The DOI matches its Crossref record; 38 of the 38 references it cites were found in a registry or an index.
Credit Allocation Under Economic Stimulus: Evidence from China
Abstract
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. Received August 23, 2017; editorial decision November 15, 2018 by Editor Philip Strahan.
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Kiyotaki, N., & Moore, J. (1997) · Journal of Political Economy · doi:10.1086/262072 · Cited by 4,694
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Misallocation and Manufacturing TFP in China and India*
Hsieh, C.-T., & Klenow, P. J. (2009) · Quarterly Journal of Economics · doi:10.1162/qjec.2009.124.4.1403 · Cited by 4,175
Job Creation and Job Destruction in the Theory of Unemployment
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Who Benefits from State and Local Economic Development Policies?
Bartik, T. J. (1991) · doi:10.17848/9780585223940 · Cited by 2,643
What Do a Million Observations on Banks Say About the Transmission of Monetary Policy?
Kashyap, A. K., & Stein, J. C. (2000) · American Economic Review · doi:10.1257/aer.90.3.407 · Cited by 2,495
Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market
Khwaja, A. I., & Mian, A. (2005) · The Quarterly Journal of Economics · doi:10.1162/003355305775097524 · Cited by 2,366
Misallocation and Manufacturing TFP in China and India
Hsieh, C.-T., & Klenow, P. (2007) · National Bureau of Economic Research · doi:10.3386/w13290 · Cited by 1,934
Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market
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Cited by
The financing of local government in China: Stimulus loan wanes and shadow banking waxes
Chen, Z., He, Z., & Liu, C. (2020) · Journal of Financial Economics · doi:10.1016/j.jfineco.2019.07.009 · Cited by 687
Metadata
- Authors
- Cong, L. W., Gao, H., Ponticelli, J., & Yang, X.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2019-01-31
- Volume
- 32
- Issue
- 9
- Pages
- 3412-3460
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3044213233
- Cited by
- 531
- References
- 38
- FWCI
- 49.74
- Type
- journal article
- Language
- en
- Open access
- closed
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