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Refinancing and Decentralization: Evidence from China.

Abstract:

Decentralization can complement market liberalization by strengthening incentives of agents to exploit local information in response to market signals. In China, however, banks centralized lending authority following financial reforms in the mid-1990s. We offer a new theory of financial decentralization in which centralization provides a credible commitment not to refinance bad projects by reducing available information. Using data from Chinese rural financial institutions, we empirically ass...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Publisher copy:
10.1016/j.jebo.2006.06.013

Authors


Ford Foundation More from this funder
William Davidson Institute More from this funder
Publisher:
Elsevier B.V. Publisher's website
Journal:
Journal of Economic Behavior and Organization Journal website
Volume:
66
Issue:
3-4
Publication date:
2008-01-01
DOI:
URN:
uuid:6d529a7e-5011-415e-856b-6082ea3ffca6
Local pid:
oai:economics.ouls.ox.ac.uk:15045
Language:
English

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