What question did this study set out to answer?

This research investigates the differing responses of state-owned enterprises (SOEs) and private-owned enterprises (POEs) to monetary policy shocks in China.

June 20, 2026Open Access

A Tale of Two Monetary Transmissions: Evidence from State-Owned Enterprises in China

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Authors

方方崇瑜University of Chicago

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Implication

Randomized trial uncovers asymmetric responses to monetary policy in state-owned and private-owned enterprises, indicating distinct impacts.

Key Points

This research investigates the differing responses of state-owned enterprises (SOEs) and private-owned enterprises (POEs) to monetary policy shocks in China.
Utilized local projection methods for impulse response analysis.
Examined state-specific macroeconomic time series data.
Analyzed a firm-level dataset to assess leverage ratios and responses to policymakers.
SOEs exhibit a greater benefit from monetary easing compared to POEs, reflected in leverage ratios.
Monetary tightening has a reduced adverse effect on SOEs compared to POEs.
The findings confirm asymmetric transmission due to institutional arrangements favoring SOEs.

Cite This Study

方崇瑜 (2023) studied this question.

synapsesocial.com/papers/6a362fe6db0793dc1a5373dc https://doi.org/10.6082/xvmet-34724

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Implication

Randomized trial uncovers asymmetric responses to monetary policy in state-owned and private-owned enterprises, indicating distinct impacts.

A Tale of Two Monetary Transmissions: Evidence from State-Owned Enterprises in China

Discussion

Member takes

Implication

Key Points

Cite This Study

A Tale of Two Monetary Transmissions: Evidence from State-Owned Enterprises in China

Discussion

Member takes

Implication

Key Points

Cite This Study

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