Credit and fiscal multipliers in China /

We jointly estimate credit and fiscal multipliers in China. We use the tenure of the provincial party secretary, interacted with the type of stimulus used in other provinces, to obtain separate instruments for provincial credit and government expenditure. We estimate a fiscal multiplier of 0.8 and a...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Chen, Sophia, 1980- (Autor), Ratnovski, Lev (Autor), Tsai, Pi-Han (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, [2017]
Colección:IMF working paper ; WP/17/273.
Temas:
Credit > China.
Fiscal policy > China > Econometric models.
Crédit > Chine.
Politique fiscale > Chine > Modèles économétriques.
BUSINESS & ECONOMICS > Finance.
Credit.
Economic history.
Fiscal policy > Econometric models.
China > Economic conditions > Econometric models.
Chine > Conditions économiques > Modèles économétriques.
China.
Acceso en línea:Texto completo
Descripción
Sumario:We jointly estimate credit and fiscal multipliers in China. We use the tenure of the provincial party secretary, interacted with the type of stimulus used in other provinces, to obtain separate instruments for provincial credit and government expenditure. We estimate a fiscal multiplier of 0.8 and a credit multiplier of 0.2 in 2001-2015. The multipliers have changed over time. The fiscal multiplier has increased from 0.75 in 2001-2008 to 1.4 in 2010-2015. The credit multiplier has declined from 0.17 to zero over the same periods. Our results suggest that reducing credit growth in China is unlikely to disrupt output growth, whereas fiscal policy may be effective in supporting macroeconomic adjustment.
Descripción Física:1 online resource (27 pages)
ISBN:1484332210
1484332164
9781484332160
9781484332214

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