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The Nexus of Monetary Policy and Shadow Banking in China
Abstract
We study how monetary policy in China influences banks’ shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993). This development, along with two newly constructed micro banking datasets, enables us to establish the following empirical evidence. Contractionary monetary policy during 2009–2015 caused shadow banking loans to rise rapidly, offsetting the expected decline of traditional bank loans and hampering the effectiveness of monetary policy on total bank credit. We advance a theoretical explanation of our empirical findings. (JEL E32, E52, G21, O16, O23, P24, P34)
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
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
Entrusted loans: A close look at China's shadow banking system
Allen, F., Qian, Y., Tu, G., & Yu, F. (2019) · Journal of Financial Economics · doi:10.1016/j.jfineco.2019.01.006 · Cited by 353
Stablecoins, money market funds, and monetary policy
Aldasoro, I., Cornelli, G., Ferrari Minesso, M., Gambacorta, L., & Habib, M. M. (2025) · Economics Letters · doi:10.1016/j.econlet.2025.112203 · Cited by 18
Lu, Z., Wu, J., Li, H., & Galloway, B. (2024) · Economic Systems · doi:10.1016/j.ecosys.2023.101148 · Cited by 13
Metadata
- Authors
- Chen, K., Ren, J., & Zha, T.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2018-12-01
- Volume
- 108
- Issue
- 12
- Pages
- 3891-3936
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2614051658
- Cited by
- 550
- References
- 3
- FWCI
- 70.15
- Type
- journal article
- Language
- en
- Open access
- closed
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