A Liberalization Spillover: From Equities to Loans
研究发现发展中国家开放股市会通过降低银行贷款成本产生巨大增长效应，利用中国QFII项目数据验证了这一溢出渠道，并指出贷款风险溢价下降是关键机制。
Abstract The opening of equity markets to foreign investment by developing countries appears to generate an enormously large positive growth effect (see Bekaert, Harvey, and Lundblad (2005), Journal of Financial Economics 77, 3–55) in spite of a relatively small role of such markets for financing investment in most economies. We propose a spillover channel from equity market opening to lower costs of bank loans, which helps to explain this puzzle. From analyzing bank loan data associated with China’s introduction of the Qualified Foreign Institutional Investors program, we find significant support for this channel. Furthermore, we show that a reduction in the risk premium in loans is an important mechanism.