In 2009 and 2010, China undertook a 4 trillion Yuan fiscal stimulus, roughly equivalent to 12 percent of annual GDP. The" fiscal" stimulus was largely financed by off-balance sheet …
Y Huang, M Pagano, U Panizza - The Journal of Finance, 2020 - Wiley Online Library
ABSTRACT In China, between 2006 and 2013, local public debt crowded out the investment of private firms by tightening their funding constraints while leaving state‐owned firms' …
Starting in the late 1990s, China undertook a dramatic transformation of the large number of firms under state control. Small state-owned firms were privatized or closed. Large state …
We develop a methodology to disentangle sources of capital “mis-allocation,” ie, dispersion in value-added/capital. It measures the contributions of technological/informational frictions …