Dynamics of Trade Credit in China*

• 成果类型: Article
• 署名作者: Cun, Wukuang; Quadrini, Vincenzo; Sun, Qi; Xia, Junjie
• 署名单位: Shanghai University of Finance & Economics; University of Southern California; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Centre for Economic Policy Research - UK; Zhejiang University; Central University of Finance & Economics; Peking University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueac036
• 发表日期: 2022
• 页码: 2702-2736
• 关键词: monetary-policy; finance

摘要

We use Chinese manufacturing data to show that upstream manufacturing industries received higher credit during the monetary expansion of 2005-11. However, the higher credit received by upstream industries did not generate a similar increase in 'trade lending' to downstream industries, which limited the transmission of the credit expansion to the whole manufacturing sector. We develop a model that formalises some of the key features of the Chinese economy, and show why a credit expansion tilted toward the upstream sector may not fully cascade to the whole economy.