Regulatory arbitrage, shadow banking and monetary policy in China

Vo Phuong Mai Le,Kent Matthews,David Meenagh,Patrick Minford,Zhiguo Xiao

Journal of International Financial Markets, Institutions and Money（2022）

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摘要

•That shadow bank credit in China is countercyclical to regular bank credit is questionable.•A macroeconomic model with shadow banking is estimated by indirect inference.•Countercyclical shadow bank credit is a special case of regulation.•The norm is procyclicality, and deleveraging hurts SMEs, the main recipients of shadow bank credit.

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关键词

DSGE model,China,Indirect Inference,Shadow Banking

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