| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27305 |
| 来源ID | Working Paper 27305 |
| A Liberalization Spillover: From Equities to Loans | |
| Xin Liu; Shang-Jin Wei; Yifan Zhou | |
| 发表日期 | 2020-06-08 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The opening of equity markets to foreign investment appears to generate an enormously large positive growth effect (see Bekaert, Harvey, and Lundblad, 2005) in spite of a relatively small role of such markets for financing investment in most economies. We propose a possible spillover channel from equity market opening to lower costs of bank loans, which helps to explain this puzzle. From analyzing bank loan data associated with China’s introduction of the Qualified Foreign Institutional Investors (QFII) program, we find significant support for this channel. Furthermore, we show that a reduction in the risk premium is an important mechanism. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w27305 |
| 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/584977 |
| 推荐引用方式 GB/T 7714 | Xin Liu,Shang-Jin Wei,Yifan Zhou. A Liberalization Spillover: From Equities to Loans. 2020. |
| 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 | ||
| w27305.pdf（997KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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