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Rise of Bank Competition: Evidence from Banking Deregulation in China
Haoyu Gao, Hong Ru, Robert Townsend and Xiaoguang Yang 2021-11-30
Using comprehensive loan-level data in China, we investigate how the deregulation on bank entry barriers alters local banking industrial organisation and its economic consequences. We document a novel trade-off: the potential benefits of deregulation are adversely mitigated by entrant banks’ preferences for lending to SOEs over more productive private firms. This credit misallocation accounts for 0.25% of GDP losses and is mainly due to SOEs’ soft budget constraints. Private firms need to provide more guarantees and higher ratings to borrow from entrant banks but enjoy lower interest rates. Access to these loans increases private firms’ investment, employment, profit, and ROA.
이전글 | 新一轮个人所得税改革的收入再分配效应研究——基于CHIP 2018的测算分析 | 2021-11-30 |
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다음글 | 중국의 스마트제조혁신 정책 분석 : 주요 현황과 시사점 | 2021-11-30 |