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Economic Policy Uncertainty and Corporate Bank Credits: Evidence from China

Author

Listed:
  • Haishan Yu
  • Wendai Lv
  • Huan Liu
  • Jingda Wang

Abstract

This paper studies the relationship between economic policy uncertainty (EPU) and corporate bank credits for Chinese listed companies. We find that high EPU reduce the corporate bank credits. The negative association is less obvious in state-owned companies, that is, SOEs have a higher capacity to resist uncertainty than non-SOEs. Further research indicates that the positive effect of state-owned status on bank credit lines during times of rising EPU is stronger among companies facing more severe financing constraints.

Suggested Citation

  • Haishan Yu & Wendai Lv & Huan Liu & Jingda Wang, 2022. "Economic Policy Uncertainty and Corporate Bank Credits: Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(11), pages 3023-3033, September.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:11:p:3023-3033
    DOI: 10.1080/1540496X.2021.2021179
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    Cited by:

    1. Zhu, Zhaobo & Lin, Hang & Chen, Min & Han, Peiwen, 2023. "The spillover effect of economic policy uncertainty: Evidence from analyst behaviors in Hong Kong," Finance Research Letters, Elsevier, vol. 52(C).
    2. Li, Hui & Usman, Nazar & Coulibay, Megnoro Hamed & Phiri, Ruth & Tang, Xiaoying, 2022. "Does the resources curse hypothesis exist in China? What is the dynamic role of fiscal decentralization, economic policy uncertainty, and technology innovation for sustainable financial development?," Resources Policy, Elsevier, vol. 79(C).
    3. Gazi I. Kara & Youngsuk Yook, 2023. "Policy Uncertainty and Bank Mortgage Credit," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 783-823, June.
    4. Zhu, Mingqi, 2023. "Validating resources curse hypothesis in US: Exploring the relevancy of financial market risk and technology innovation," Resources Policy, Elsevier, vol. 84(C).

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