Replication data for: The Nexus of Monetary Policy and Shadow Banking in China

Principal Investigator(s): View help for Principal Investigator(s) Kaiji Chen; Jue Ren; Tao Zha

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Project Citation:

Chen, Kaiji, Ren, Jue, and Zha, Tao. Replication data for: The Nexus of Monetary Policy and Shadow Banking in China. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113177V1

Project Description

Summary: We study how monetary policy in China influences banks' shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993). This development, along with two newly constructed micro banking datasets, enables us to establish the following empirical evidence. Contractionary monetary policy during 2009–2015 caused shadow banking loans to rise rapidly, offsetting the expected decline of traditional bank loans and hampering the effectiveness of monetary policy on total bank credit. We advance a theoretical explanation of our empirical findings.

Scope of Project

JEL Classification:
      E32 Business Fluctuations; Cycles
      E52 Monetary Policy
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
      O23 Fiscal and Monetary Policy in Development
      P24 Socialist Systems and Transitional Economies: National Income, Product, and Expenditure; Money; Inflation
      P34 Socialist Institutions and Their Transitions: Financial Economics

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Published Versions

V1 [2019-10-12]

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