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Stephen Cecchetti, M. Mohanty, Fabrizio Zampolli (2011)
The Real Effects of DebtPolitical Economy: Budget
H. Poláčková (1998)
Contingent Government Liabilities: A Hidden Risk for Fiscal Stability
[The leverage ratio of non-financial businesses and the government sector in China has been on the rise since the outbreak of the global financial crisis. China’s leverage ratios are not high compared with those in developed countries but substantial implicit liabilities and fast growth of debt indicate considerable potential risks. The rapidly rising leverage ratio is closely connected with such factors as overreliance on indirect financing, low efficiency in the use of funds, large amounts of funds occupied ineffectively because of overcapacity and overuse of monetary and credit policies as instruments. Now the top priority for financial regulators is to resolve the debt issue and prevent systemic financial risks.]
Published: Aug 31, 2018
Keywords: Leverage ratio; Implicit liability; Non-financial business; Systemic financial risk
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