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Implicit guarantees and the rise of shadow banking: The case of trust products

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Cited by:

  1. Ma, Yongfan & Hu, Xingcun, 2024. "Shadow banking and SME investment: Evidence from China's new asset management regulations," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 332-349.
  2. Wu, Zheng & Ouyang, Alice Y., 2025. "Local government debt financing and fiscal shadow expansion: The case of trust products," Finance Research Letters, Elsevier, vol. 86(PG).
  3. Guo, Juanjuan & Wang, Shihao & Liu, Chang, 2025. "The real effect of pilot free trade zones: Evidence from shadow banking activities," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 756-774.
  4. Xiao, Zumian & Niu, Yiran & Xiang, Lijin & Cui, Yingshuo, 2024. "Central bank digital currency and corporate debt financing costs: Empirical evidence from China," Finance Research Letters, Elsevier, vol. 69(PB).
  5. Lei, Ningze & Huang, Liqiang, 2023. "Corporate financing from shadow banking and bond credit spreads," Finance Research Letters, Elsevier, vol. 58(PB).
  6. Xin Li & Mengyun Guan & Zhengzheng Li, 2026. "Fintech and Cross‐Sector Volatility Spillovers in the Chinese Stock Market: A Frequency‐Heterogeneity Perspective," Australian Economic Papers, Wiley Blackwell, vol. 65(2), pages 177-189, June.
  7. Yao, Shiqi & Song, Limin & Zhang, Junkang, 2026. "Can strengthened financial regulation reduce monopsony power in superstar firms? Evidence from China's asset management reform," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
  8. Wan, Xiaoli & Margaritis, Dimitris, 2024. "Shadow banking and loan pricing of commercial banks: Evidence from China," Emerging Markets Review, Elsevier, vol. 60(C).
  9. Lu, Chuang & Zhao, Tingyu & Niu, Yuhao, 2025. "The unintended cost of financial regulation in China: The impact of the new regulation on asset management on private firms' credit spreads," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
  10. Li, Xiao-Lin & Zhang, Rong-Jing, 2025. "Effects of credit misallocation on systemic risk of non-financial corporations: The role of monetary policy," China Economic Review, Elsevier, vol. 93(C).
  11. Tang, Lin & Zhuo, Zhi & Zou, Hong, 2025. "When expectations of implicit government guarantees diminished, do retail stock investors run away?," Journal of Banking & Finance, Elsevier, vol. 175(C).
  12. He, Siyi & Jin, Qinglu & Wu, Sirui, 2025. "The real effect of shadow banking regulation on corporate innovation: Evidence from conduit business," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
  13. Wang, Chenhao & Shi, Yushui & Liu, Yu-Jane, 2023. "Financial advisor's covert discrimination against long-term clients," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
  14. Pan, Hongjie & Wang, Zhaojie & Ding, Shusheng & Yu, Guangsheng, 2025. "Credit risk assessment of shadow banking: Evidence from China," Research in International Business and Finance, Elsevier, vol. 77(PB).
  15. Wan, Rui & Fan, Wencheng & Wang, Xiaoping, 2024. "Local government financing vehicle restructuring, implicit government guarantees and debt financing costs: Evidence from the Chinese municipal corporate bond market," Economic Systems, Elsevier, vol. 48(2).
  16. Yan, Cheng & Lian, Yujun & Xu, Xiangxiang & Chen, Chang-Chih, 2025. "Share pledge lending, monetary policy, and shadow banking nexus," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
  17. Cao, Xiao & Gong, Xiaomin & Gu, Runsheng & Li, Yuhang & Liu, Xinyuan, 2024. "Do regional trusts alleviate bond market risks? Evidence from the Chinese municipal corporate bond pricing," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  18. Du, Kunhai & Zhao, Qicheng & Yin, Yugang & Zhang, Tiancheng, 2024. "Marketing executives and corporate performance: From the perspective of marketing digitalization," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 631-644.
  19. Nyborg, Kjell G. & Woschitz, Jiri, 2025. "Robust difference-in-differences analysis when there is a term structure," Journal of Financial Economics, Elsevier, vol. 170(C).
  20. Cheng, Feiyang & Gao, Haoyu & Pan, Xiaofei & Qian, Meijun & Zhou, Qing (Clara), 2025. "China's debt market: Evolution, regulation, and global integration," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
  21. Feng Dong & Dongzhou Mei & Haoning Sun, 2025. "A Macroeconomic Model of Structural Monetary Policy in China," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(5), pages 1813-1834, December.
  22. Yin, Doudou & Si, Deng-Kui & Wang, Yun, 2024. "How does corporate investment respond to trade policy uncertainty in China? The role of political connections," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 1429-1445.
  23. Wu, Haomin & Yang, Yuting & Wang, Jiani, 2026. "Flexible fintech regulation and corporate digital innovation: Evidence from a quasi-natural experiment," Research in International Business and Finance, Elsevier, vol. 82(C).
  24. Chao Yuan & Hai Jiang & Jiawen Ren & Nikos Kapitsinis, 2024. "Collateral Monetary Policy, Regional Financial Development, and Nonfinancial Firms' Shadow Banking Activities," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 32(5), pages 166-196, September.
  25. Li, Mengru & Huang, Yongjian, 2024. "Financial regulation and financial market stability: Evidence from stock price crash risk," Finance Research Letters, Elsevier, vol. 69(PB).
  26. Shi, Xiaohua & Zhi, Mingxing, 2023. "Managerial overconfidence and enterprise shadow banking," Finance Research Letters, Elsevier, vol. 58(PB).
  27. Chen, Hong & Jin, Zhao & Tang, Yanfei, 2025. "The innovation effects of regulation on bank wealth management products: Theory and evidence from China," Journal of Banking & Finance, Elsevier, vol. 181(C).
  28. Cao, Xiao & Gu, Runsheng & Ji, Xiaoqing & Li, Yuhang & Zhang, Ruifeng, 2025. "The dual effect of upper-level government implicit guarantees on subordinate municipal corporate bond credit risk: An empirical analysis," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
  29. Wu, Haomin & Liu, Xiaodan & Tan, Wenhao, 2026. "Spillover effect of shadow banking business governance: A perspective on audit pricing decisions," International Review of Financial Analysis, Elsevier, vol. 109(C).
  30. Li, Zongyuan & Li, Jingya & Chang, Xiao, 2024. "Market uncertainties and too-big-to-fail perception: Evidence from Chinese P2P registration requirements," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 95(C).
  31. Wang, Jiaxin & Huang, Xiang & Gu, Qiankun & Song, Zilong & Sun, Ruiyi, 2023. "How does fintech affect bank risk? A perspective based on financialized transfer of government implicit debt risk," Economic Modelling, Elsevier, vol. 128(C).
  32. Viral V. Acharya & Jun “QJ” Qian & Yang Su & Zhishu Yang, 2025. "Fiscal Stimulus, Deposit Competition, and the Rise of Shadow Banking: Evidence from China," Management Science, INFORMS, vol. 71(7), pages 5645-5675, July.
  33. Fang, Zhenming & Li, Ruijiang & Smith, David & Liao, Jing, 2025. "Does shadow banking regulation constrain the idiosyncratic risk of firms? evidence from a quasi-natural experiment in China," Research in International Business and Finance, Elsevier, vol. 77(PA).
  34. Lu, Lei & Liu, Qingfu & Wang, Zilu & Luo, Sumei, 2026. "Reassessing bond pricing efficiency: The effects of deregulating mandatory bond ratings," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
  35. Wei, Feng & Xie, Huixuan & Yip, Chi Man, 2026. "Environmental regulatory spillovers in conglomerates: Quasi-experimental evidence on subsidiary leverage in China," Finance Research Letters, Elsevier, vol. 88(C).
  36. Zhang, Shidai & Tsai, Kellee S., 2024. "‘One System, Two Shadows’: A local public finance perspective on China's shadow banking system," China Economic Review, Elsevier, vol. 87(C).
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