopo
作者单位1.CEPR, Washington, DC USA
2.UCAS, Beijing, Peoples R China
3.Renmin Univ China, Hanqing Inst, Beijing, Peoples R China
4.CUFE, CAFD, Beijing, Peoples R China
5.Northwestern Univ, Kellogg Sch Management, Global Hub Room 4485,2211 Campus Dr, Evanston, IL 60208 USA
6.Chinese Acad Sci, AMSS, Beijing, Peoples R China
7.Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA
推荐引用方式
GB/T 7714		 Cong, Lin William,Gao, Haoyu,Ponticelli, Jacopo,et al. Credit Allocation Under Economic Stimulus: Evidence from China[J]. REVIEW OF FINANCIAL STUDIES,2019,32(9):3412-3460.
APA Cong, Lin William,Gao, Haoyu,Ponticelli, Jacopo,&Yang, Xiaoguang.(2019).Credit Allocation Under Economic Stimulus: Evidence from China.REVIEW OF FINANCIAL STUDIES,32(9),3412-3460.
MLA Cong, Lin William,et al."Credit Allocation Under Economic Stimulus: Evidence from China".REVIEW OF FINANCIAL STUDIES 32.9(2019):3412-3460.

入库方式： OAI收割

来源：数学与系统科学研究院

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