Asymmetric effects of monetary policy on firm scale in China: A quantile regression approach

作者：Fang, Liting; He, Lerong^*; Huang, Zhigang

来源：Emerging Markets Review, 2019, 38: 35-50.

DOI：10.1016/j.ememar.2018.11.013

• Monetary policy
• Quantile regression
• Firm size
• Asymmetric effect
• China

This study explores asymmetric effects of monetary policy on firm scale at different firm size levels. We find that Chinese firms respond to raising benchmark lending interest rates and deposit reserve requirements by decreasing their scales. Our quantile regression results also indicate that larger firms respond more strongly to both policy instruments by adjusting their scales to a greater degree than smaller firms. Moreover, SOEs react less strongly to policy changes than non-SOEs at all firm size distribution. The impact of monetary policy on firm scale is also stronger after commercial banks having greater leeway in setting interest rates.

• 出版日期2019-3
• 单位福州大学