The adverse consequences of quantitative easing (QE): international capital flows and corporate debt growth in China

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dc.contributor.author Maiani, Stefano
dc.contributor.author Lamla, Michael
dc.contributor.author Wood, Geoffrey
dc.contributor.author Yvonne, Ehrstein
dc.date.accessioned 2024-04-02T15:42:32Z
dc.date.available 2024-04-02T15:42:32Z
dc.date.issued 2024-03-23
dc.identifier.citation Maiani S, Lamla M, Wood G, Ehrstein Y. (2024) The adverse consequences of quantitative easing (QE): international capital flows and corporate debt growth in China. Socio-Economic Review, Available online 23 March 2024 en_UK
dc.identifier.issn 1475-1461
dc.identifier.uri https://doi.org/10.1093/ser/mwae015
dc.identifier.uri https://dspace.lib.cranfield.ac.uk/handle/1826/21117
dc.description.abstract The economic institutionalist literature often suggests that sub-optimal institutional arrangements impart unique distortions in China, and excessive corporate debt is a symptom of this condition. However, lax monetary policies after the global financial crisis, and specifically, quantitative easing have led to concerns about debt bubbles under a wide range of institutional regimes. This study draws on data from Chinese listed firms, supplemented by numerous macroeconomic control variables, to isolate the effect of international capital flows from other drivers of firm leverage. We conclude that the rise in, and distribution of, Chinese corporate debt can partly be ascribed to the effects of monetary policy outside of China and that Chinese institutional features amplify these effects. Whilst Chinese firms are affected by developments in the global financial ecosystem, domestic institutional realities and distortions may unevenly add their own particular effects, providing further support for and extending the variegated capitalism literature. en_UK
dc.language.iso en_UK en_UK
dc.publisher Oxford University Press en_UK
dc.rights Attribution 4.0 International *
dc.rights.uri http://creativecommons.org/licenses/by/4.0/ *
dc.subject variegated capitalism en_UK
dc.subject debt bubbles en_UK
dc.subject international capital flows en_UK
dc.subject monetary policy en_UK
dc.subject quantitative easing en_UK
dc.subject fixed-effects regression en_UK
dc.subject regulation en_UK
dc.title The adverse consequences of quantitative easing (QE): international capital flows and corporate debt growth in China en_UK
dc.type Article en_UK


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