Credit Allocation Under Economic Stimulus: Evidence from China

doi:10.1093/rfs/hhz008

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	Credit Allocation Under Economic Stimulus: Evidence from China
	Cong, Lin William 1; Gao, Haoyu 2,3; Ponticelli, Jacopo 4,5; Yang, Xiaoguang 6,7
	2019-09-01
发表期刊	REVIEW OF FINANCIAL STUDIES
ISSN	0893-9454
卷号	32 期号:9 页码:3412-3460
摘要	We study credit allocation across firms and its real effects during China's economic stimulus plan of 2009-2010. We match confidential loan-level data from the nineteen largest Chinese banks with firm-level data on manufacturing firms. We document that the stimulus-driven credit expansion disproportionately favored state-owned firms and firms with a lower average product of capital, reversing the process of capital reallocation toward private firms that characterized China's high growth before 2008. We argue that implicit government guarantees for state-connected firms become more prominent during recessions and can explain this reversal.
DOI	10.1093/rfs/hhz008
收录类别	SCI
语种	英语
资助项目	Fama-Miller Center ; IGM center ; Polsky Center ; Cohen and Keenoy Faculty Research Fund at the University of Chicago ; National Science Foundation of China[NSFC 71532013] ; National Science Foundation of China[71702207]
WOS研究方向	Business & Economics
WOS类目	Business, Finance ; Economics
WOS记录号	WOS:000493388400004
出版者	OXFORD UNIV PRESS INC
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/50709
专题	中国科学院数学与系统科学研究院
通讯作者	Ponticelli, Jacopo
作者单位	1.Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA 2.Renmin Univ China, Hanqing Inst, Beijing, Peoples R China 3.CUFE, CAFD, Beijing, Peoples R China 4.Northwestern Univ, Kellogg Sch Management, Global Hub Room 4485,2211 Campus Dr, Evanston, IL 60208 USA 5.CEPR, Washington, DC USA 6.Chinese Acad Sci, AMSS, Beijing, Peoples R China 7.UCAS, Beijing, Peoples R China
推荐引用方式 GB/T 7714	Cong, Lin William,Gao, Haoyu,Ponticelli, Jacopo,et al. Credit Allocation Under Economic Stimulus: Evidence from China[J]. REVIEW OF FINANCIAL STUDIES,2019,32(9):3412-3460.
APA	Cong, Lin William,Gao, Haoyu,Ponticelli, Jacopo,&Yang, Xiaoguang.(2019).Credit Allocation Under Economic Stimulus: Evidence from China.REVIEW OF FINANCIAL STUDIES,32(9),3412-3460.
MLA	Cong, Lin William,et al."Credit Allocation Under Economic Stimulus: Evidence from China".REVIEW OF FINANCIAL STUDIES 32.9(2019):3412-3460.