Leverage Ratio of Listed Enterprises and the Efficiency of Monetary Policy Transmission—From the Perspective of Implicit Local Public Debts
We discuss the influence of implicit local public debts on the monetary policy transmission from the perspective of leverage ratio of listed enterprises and find that implicit local public debts measured by LGFV(local government financing vehicle)liabilities significantly disrupt the credit channel of mone-tary policy transmission.Specifically,the disruption of monetary policy transmission channels is realized through the credit squeeze and interest rate distortion.In addition,the disruption of monetary policy trans-mission mainly impacts the small-scale enterprises and non-state-owned enterprises,which explains the fi-nancing difficulties of private and small enterprises.
monetary policymacroeconomic policylocal government debt
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