| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12864 |
| DP12864 Entrusted Loans: A Close Look at China’s Shadow Banking System | |
| Franklin Allen | |
| 发表日期 | 2018-04-11 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We perform transaction-level analyses of entrusted loans—one of the largest components of shadow banking in China. Entrusted loans involve firms with privileged access to cheap capital channeling funds to less privileged firms, and increase when credit is tight. Nonaffiliated loans have much higher interest rates than both affiliated loans and official bank loans, and largely flow into real estate. The pricing of entrusted loans—especially of nonaffiliated loans—incorporates fundamental and informational risks. Stock market reactions suggest that both affiliated and nonaffiliated loans are fairly compensated investments. |
| 主题 | Financial Economics |
| 关键词 | Shadow banking Entrusted loans Credit shortage Fundamental risk Informational risk |
| URL | https://cepr.org/publications/dp12864 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541674 |
| 推荐引用方式 GB/T 7714 | Franklin Allen. DP12864 Entrusted Loans: A Close Look at China’s Shadow Banking System. 2018. |
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