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Economic policy uncertainty and shadow banking: Firm-level evidence from China

Author

Listed:
  • Si, Deng-Kui
  • Wan, Shen
  • Li, Xiao-Lin
  • Kong, Dongmin

Abstract

This paper identifies the causal effect of economic policy uncertainty (EPU) on the shadow banking activities of nonfinancial enterprises (NFEs) in China. Using hand-collected data on corporate shadow banking during the period of 2007–2019, we find that there is a positive effect of EPU on shadow banking activities of NFEs and a one standard deviation increase in EPU is significantly associated with a 0.0690 standard deviation rise of firms’ shadow banking business. Furthermore, the effect is more prominent in state-owned enterprises (SOEs) and in firms with high external financing dependence. Financing constraints and the yield spreads between financial and real investments are the main channels through which EPU affects firms’ shadow banking business. Our findings shed fresh light on the understanding of how uncertainty regarding economic policies affects firm investment decisions and enrich the study of determinants of firm financialization.

Suggested Citation

  • Si, Deng-Kui & Wan, Shen & Li, Xiao-Lin & Kong, Dongmin, 2022. "Economic policy uncertainty and shadow banking: Firm-level evidence from China," Research in International Business and Finance, Elsevier, vol. 63(C).
    • Handle: RePEc:eee:riibaf:v:63:y:2022:i:c:s027553192200188x
    DOI: 10.1016/j.ribaf.2022.101802
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    More about this item

    Keywords

    Shadow banking; Economic policy uncertainty; Financing constraint; Revenue stimulus; Firm financialization; Nonfinancial enterprises;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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