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The Journal of Quantitative Economics. 2021, (01)

Research on the Relationship between Shadow Bank and Local Government Debt Leverage Structural RiskChinese Full Text

Li Cheng;He Kairan;School of Economics and Management, Tianjin Polytechnic University;

Abstract: This paper discusses the relationship between shadow bank and government explicit and implicit debt, as well as the risk transmission path. At first, KMV model is used to assess the debt risk of 30 provinces in 2012-2018, and it is found that most provinces are within the safety line. Then variable coefficient model of panel data and panel VAR model are used to study the relationship between shadow bank, government explicit, implicit debt leverage ratio and default probability. The results show ... More
Keywords：

Shadow Bank; Government Leverage Ratio; Panel VAR Model; KMV Model; Debt Risk;

  • DOI：

    10.16699/b.cnki.jqe.2021.01.006

  • Series：

    (J) Economics ＆ Management

  • Subject：

    Finance and Tax; Finance; Securities

  • Classification Code：

    F832.3;F812.5

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