Discount Shock, Price-Rent Dynamics, and the Business Cycle
In: FRB Atlanta Working Paper No. 2020-7
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In: FRB Atlanta Working Paper No. 2020-7
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In: FRB Atlanta Working Paper No. 2020-15
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In: FRB Atlanta Working Paper No. 2019-4
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In: American economic review, Band 108, Heft 12, S. 3891-3936
ISSN: 1944-7981
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)
In: NBER Working Paper No. w23377
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In: China economic review, Band 41, S. 46-61
ISSN: 1043-951X
In: Journal of monetary economics, Band 80, S. 86-105
We argue that China's rising shadow banking was inextricably linked to potential balancesheet risks in the banking system. We substantiate this argument with three didactic findings: (1) commercial banks in general were prone to engage in channeling risky entrusted loans; (2) shadow banking through entrusted lending masked small banks' exposure to balance-sheet risks; and (3) two well-intended regulations and institutional asymmetry between large and small banks combined to give small banks an incentive to exploit regulatory arbitrage by bringing off-balance-sheet risks into the balance sheet. We reveal these findings by constructing a comprehensive transaction-based loan dataset, providing robust empirical evidence, and developing a theoretical framework to explain the linkages between monetary policy, shadow banking, and traditional banking (the banking system) in China.
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In: NBER Working Paper No. w21890
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In: FRB Atlanta Working Paper No. 2016-1
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In: NBER Working Paper No. w20377
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In: FRB Atlanta Working Paper No. 2010-1
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In: Journal of political economy, Band 117, Heft 2, S. 211-256
ISSN: 1537-534X