Collateral Monetary Policy,Regional Financial Development,and Nonfinancial Firms'Shadow Banking Activities  

作　　者：Chao Yuan Hai Jiang Jiawen Ren Nikos Kapitsinis 

机构地区：[1]School of Finance,Guangdong University of Finance and Economics,China [2]Department of Finance,School of Economics,Jinan University,China [3]University of Copenhagen,Denmark

出　　处：《China & World Economy》2024年第5期166-196,共31页中国与世界经济（英文版）

基　　金：support from the National Social Science Fund of China(No.23AZD024);the National Natural Science Foundation of China(No.71973053).

摘　　要：The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities,where large,nonfinancial firms with high credit ratings have become new financial intermediaries.These activities vary geographically and are afected significantly by collateral monetary policy.This paper examines the effect of collateral monetary policy,its reform,and regional financial development characteristics on large firms'shadow banking activities,with a focus on the medium-term lending facility(MLF),the primary collateral monetary policy instrument in China.The results indicate that the MLF encouraged large firms'shadow banking activity.However,the MLF reform in 2018 mitigated this effect by broadening the range of acceptable collateral.Regional financial development,such as a higher number of bank branches around firms,facilitated large firms'shadow banking activities and amplified the MLF's stimulating effect.In contrast,regional advancements in digital finance and market development limited both shadow banking activities and MLF's impact.

关 键 词：collateral monetary policy financial geography medium-term lending facilities shadow banking 

分 类 号：F82[经济管理—财政学] F83