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Corporate Deleveraging and Macroeconomic Policies: Evidence from China

Sun, Lixin (2016): Corporate Deleveraging and Macroeconomic Policies: Evidence from China.

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Abstract

In this paper, we estimate the dynamic equilibrium debt level for China’s non-financial corporates using an error correction model (ECM), and then analyse China’s corporate deleveraging and its consequence. Furthermore, we examine the effects of macroeconomic policies on China’s corporate deleveraging with a VAR model. The empirical results suggest that contractive monetary policy and fiscal policy rather than easy macroeconomic policies help reduce the non-financial corporate leverage in China.

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