Disguised carry trade and the transmission of global liquidity shocks: Evidence from China's goods trade data

首页> 外文期刊>Journal of International Money and Finance >Disguised carry trade and the transmission of global liquidity shocks: Evidence from China's goods trade data

【24h】

Disguised carry trade and the transmission of global liquidity shocks: Evidence from China's goods trade data

机译：伪装交易和全球流动性冲击的传递：来自中国货物贸易数据的证据

获取原文

获取原文并翻译 | 示例

掌桥外文数据库（机构版） >>

开具论文收录证明 >>

文献代查 >>

页面导航

摘要
著录项
相似文献
相关主题

摘要

Currency carry trade disguised as goods trade can potentially channel external financial shocks to domestic economic environment, despite capital controls. We identify this channel in the context of post-GFC China using variations in product characteristics and a policy shock. We show that trade volumes of cost-efficient products responded significantly more to carry returns. However, such differential responses to carry returns vanished after the government's clampdown on illicit capital flows. At the aggregate level, we demonstrate further that the surge in disguised carry trades led to a significant expansion of China's shadow banking credit but not its traditional bank lending credit. (C) 2020 Elsevier Ltd. All rights reserved.

机译：尽管资本管制，但伪装成商品贸易可将外部金融冲击转移到国内经济环境的货币套利交易。我们使用产品特性的变化和政策冲击，在全球金融危机后的中国确定这种渠道。我们显示，具有成本效益的产品的贸易量对带来收益的反应明显更多。但是，在政府制止非法资本流动之后，这种对套利收益的不同反应就消失了。从总体上看，我们进一步证明，变相套利交易的激增导致中国的影子银行信贷大幅扩张，但并未扩大其传统的银行贷款信贷。（C）2020 Elsevier Ltd.保留所有权利。

著录项

来源
《Journal of International Money and Finance》 |2020年第6期|102180.1-102180.17|共17页
作者

展开▼
作者单位

Chinese Univ Hong Kong Dept Econ Shatin Hong Kong Peoples R China;

GF Secur Co Ltd Res Dev Ctr 16-F Shanghai IFC Bldg Shanghai Peoples R China;

Chinese Univ Hong Kong Shenzhen Sch Management & Econ CUHK Business Sch 2001 Longxiang Blvd Shenzhen Guangdong Peoples R China;

展开▼
收录信息
原文格式 PDF
正文语种 eng
中图分类
关键词
Carry trade; Goods trade; Global liquidity shock; Capital control; Shadow banking;

机译：利差交易;货物贸易;全球流动性冲击;资本控制;影子银行;

相似文献

外文文献
中文文献
专利

1. Foreign Direct Investment, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms [J] . Lin Shu, Ye Haichun The review of financial studies . 2018,第1期

机译：外国直接投资，贸易信贷和全球流动性冲击的传导：来自中国制造企业的证据
2. Agricultural trade shocks and carbon leakage:Evidence from China's trade shocks to the Belt & Road economies [J] . Hu Jiangfeng, Wang Zhao, Huang Qinghua, Environmental impact assessment review . 2021,第Sepa期

机译：农业贸易冲击和碳泄漏：来自中国贸易冲击到皮带和公路经济的证据
3. Dynamic response of bank-intermediated trade finance to a global liquidity shock [J] . Hwang Sangyeon Applied economics letters . 2019,第10a12期

机译：银行干预的贸易融资对全球流动性冲击的动态响应
4. Impact of Economic Policy Reform and Regional and Global Shocks on Trade and Growth in East Asia: Econometric Evidence for China [C] . Heping Xiong "Statistical Model and Regional Economic Development in West China: Trade, Investment and the WTO" International Conference Thesis Collection . 2005

机译：经济政策改革以及区域和全球冲击对东亚贸易和增长的影响：中国的计量经济学证据
5. Exchange rate regimes, FX liquidity risk, and carry trade returns. [D] . Abankwa, Samuel. 2016

机译：汇率制度，外汇流动性风险和附带交易收益。
6. Does Emission Trading Boost Carbon Productivity? Evidence from China’s Pilot Emission Trading Scheme [O] . Di Zhou, Xiaoyu Liang, Ye Zhou, 2020

机译：排放交易促进碳生产率吗？来自中国试点排放交易计划的证据
7. Carry Trade and Liquidity Risk: Evidence from Forward and Cross-Currency Swap Markets* [O] . Yang Chang, Erik Schlögl 2012

机译：承担贸易和流动性风险：来自远期和跨货币掉期市场的证据*
8. Avoidance Behaviors of Exporters and Importers: Evidence From the U.S.-China Trade Data Discrepancy. Office of Economics Working Paper, No. 2008-09-B [R] . Ferrantino, M. J., Liu, X., Wang, Z. 2008

机译：出口商和进口商的回避行为：来自美中贸易数据差异的证据。经济学办公室工作文件，第2008-09-B号

Disguised carry trade and the transmission of global liquidity shocks: Evidence from China's goods trade data

摘要

著录项

相似文献

相关主题

期刊订阅