货币政策传导的国有企业渠道：来自中国经济刺激计划的证据*

IF 5.3 3区经济学 Q1 ECONOMICS

Asian Economic Papers Pub Date : 2021-10-09 DOI:10.1162/asep_a_00836

Wenbin Chen, Shi-Zhuan Han, Jie Li, Tianhang Zhou

{"title":"货币政策传导的国有企业渠道：来自中国经济刺激计划的证据*","authors":"Wenbin Chen, Shi-Zhuan Han, Jie Li, Tianhang Zhou","doi":"10.1162/asep_a_00836","DOIUrl":null,"url":null,"abstract":"Abstract We examine the state-owned enterprises (SOEs) channel in monetary policy transmission in the context of China's 2008 stimulus package. Using a difference-in-difference approach, we show that the higher SOE share in the cities after the stimulus package, the more bank loans issued in the cities. Furthermore, we find that the role of SOEs in monetary policy transmission is more significant in underdeveloped cities and cities with a high level of government intervention. We adopt propensity score matching difference-in-difference to deal with potential endogeneity problem. The baseline results also survive a series of robustness tests.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":"73-93"},"PeriodicalIF":5.3000,"publicationDate":"2021-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"The SOE Channel of Monetary Policy Transmission: Evidence from China's Economic Stimulus Package*\",\"authors\":\"Wenbin Chen, Shi-Zhuan Han, Jie Li, Tianhang Zhou\",\"doi\":\"10.1162/asep_a_00836\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Abstract We examine the state-owned enterprises (SOEs) channel in monetary policy transmission in the context of China's 2008 stimulus package. Using a difference-in-difference approach, we show that the higher SOE share in the cities after the stimulus package, the more bank loans issued in the cities. Furthermore, we find that the role of SOEs in monetary policy transmission is more significant in underdeveloped cities and cities with a high level of government intervention. We adopt propensity score matching difference-in-difference to deal with potential endogeneity problem. The baseline results also survive a series of robustness tests.\",\"PeriodicalId\":52020,\"journal\":{\"name\":\"Asian Economic Papers\",\"volume\":\"20 1\",\"pages\":\"73-93\"},\"PeriodicalIF\":5.3000,\"publicationDate\":\"2021-10-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asian Economic Papers\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1162/asep_a_00836\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asian Economic Papers","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1162/asep_a_00836","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 2

摘要

摘要本文以中国2008年经济刺激计划为背景，考察国有企业在货币政策传导中的渠道。利用差中差方法，我们发现在经济刺激计划实施后，国有企业在城市中的份额越高，城市的银行贷款就越多。此外，我们发现国有企业在货币政策传导中的作用在欠发达城市和政府干预程度高的城市更为显著。我们采用差分匹配倾向得分来处理潜在的内生性问题。基线结果也经受住了一系列稳健性测试。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The SOE Channel of Monetary Policy Transmission: Evidence from China's Economic Stimulus Package*

Abstract We examine the state-owned enterprises (SOEs) channel in monetary policy transmission in the context of China's 2008 stimulus package. Using a difference-in-difference approach, we show that the higher SOE share in the cities after the stimulus package, the more bank loans issued in the cities. Furthermore, we find that the role of SOEs in monetary policy transmission is more significant in underdeveloped cities and cities with a high level of government intervention. We adopt propensity score matching difference-in-difference to deal with potential endogeneity problem. The baseline results also survive a series of robustness tests.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Asian Economic Papers ECONOMICS-

CiteScore

7.50

自引率

0.00%

发文量

期刊介绍： The journal Asian Economic Papers (AEP) is supported by several prominent institutions, including the Center for Sustainable Development at Columbia University in the United States. This shows that there is a strong emphasis on sustainable development within the journal's scope. Additionally, the Korea Institute for International Economic Policy in South Korea, the UN Sustainable Development Solutions Network (SDSN) in Malaysia, and the Economic Research Institute for ASEAN and East Asia in Indonesia also sponsor AEP. The articles published in AEP focus on conducting thorough and rigorous analyses of significant economic issues pertaining to specific Asian economies or the broader Asian region. The aim is to gain a deeper understanding of these issues and provide innovative solutions. By offering creative solutions to economic challenges, AEP contributes to the discourse and policymaking that impact the Asian economies and region as a whole.