Monetary Stimulus amidst the Infrastructure Investment Spree: Evidence from China's Loan‐Level Data
研究基础设施投资如何影响货币刺激对信贷分配的效果，发现基础设施投资削弱了货币政策对私营企业贷款的传导，却强化了对国有企业贷款的影响，导致私营投资被挤出和资本配置效率下降。
ABSTRACT We study how a fiscal expansion via infrastructure investment influences the dynamic impacts of monetary stimulus on credit allocation. We develop a two‐stage approach and apply it to the Chinese economy with a confidential loan‐level data set that covers all sectors. We find that infrastructure investment significantly weakened monetary policy's transmission to credit allocated to private firms, while reinforcing the monetary effects on loans to state‐owned firms. This fiscal‐monetary interaction channel is key to understanding the preferential credit access enjoyed by state‐owned firms during the stimulus period. Consequently, monetary stimulus crowded out private investment and decreased capital allocation efficiency.