Chen, Kaiji; Gao, Haoyu; Higgins, Patrick; Waggoner, … - 2020
allocation. We develop a two-stage estimation approach and apply it to China's loanlevel data that covers all sectors in the … monetary transmission to bank credit allocated to local government financing vehicles in infrastructure and at the same time … weakened the impacts of monetary stimulus on bank credit to non-SOEs in sectors other than infrastructure. …