| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23598 |
| 来源ID | Working Paper 23598 |
| The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes | |
| Zhuo Chen; Zhiguo He; Chun Liu | |
| 发表日期 | 2017-07-24 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | China’s four-trillion-yuan stimulus package fueled by bank loans in 2009 has led to the rapid growth of shadow banking activities after 2012. Local governments financed the stimulus through bank loans in 2009, and resorted to non-bank debt financing after 2012 given the rollover pressure from bank debt coming due, a manifestation of the stimulus-loan-hangover effect. Cross-sectionally, provinces with greater bank loan growth in 2009 experienced more Municipal Corporate Bonds issuance during 2012-2015, together with more shadow banking activities including Entrusted loans and Wealth Management Products. We highlight the market forces behind the regulation changes on local government debt post 2012. |
| 主题 | International Economics ; Globalization and International Relations ; Financial Economics ; Financial Institutions ; Development and Growth ; Development ; Country Studies |
| URL | https://www.nber.org/papers/w23598 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581272 |
| 推荐引用方式 GB/T 7714 | Zhuo Chen,Zhiguo He,Chun Liu. The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23598.pdf（2282KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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