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Qin, Duo and Xu, Zhong and Zhang, Xuechun (2014) 'How Much Has Informal Credit Lending Responded to Monetary Policy in China? The Case of Wenzhou.' Journal of Asian Economics, 31-32. pp. 22-31.

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Abstract

This study investigates empirically what the major factors are which have driven Wenzhou's informal credit market and how much that market is responsive to monetary policies and the formal banking conditions nationwide. A number of relatively stable factors have been identified from this volatile market through a careful exploration of a monthly survey data set for the period of 2003–2011. The main findings are: (i) Wenzhou's informal credit lending rates are highly receptive to monetary policies; (ii) Wenzhou's market is dominantly demand driven; (iii) Wenzhou's informal lending is substitutive to bank savings in the short run but complementary to banking lending in the long run; and (iv) Wenzhou's market is complementary to excessive investments in the local real estate market.

Item Type: Journal Article
SOAS Departments & Centres: Departments and Subunits > Department of Economics
Legacy Departments > Faculty of Law and Social Sciences > Department of Economics
ISSN: 10490078
DOI (Digital Object Identifier): https://doi.org/10.1016/j.asieco.2014.03.001
Date Deposited: 28 Mar 2014 10:22
URI: https://eprints.soas.ac.uk/id/eprint/18293

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