Credit market imperfection and sectoral asymmetry of Chinese business cycle /
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| Author / Creator: | Zhang, Yuanyan Sophia, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2011. |
| Description: | 1 online resource (36 pages) : illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/11/118 IMF working paper ; WP/11/118. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12499345 |
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| 100 | 1 | |a Zhang, Yuanyan Sophia, |e author. |0 http://id.loc.gov/authorities/names/no2011119217 | |
| 245 | 1 | 0 | |a Credit market imperfection and sectoral asymmetry of Chinese business cycle / |c Yuanyan Sophia Zheng. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2011. | ||
| 300 | |a 1 online resource (36 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/11/118 | |
| 520 | |a This paper analyzes the role of credit market imperfection and sectoral asymmetry as a means through which shocks to the real economy are propagated and amplified. Drawing on firm-level data to calibrate the model, our simulations capture two key stylized facts of the Chinese economy: that credit constraints are more binding in nontradable sectors than in tradable industries and that output volatility is much greater in China than in industrial economies. We find that the driving force behind our simulation results is strongly related to the non-uniform nature of credit market imperfections in China and their implications for resource allocation and the way in which the economy reacts to shocks. Correctly capturing these macro-financial interactions are essential to understand the dynamic behavior of the Chinese economy. | ||
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Cover Page; Title Page; Copyright Page; Contents; Abstract; I. Introduction; II. Literature Review; III. Macroeconomic Pattern; A. Co-movement of Credit with Key Macroeconomic Variables; Table 1. Comovement of Credit with Other Macroeconomic Variable; B. Phase and Sectoral Asymmetry; Figure 1. Nontradable to Tradable Output Ratios over Credit Cycle; Figure 2. Impulse Responses from Threshold VAR; IV. Firm Level Evidence; A. Dataset; Table 2. Summary Statistics of Datasets; Table 3. Variances in Relative Tradable Prices Across Industries; B. Summary Statistics. | |
| 505 | 8 | |a Figure 3. Financing Sources for Fixed Investment: 1995-2007Table 4. Financing Sources for Working Capital and Fixed Investment (Firm Level); Table 5: Summary of Financial Statement; Table 6. Bank Loan Obstacles by Sectors, Ownership Types and Sizes; C. Investment Function Estimation; Table 7. Investment Function Estimation Results; V. Macroeconomic Model; A. Core Mechanism; Figure 4: Core Mechanism; B. Complete Model; C. Calibration; Table 8. Second Moment Properties; Table 9. Bayesian Estimation; VI. Results and Sensitivity Analysis; A. Impulse Responses; Figure 5. Impulses Responses. | |
| 505 | 8 | |a Figure 6. Varying Financial Accelerator Scenarios: Impulse Responses for Key VariablesB. Second Moment Properties; C. Simulation; Figure 7. Simulation Results versus Data; VII. Policy Implications; VIII. Conclusion and Further Research; References; Footnotes. | |
| 650 | 0 | |a Credit |z China |x Econometric models. | |
| 650 | 6 | |a Crédit |z Chine |x Modèles économétriques. | |
| 650 | 7 | |a Credit |x Econometric models. |2 fast |0 (OCoLC)fst00882527 | |
| 651 | 7 | |a China. |2 fast |0 (OCoLC)fst01206073 | |
| 655 | 0 | |a Electronic books. | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund. |b European Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n86100166 | |
| 776 | 0 | 8 | |i Print version: |a Zhang, Yuanyan Sophia. |t Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle. |d Washington : International Monetary Fund, ©2011 |z 9781455262410 |
| 830 | 0 | |a IMF working paper ; |v WP/11/118. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2011/118/001.2011.issue-118-en.xml |y INTERNATIONAL MONETARY FUND |
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