Federico, Stefano; Hassan, Fadi; Rappoport, Veronica - National Bureau of Economic Research - 2023
portfolios concentrated in sectors exposed to competition from China face an increase in non-performing loans after China's entry … into the World Trade Organization. As a result, they reduce the supply of credit to firms, irrespective of the firm … financial channel amplifies the shock to firms already hit by import competition from China and passes it on to firms in sectors …