Huang, Yi; Pagano, Marco; Panizza, Ugo - 2016
In China, local public debt issuance between 2006 and 2013 crowded out investment by private manufacturing firms by … debt issuance, we establish this result in three ways. First, local public debt is inversely correlated with the city …. Second, local public debt has a larger negative effect on investment by private firms in industries more dependent on …