Shadow Funding and Economic Growth: Evidence from China
利用中国理财产品数据构建影子融资指标，该指标反映金融中介风险偏好和资产负债表扩张能力，能预测未来投资和消费增长，并降低融资成本。
Abstract Using popular liability‐side wealth management products in China, we construct an informative measure of shadow funding and shadow credit by extension. This measure reflects the risk appetites of financial intermediaries and their ability to expand their balance sheets through bank–shadow‐bank cooperation. Our measure possesses unique predictive power for future economic activity. An increase in the measure corresponds to increases in investment and consumption, which, in turn, reduce financing costs due to improvements in economic development.