Internal Capital Markets in Business Groups and the Propagation of Credit Supply Shocks

Internal Capital Markets in Business Groups and the Propagation of Credit Supply Shocks
Using business registry data from China, we show that internal capital markets in business groups can propagate corporate shareholders’ credit supply shocks to their subsidiaries. An average of 16.7% local bank credit growth where corporate shareholders are located would increase subsidiaries investment by 1% of their tangible fixed asset value,... READ MORE...

Publication date: May 2019
ISBN 9781498314411
$18.00

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