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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

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Publisher copy:
10.1016/j.jebo.2006.06.013
Publisher:
Elsevier
Journal:
Journal of Economic Behavior and Organization More from this journal
Volume:
66
Issue:
3-4
Pages:
703 - 730
Publication date:
2008-01-01
DOI:
ISSN:
0167-2681
Language:
English
UUID:
uuid:6d529a7e-5011-415e-856b-6082ea3ffca6
Local pid:
oai:economics.ouls.ox.ac.uk:15045
Deposit date:
2011-08-16

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