| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27763 |
| 来源ID | Working Paper 27763 |
| Monetary Stimulus Amidst the Infrastructure Investment Spree: Evidence from China's Loan-Level Data | |
| Kaiji Chen; Haoyu Gao; Patrick C. Higgins; Daniel F. Waggoner; Tao Zha | |
| 发表日期 | 2020-08-31 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study how a fiscal expansion via infrastructure investment influences the dynamic impacts of monetary stimulus on credit allocation. We develop a two-stage approach and apply it to the Chinese economy with a confidential loan-level dataset that covers all sectors. We find that infrastructure investment significantly weakened monetary policy's transmission to credit allocated to private firms, while reinforcing the monetary effects on loans to state-owned firms. This fiscal-monetary interaction channel is key to understanding the preferential credit access enjoyed by state-owned firms during the stimulus period. Consequently, monetary stimulus crowded out private investment and lowered efficiency in capital allocation. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w27763 |
| 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/585435 |
| 推荐引用方式 GB/T 7714 | Kaiji Chen,Haoyu Gao,Patrick C. Higgins,et al. Monetary Stimulus Amidst the Infrastructure Investment Spree: Evidence from China's Loan-Level Data. 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 | ||
| w27763.pdf（12174KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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