Comment on Collateral-Based Monetary Policy: Evidence from China
成果类型：
Article; Early Access
署名作者：
Chen, Kaiji
署名单位：
Emory University
刊物名称：
INTERNATIONAL ECONOMIC REVIEW
ISSN/ISSBN：
0020-6598
DOI：
10.1111/iere.70025
发表日期：
2025
关键词：
摘要：
This discussion evaluates Fang, Wang, and Wu's study on collateral-based monetary policy in China, which exploits the 2018 expansion of eligible collateral under the Medium-Term Lending Facility. The paper develops a theoretical model-linking collateral eligibility to bond pricing, employs a novel triple-difference strategy using dual-listed bonds, and finds that policy reduces bond spreads in both secondary and primary markets. The discussion highlights the paper's methodological contributions, situates its findings within China's structural monetary policy framework, and raises future research questions on credit allocation, systemic risks, and the effectiveness of structural versus conventional monetary tools.
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