Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/212931
Authors: 
Funke, Michael
Li, Xiang
Tsang, Andrew
Year of Publication: 
2019
Series/Report no.: 
BOFIT Discussion Papers 23/2019
Abstract: 
This paper studies monetary policy transmission in China's peer-to-peer lending market. Using spectral measures of causality, we explore the impacts of Chinese monetary policy shocks on China's P2P market interest rates and lending amounts. The estimation results indicate significant spectral Granger causality from monetary policy surprises to P2P lending rates for borrowers, but not the reverse. Unlike the lending channel for traditional banks, monetary policy shocks do not Granger-cause the credit amount in the P2P lending market.
JEL: 
E52
E43
G23
C22
Persistent Identifier of the first edition: 
ISBN: 
978-952-323-305-8
Document Type: 
Working Paper

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