{"title":"The Implicit Government Guarantee: Evidence from an Unexpected Corporate Bond Default Event","authors":"Ying Lei, Ei Yang, Yue Yin","doi":"10.2139/ssrn.3935586","DOIUrl":null,"url":null,"abstract":"Using an unexpected state-owned-enterprise bond default in 2020 and a difference-in-difference method, we identify the size of implicit government guarantee in the corporate bond market of China. We find that the local government fiscal burden is the source of the implicit government guarantee. The default event has uneven impacts on different regions through the fiscal burden channel.","PeriodicalId":366245,"journal":{"name":"PSN: Debt Crises (Topic)","volume":"173 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"PSN: Debt Crises (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3935586","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
Using an unexpected state-owned-enterprise bond default in 2020 and a difference-in-difference method, we identify the size of implicit government guarantee in the corporate bond market of China. We find that the local government fiscal burden is the source of the implicit government guarantee. The default event has uneven impacts on different regions through the fiscal burden channel.
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