-specific time-varying measure of credit supply. The contraction in credit supply explains one fourth of the reduction in employment …

Error correction models of the demand for a range of monetary aggregates in China are estimated with quarterly data for … indirect evidence against the existence of substantial repressed inflation in China during the sample period. This is a working …

China has been moving to a more market oriented financial system, which has implications for the monetary policy … income and the interest rate. For China, we find that the stable long-run relationship between money demand, output, and …

Recent changes to China''s financial system, in particular ongoing interest rate liberalization, gradual movement …

We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters … credit allocation, captured by Greenwood and Hanson (2013)'s ISS indicator, helps predict downside risks to GDP growth and … systemic banking crises, two to three years ahead. Our analysis indicates that the riskiness of credit allocation is both a …

Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase …