Papers & Opinions

Government Deleveraging and the Reverse Crowding-in Effect
We show that government deleveraging causes liquidity squeeze among non-state-owned-enterprise (non-SOE) contractors, an unintended consequence of containing subnational debts. Our empirical analysis exploits China’s top-down...
Papers & Opinions

Government Deleveraging and the Reverse Crowding-in Effect
We show that government deleveraging causes liquidity squeeze among non-state-owned-enterprise (non-SOE) contractors, an unintended consequence of containing subnational debts. Our empirical analysis exploits China’s top-down...
Papers & Opinions

Government Deleveraging and the Reverse Crowding-in Effect
We show that government deleveraging causes liquidity squeeze among non-state-owned-enterprise (non-SOE) contractors, an unintended consequence of containing subnational debts. Our empirical analysis exploits China’s top-down...