| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24586 |
| 来源ID | Working Paper 24586 |
| Effects of Credit Expansions on Stock Market Booms and Busts | |
| Christopher Hansman; Harrison Hong; Wenxi Jiang; Yu-Jane Liu; Juan-Juan Meng | |
| 发表日期 | 2018-05-14 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Credit expansions are commonly associated with elevated stock market valuations. However, relative to other markets, isolating the causal relationship is challenging. Due to margin restrictions, easy credit often leaks into stock prices in difficult-to-measure ways. We address this by examining a large-scale deregulation in China that explicitly liberalized margin lending. Regression discontinuity and event study estimates show that this deregulation caused a sizable increase in the level of asset prices, which was largely anticipated by unconstrained investors. We develop an easy-to-estimate model of stock prices with anticipation to quantify the importance of expectations regarding financial liberalizations and credit expansions. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Behavioral Finance |
| URL | https://www.nber.org/papers/w24586 |
| 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/582260 |
| 推荐引用方式 GB/T 7714 | Christopher Hansman,Harrison Hong,Wenxi Jiang,et al. Effects of Credit Expansions on Stock Market Booms and Busts. 2018. |
| 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 | ||
| w24586.pdf（830KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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