{"title":"Dynamics of Trade Credit in China","authors":"Wu Cun, Vincenzo Quadrini, Q. Sun, Junjie Xia","doi":"10.1093/ej/ueac036","DOIUrl":null,"url":null,"abstract":"\n We use Chinese manufacturing data to show that upstream manufacturing industries received higher credit during the monetary expansion of 2005-2011. However, the higher credit received by upstream industries did not generate a similar increase in ‘trade lending’ to downstream industries, which limited the transmission of the credit expansion to the whole manufacturing sector. We develop a model that formalizes some of the key features of the Chinese economy and show why a credit expansion tilted toward the upstream sector may not fully cascade to the whole economy.","PeriodicalId":85686,"journal":{"name":"The Economic journal of Nepal","volume":"37 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2022-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Economic journal of Nepal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/ej/ueac036","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1
Abstract
We use Chinese manufacturing data to show that upstream manufacturing industries received higher credit during the monetary expansion of 2005-2011. However, the higher credit received by upstream industries did not generate a similar increase in ‘trade lending’ to downstream industries, which limited the transmission of the credit expansion to the whole manufacturing sector. We develop a model that formalizes some of the key features of the Chinese economy and show why a credit expansion tilted toward the upstream sector may not fully cascade to the whole economy.
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