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The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes

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Cited by:

  1. Jaehyuk Choi & Lei Lu & Heungju Park & Sungbin Sohn, 2022. "The financial value of the within-government political network: Evidence from Chinese municipal corporate bonds," Papers 2201.01160, arXiv.org.
  2. Allen, Franklin & Qian, Yiming & Tu, Guoqian & Yu, Frank, 2019. "Entrusted loans: A close look at China's shadow banking system," Journal of Financial Economics, Elsevier, vol. 133(1), pages 18-41.
  3. Paul W. Wilson & Shirong Zhao, 2023. "Investigating the performance of Chinese banks over 2007–2014," Annals of Operations Research, Springer, vol. 321(1), pages 663-692, February.
  4. Anderson, Ronald W., 2020. "Who bears risk in China's non-financial enterprise debt?," LSE Research Online Documents on Economics 118879, London School of Economics and Political Science, LSE Library.
  5. Wang, He & Yao, Yang & Zhou, Yue, 2022. "Markets price politicians: Evidence from China’s municipal bond markets," Journal of Economics and Business, Elsevier, vol. 122(C).
  6. Fan, Jianyong & Liu, Yu & Zhang, Qi & Zhao, Peng, 2022. "Does government debt impede firm innovation? Evidence from the rise of LGFVs in China," Journal of Banking & Finance, Elsevier, vol. 138(C).
  7. Feng, Yi & Wu, Fulong & Zhang, Fangzhu, 2022. "The development of local government financial vehicles in China: A case study of Jiaxing Chengtou," Land Use Policy, Elsevier, vol. 112(C).
  8. Changjun Liao & Shengquan Wang, 2021. "The Political Economy of the Differential Regional Effects of Monetary Policy: Evidence From China," The Developing Economies, Institute of Developing Economies, vol. 59(4), pages 351-370, December.
  9. Chen, Zhuo & He, Zhiguo & Liu, Chun, 2020. "The financing of local government in China: Stimulus loan wanes and shadow banking waxes," Journal of Financial Economics, Elsevier, vol. 137(1), pages 42-71.
  10. Wei Xiong, 2018. "The Mandarin Model of Growth," NBER Working Papers 25296, National Bureau of Economic Research, Inc.
  11. Allen, Franklin & Qian, Jun & Qian, Meijun, 2018. "A Review of China’s Institutions," CEPR Discussion Papers 13269, C.E.P.R. Discussion Papers.
  12. Guonan Ma & Jinzhao Chen, 2019. "The Role of Internally Financed Capex in Rising Chinese Corporate Debts," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 61(3), pages 413-442, September.
  13. repec:zbw:bofitp:2018_001 is not listed on IDEAS
  14. Chunjing Wang & Jinming Qu, 2020. "Analysis of the Pro-cyclical Behavior of Credit Spread in Chinese Bond Market," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(4), pages 1-8.
  15. Feng, Xu & Lütkebohmert, Eva & Xiao, Yajun, 2022. "Wealth management products, banking competition, and stability: Evidence from China," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
  16. Ge Gao & Jichang Dong & Xiuting Li, 2022. "Local Government Debt, Real Estate Investment and Corporate Investment: Evidence from China," Sustainability, MDPI, vol. 14(19), pages 1-21, September.
  17. Choi, Jaehyuk & Lu, Lei & Park, Heungju & Sohn, Sungbin, 2022. "The financial value of the within-government political network: Evidence from Chinese municipal corporate bonds," Finance Research Letters, Elsevier, vol. 47(PA).
  18. Zhang, Xiaoqian & Wang, Zhiwei, 2020. "Marketization vs. market chase: Insights from implicit government guarantees," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 435-455.
  19. Xing Li & Xiangyu Ge & Cong Chen, 2022. "Several explorations on how to construct an early warning system for local government debt risk in China," PLOS ONE, Public Library of Science, vol. 17(2), pages 1-27, February.
  20. Mo, Jiawei, 2018. "Land financing and economic growth: Evidence from Chinese counties," China Economic Review, Elsevier, vol. 50(C), pages 218-239.
  21. Zhenfa Li & Fulong Wu & Fangzhu Zhang, 2023. "Adaptable state-controlled market actors: Underwriters and investors in the market of local government bonds in China," Environment and Planning A, , vol. 55(8), pages 2088-2107, November.
  22. Francesco D'Acunto & Michael Weber & Jin Xie & Michael Weber, 2019. "Punish One, Teach A Hundred: The Sobering Effect of Punishment on the Unpunished," CESifo Working Paper Series 7512, CESifo.
  23. Wei, Xin & Liu, Xi & Zhang, Xueyong, 2022. "Shadow banking and the cross-section of stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
  24. Ji, Mianmian & Lv, Wendai, 2022. "Demonstration zones reform and corporate philanthropy: Evidence from China," Economic Modelling, Elsevier, vol. 115(C).
  25. Xiaoming Li & Zheng Liu & Yuchao Peng & Zhiwei Xu, 2020. "Bank Risk-Taking and Monetary Policy Transmission: Evidence from China," Working Paper Series 2020-27, Federal Reserve Bank of San Francisco.
  26. Song, Zheng (Michael) & Xiong, Wei, 2018. "Risks in China’s financial system," BOFIT Discussion Papers 1/2018, Bank of Finland, Institute for Economies in Transition.
  27. Allen, Franklin & Qian, Yiming & Tu, Guoqian & Yu, Frank, 2018. "Entrusted Loans: A Close Look at China’s Shadow Banking System," CEPR Discussion Papers 12864, C.E.P.R. Discussion Papers.
  28. Mengzhu Zhang & Si Qiao & Xiang Yan, 2021. "The secondary circuit of capital and the making of the suburban property boom in postcrisis Chinese cities," Environment and Planning A, , vol. 53(6), pages 1331-1355, September.
  29. Ke Mao & Pierre Failler, 2022. "Local Government Debt and Green Total Factor Productivity—Empirical Evidence from Chinese Cities," IJERPH, MDPI, vol. 19(19), pages 1-13, September.
  30. Zhengge Song & Jingjing Tang & Haijian Zeng & Fangying Pang, 2024. "How Urban-Level Credit Expansion Affects the Quality of Green Innovation: Evidence from China," Sustainability, MDPI, vol. 16(5), pages 1-22, February.
  31. Bo Li & Jacopo Ponticelli, 2020. "Going Bankrupt in China," NBER Working Papers 27501, National Bureau of Economic Research, Inc.
  32. Kaiji Chen & Haoyu Gao & Patrick Higgins & Daniel F. Waggoner & Tao Zha, 2023. "Monetary Stimulus amidst the Infrastructure Investment Spree: Evidence from China's Loan‐Level Data," Journal of Finance, American Finance Association, vol. 78(2), pages 1147-1204, April.
  33. Ma, Guangyuan & Kong, Dongmin & Liu, Shasha, 2023. "Credit stimulus and corporate excess employees," International Review of Financial Analysis, Elsevier, vol. 89(C).
  34. Jiani Li & Jie Li & Tianhang Zhou, 2023. "State ownership and zombie firms: Evidence from China's 2008 stimulus plan," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 31(4), pages 853-876, October.
  35. Chen, Wen & Zhu, Yufeng & He, Zehui & Yang, Yang, 2022. "The effect of local government debt on green innovation: Evidence from Chinese listed companies," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  36. Rongwu Zhang & Wenqiang Fu & Yingxu Kuang, 2022. "Can Digital Economy Promote Energy Conservation and Emission Reduction in Heavily Polluting Enterprises? Empirical Evidence from China," IJERPH, MDPI, vol. 19(16), pages 1-21, August.
  37. Ren, Xiaoyi & Shao, Huan, 2022. "Non-state shareholder governance and shadow banking business: Evidence from Chinese state-owned manufacturing enterprises," Research in International Business and Finance, Elsevier, vol. 60(C).
  38. Ridoy Deb Nath & Mohammad Ashraful Ferdous Chowdhury, 2021. "Shadow banking: a bibliometric and content analysis," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-29, December.
  39. Torsten Ehlers & Steven Kong & Feng Zhu, 2018. "Mapping shadow banking in China: structure and dynamics," BIS Working Papers 701, Bank for International Settlements.
  40. Walker, Thomas & Zhang, Xueying & Zhang, Aoran & Wang, Yulin, 2021. "Fact or fiction: Implicit government guarantees in China’s corporate bond market," Journal of International Money and Finance, Elsevier, vol. 116(C).
  41. Wang, Yabin & Wu, Sharon Xiaohui, 2023. "Local guarantees and SOE bond pricing in China," China Economic Review, Elsevier, vol. 78(C).
  42. Gyourko, Joseph & Shen, Yang & Wu, Jing & Zhang, Rongjie, 2022. "Land finance in China: Analysis and review," China Economic Review, Elsevier, vol. 76(C).
  43. Yan Jiang & Yaping Xu & Shengsheng Li, 2022. "How Does Monetary Policy Uncertainty Influence Firms’ Dynamic Adjustment of Capital Structure," SAGE Open, , vol. 12(1), pages 21582440211, January.
  44. Carpenter, Jennifer N. & Lu, Fangzhou & Whitelaw, Robert F., 2021. "The real value of China’s stock market," Journal of Financial Economics, Elsevier, vol. 139(3), pages 679-696.
  45. Chen, Sophia & Ratnovski, Lev & Tsai, Pi-Han, 2021. "Credit and fiscal multipliers in China: Evidence from a political economy based estimation," Journal of International Money and Finance, Elsevier, vol. 119(C).
  46. Luo, Ronghua & Fang, Hongyan & Liu, Jinjin & Zhao, Senyang, 2019. "Maturity mismatch and incentives: Evidence from bank issued wealth management products in China," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
  47. Zhang, Min & Zhang, Yahong, 2022. "Monetary stimulus policy in China: The bank credit channel," China Economic Review, Elsevier, vol. 74(C).
  48. Anderson, Ronald W., 2021. "Stake-holder firms and the reform of local public finance in China," LSE Research Online Documents on Economics 118892, London School of Economics and Political Science, LSE Library.
  49. Wang, Zhanhao & Zhao, Hong & Li, Lingxiang, 2022. "The positive side of bank wealth management products: Evidence from bank lending rate," Journal of Financial Stability, Elsevier, vol. 58(C).
  50. Kaiji Chen & Tao Zha, 2018. "Macroeconomic Effects of China's Financial Policies," FRB Atlanta Working Paper 2018-12, Federal Reserve Bank of Atlanta.
  51. Sumit Agarwa & Yongheng Deng & Quanlin Gu & Jia He & Wenlan Qian & Yuan Ren, 2022. "Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission [Policy intervention in debt renegotiation: evidence from the home affordable modification program]," Review of Finance, European Finance Association, vol. 26(3), pages 487-520.
  52. Yi, Xingjian & Liu, Sheng & Wu, Zhouheng, 2022. "What drives credit expansion worldwide?——An empirical investigation with long-term cross-country panel data," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 225-242.
  53. Cai, Yu & Wang, Qing, 2022. "Money funds manage returns," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
  54. Cheng, Xiaoqiang & Wang, Yabin, 2022. "Shadow banking and the bank lending channel of monetary policy in China," Journal of International Money and Finance, Elsevier, vol. 128(C).
  55. Yi Huang & Marco Pagano & Ugo Panizza, 2020. "Local Crowding‐Out in China," Journal of Finance, American Finance Association, vol. 75(6), pages 2855-2898, December.
  56. Bian, Jiangze & Da, Zhi & He, Zhiguo & Lou, Dong & Shue, Kelly & Zhou, Hao, 2021. "Margin trading and leverage management," LSE Research Online Documents on Economics 118851, London School of Economics and Political Science, LSE Library.
  57. Bo Li & Jacopo Ponticelli, 2022. "Going Bankrupt in China [The politics of foreclosures]," Review of Finance, European Finance Association, vol. 26(3), pages 449-486.
  58. Gao, Feiyang & Tao, Yunqing & Chen, Dong & Cao, Yuyang, 2023. "Stringent financial regulation and corporate R&D investment: Evidence from a quasi-natural experiment in China," Finance Research Letters, Elsevier, vol. 55(PB).
  59. Bellavite Pellegrini, Carlo & Cincinelli, Peter & Meoli, Michele & Urga, Giovanni, 2022. "The contribution of (shadow) banks and real estate to systemic risk in China," Journal of Financial Stability, Elsevier, vol. 60(C).
  60. Zhifeng Wang & Xuening Ge & Yunxia He & Shuting Li, 2023. "Has the Reform of Land Reserve Financing Policy Reduced the Local Governments’ Implicit Debt?," Land, MDPI, vol. 12(11), pages 1-21, November.
  61. Lu, Yunzhi & Li, Jie & Yang, Haisheng, 2023. "Time-varying impacts of monetary policy uncertainty on China's housing market," Economic Modelling, Elsevier, vol. 118(C).
  62. Wu, Fulong, 2022. "Land financialisation and the financing of urban development in China," Land Use Policy, Elsevier, vol. 112(C).
  63. David Large & Ahmad Teymouri, 2023. "A Review of Funding and Financing Models for Infrastructure Corridor Megaprojects, and Implications for the Canadian Northern Corridor," SPP Research Papers, The School of Public Policy, University of Calgary, vol. 16(13), April.
  64. Han, Xun & Aibai, Abuduwali & Xie, Xinyan, 2023. "Fiscal decentralization and shadow banking activities of non-financial enterprises," Finance Research Letters, Elsevier, vol. 54(C).
  65. Yuanlin Wu & Cunzhi Tian & Guannan Wang, 2023. "Local Government Debt and Corporate Investment Behavior in China: Real versus Financial Investment," Sustainability, MDPI, vol. 15(22), pages 1-22, November.
  66. Phuong Mai Le, Vo & Matthews, Kent & Meenagh, David & Minford, Patrick & Xiao, Zhiguo, 2022. "Regulatory arbitrage, shadow banking and monetary policy in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
  67. Markus K. Brunnermeier & Michael Sockin & Wei Xiong, 2017. "China's Gradualistic Economic Approach and Financial Markets," American Economic Review, American Economic Association, vol. 107(5), pages 608-613, May.
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  69. Jianchao Fan & Jing Liu & Yinggang Zhou, 2021. "Investing like conglomerates: is diversification a blessing or curse for China's local governments?," BIS Working Papers 920, Bank for International Settlements.
  70. Marlene Amstad & Zhiguo He, 2019. "Chinese Bond Market and Interbank Market," NBER Working Papers 25549, National Bureau of Economic Research, Inc.
  71. Cai, Yue, 2021. "Expansionary monetary policy and credit allocation: Evidence from China," China Economic Review, Elsevier, vol. 66(C).
  72. Jingxian Zou & Rundong Ji & Rui Mao, 2022. "The two‐way interaction between population aging and industrial transformation," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 30(2), pages 311-335, April.
  73. Xin, Fangkun & Qian, Yilei, 2022. "Does fiscal decentralization promote green utilization of land resources? Evidence from Chinese local governments," Resources Policy, Elsevier, vol. 79(C).
  74. Zhang, Yuming & Xing, Chao & Zhang, Quanli & Zhang, Xinyue, 2022. "Crises and changes: The impacts of CSR expenditure on loan and subsidy allocation in China's Pre- and Post-Pandemic periods," Finance Research Letters, Elsevier, vol. 47(PB).
  75. Zhang, Ailian & Pan, Mengmeng & Liu, Bai & Cao, Xianbin, 2023. "Do high-speed rail (HSR) station and airport affect local government debt risk? Evidence from China," Transport Policy, Elsevier, vol. 134(C), pages 41-51.
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  77. Yu, Mingzhe & Jia, Junyi & Wang, Siyu, 2022. "Local officials’ promotion incentives and issuance of urban investment bonds," Research in International Business and Finance, Elsevier, vol. 63(C).
  78. Yi Huang & Jianjun Miao & Pengfei Wang, 2019. "Saving China’s Stock Market?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(2), pages 349-394, June.
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