NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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What We Learn from China's Rising Shadow Banking: Exploring the Nexus of Monetary Tightening and Banks' Role in Entrusted Lending

Kaiji Chen, Jue Ren, Tao Zha

NBER Working Paper No. 21890
Issued in January 2016

---- Acknowledgments ----

This research is supported in part by the National Natural Science Foundation of China (NNSFC) Grant Numbers 71473168 and 71473169. We thank Marty Eichenbaum, Sergio Rebelo, Richard Rogerson, and Zheng (Michael) Song for helpful discussions. We are grateful to Karen Zhong for her outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect those of the Federal Reserve Bank of Atlanta, the Federal Reserve System, or the National Bureau of Economic Research.

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