| 000 -LEADER |
|---|
| fixed length control field |
01648nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
221227b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Liao, Changjun and Wang, Shengquan |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
The political economy of the differential regional effects of monetary policy: Evidence from China |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
The Developing Economies |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
59(4), Dec, 2021: p.351-370 |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc |
Previous studies have argued that heterogeneities across regions in economic and/or financial variables drive the differential regional effects of monetary policy. In this study, we conduct a political economy analysis of the regional effects of China's monetary policy (i.e., economic competition between local governments) as Chinese-style fiscal decentralization and China's promotion tournament for officials produce regional effects. Furthermore, we use a threshold model and provincial-level data from 2005 to 2018 to test our hypotheses and estimate exogenous monetary policy shocks. We find that (1) economic competition between regions is a key driver of the asymmetric regional effects of monetary policy and (2) the fiercer the competition a province faces, the less effective the monetary policy is in shaping economic growth there. Our conclusion remains unchanged when we change the threshold variable and divide the sample into three subregions. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name as entry element |
Chinese-style fiscal decentralization, Promotion tournament, Local government economic competition, Exogenous monetary policy shock, Regional effect of monetary policy. |
| 9 (RLIN) |
34912 |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
The Developing Economies |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
|---|
| Subject DIP |
MONETARY POLICY |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Item type |
Articles |
