Séminaires de recherche

Subnational Debt of China: The Politics-Finance Nexus

Finance

Intervenant : Dragon Tang
School of Economics and Finance, HKU

8 mars 2018 - T004 - De 14h00 à 15h15

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Using comprehensive proprietary loan-level data, we analyze debt borrowing and default of local governments in China. Contrary to conventional wisdom, policy bank loans to local governments have significantly lower default rates than commercial bank loans with similar characteristics.
Due to the importance of policy bank loans for the advancement of local politicians’ careers, distressed local governments often strategically choose to default on loans from commercial banks. This selection became more pronounced after the abrupt ending of the “4-trillion” stimulus, when China started tightening local government borrowing. Our findings shed light on a potential approach to hardening budget constraints for local governments.

Finance

Intervenant : Adriano Rampini

23 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Luke Taylor

16 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Jessica Jeffers

18 avril 2019 - T004 - De 14h00 à 15h15


Finance

Intervenant : Emil Verner

4 avril 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Ramona Dagostino

14 mars 2019 - T004 - De 14h00 à 15h15



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