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This paper studies whether monetary transmission in China is asymmetric. While researchers found an asymmetric … transmission in the U.S. and other economies, China offers a specific rationale for asymmetries: the presence of state … provide evidence of a systematic and sizable asymmetry in the transmission of monetary policy shocks in China. The nature of …
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We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult...
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analysis. The stylized facts differ qualitatively across different phases or economies. We argue that the impacts of China …
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