Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle:
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 co...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
|
Schriftenreihe: | IMF Working Papers
Working Paper No. 11/118 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | 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 |
Beschreibung: | 1 Online-Ressource (35 p) |
ISBN: | 1455262412 9781455262410 |
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index_date | 2024-07-03T20:13:21Z |
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spelling | Zhang, Yuanyan Sophia Verfasser aut Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle Zhang, Yuanyan Sophia Washington, D.C International Monetary Fund 2011 1 Online-Ressource (35 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/118 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 Online-Ausg http://elibrary.imf.org/view/IMF001/11841-9781455262410/11841-9781455262410/11841-9781455262410.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Zhang, Yuanyan Sophia Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle |
title | Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle |
title_auth | Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle |
title_exact_search | Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle |
title_exact_search_txtP | Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle |
title_full | Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle Zhang, Yuanyan Sophia |
title_fullStr | Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle Zhang, Yuanyan Sophia |
title_full_unstemmed | Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle Zhang, Yuanyan Sophia |
title_short | Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle |
title_sort | credit market imperfection and sectoral asymmetry of chinese business cycle |
url | http://elibrary.imf.org/view/IMF001/11841-9781455262410/11841-9781455262410/11841-9781455262410.xml |
work_keys_str_mv | AT zhangyuanyansophia creditmarketimperfectionandsectoralasymmetryofchinesebusinesscycle |