Data and Code for "Interest-Rate Liberalization and Capital Misallocations"
收藏ICPSR2021-01-01 更新2026-04-16 收录
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https://www.openicpsr.org/openicpsr/project/117430/version/V1/view
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资源简介：
We study the consequences of interest-rate liberalization in a two-sectorgeneral equilibrium model of China. The model captures a key feature ofChina's distorted financial system: state-owned enterprises (SOEs) havegreater incentive to expand production and easier access to credit thanprivate firms. In this second-best environment, interest-rate liberalization can improve capital allocations within each sector, but can also exacerbatemisallocations across sectors. Under calibrated parameters, theliberalization policy can reduce aggregate productivity and welfare unless otherpolicy reforms are also implemented to alleviate SOEs' distorted incentivesor improve private firms' credit access.
提供机构：
Shanghai Jiao Tong University.; Hong Kong University of Sciences and Technology and Peking University HSBC Business School; Federal Reserve Bank of San Francisco
创建时间：
2021-01-01
