Fang, Hanming; Wang, Yongqin; Wu, Xian - 2022
interbank market regulated by the Central Bank, and the exchange market regulated by the securities regulator. During a policy … shift in our study period, China's Central Bank included a class of previously ineligible bonds in the interbank market to … bonds in the treatment market (the interbank market) by 42-62 basis points. We also find that there is a pass-through effect …