Credit Allocation under Economic Stimulus: Evidence from China
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发布日期:2021年12月27日 上次修订日期:2022年02月18日

摘要

We study credit allocation across  rms and its real e ects during China's economic stimulus plan of 2009-2010. We match con dential loan-level data from the 19 largest Chinese banks with  rm-level data on manufacturing  rms. We document that the stimulus-driven credit expansion disproportionately favored state-owned rms and  rms with lower average product of capital, reversing the process of capital reallocation towards private  rms that characterized China's high growth before 2008. We argue that implicit government guarantees for state-connected  rms become more prominent during recessions and can explain this reversal.

Lin William Cong ; Haoyu Gao ; Jacopo Ponticelli ; Xiaoguang Yang ; Credit Allocation under Economic Stimulus: Evidence from China (2021年12月27日)http://www.cfrn.com.cn//lw/yhyjrjg/fxgllw/50da5bccbc7a4b7b80e7fb8373370b7d.htm

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