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

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dc.contributor.authorMaiani, Stefano
dc.contributor.authorLamla, Michael
dc.contributor.authorWood, Geoffrey
dc.contributor.authorYvonne, Ehrstein
dc.date.accessioned2024-04-02T15:42:32Z
dc.date.available2024-04-02T15:42:32Z
dc.date.issued2024-03-23
dc.description.abstractThe 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.identifier.citationMaiani 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 2024en_UK
dc.identifier.issn1475-1461
dc.identifier.urihttps://doi.org/10.1093/ser/mwae015
dc.identifier.urihttps://dspace.lib.cranfield.ac.uk/handle/1826/21117
dc.language.isoen_UKen_UK
dc.publisherOxford University Pressen_UK
dc.rightsAttribution 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.subjectvariegated capitalismen_UK
dc.subjectdebt bubblesen_UK
dc.subjectinternational capital flowsen_UK
dc.subjectmonetary policyen_UK
dc.subjectquantitative easingen_UK
dc.subjectfixed-effects regressionen_UK
dc.subjectregulationen_UK
dc.titleThe adverse consequences of quantitative easing (QE): international capital flows and corporate debt growth in Chinaen_UK
dc.typeArticleen_UK

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