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200301 ||| eng |
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|a 9781498314411
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| 100 |
1 |
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|a Shi, Yu
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| 245 |
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|a Internal Capital Markets in Business Groups and the Propagation of Credit Supply Shocks
|c Yu Shi, Robert Townsend, Wu Zhu
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2019
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| 300 |
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|a 39 pages
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| 651 |
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4 |
|a China, People's Republic of
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| 653 |
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|a Credit
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| 653 |
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|a Asset valuation
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| 653 |
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|a Finance
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| 653 |
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|a Capital markets
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| 653 |
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|a Money
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| 653 |
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|a International Financial Markets
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| 653 |
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|a Institutional Arrangements
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| 653 |
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|a Asset-liability management
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| 653 |
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|a Bank credit
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| 653 |
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|a Organization of Production
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| 653 |
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|a Economic theory
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| 653 |
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|a Financial Risk Management
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| 653 |
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|a Supply and demand
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| 653 |
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|a Institutional Investors
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| 653 |
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|a Shadow Economy
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| 653 |
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|a Pension Funds
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| 653 |
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|a Stocks
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| 653 |
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|a Economic Theory
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| 653 |
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|a Monetary economics
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| 653 |
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|a Financial institutions
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| 653 |
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|a Formal and Informal Sectors
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Capital market
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| 653 |
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|a Supply shocks
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Economic theory & philosophy
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| 653 |
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|a Asset and liability management
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a Investments: Stocks
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| 653 |
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|a Prices
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| 653 |
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|a Agriculture: Aggregate Supply and Demand Analysis
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| 653 |
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|a Investment & securities
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Finance: General
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| 700 |
1 |
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|a Townsend, Robert
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| 700 |
1 |
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|a Zhu, Wu
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781498314411.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2019/111/001.2019.issue-111-en.xml?cid=46882-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a Using business registry data from China, we show that internal capital markets in business groups can propagate corporate shareholders’ credit supply shocks to their subsidiaries. An average of 16.7% local bank credit growth where corporate shareholders are located would increase subsidiaries investment by 1% of their tangible fixed asset value, which accounts for 71% (7%) of the median (average) investment rate among these firms. We argue that equity exchanges is one channel through which corporate shareholders transmit bank credit supply shocks to the subsidiaries and provide empirical evidence to support the channel
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