Policy signals, credibility and market expectations: Evidence from the Chinese bond market

被引：1

作者：

Li, Na ^{[1
]}

Feng, Meile ^{[1
]}

Liu, Rong ^{[1
]}

机构：

[1] Southwestern Univ Finance & Econ, Sch Publ Finance & Taxat, 555 Liutai Ave, Chengdu 611130, Sichuan, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2023年 / 58卷

基金：

中国国家自然科学基金;

关键词：

Policy signals; Credibility; Market guarantee expectations; Asymmetric effects; BAILOUTS; BIG;

D O I：

10.1016/j.frl.2023.104387

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Based on Chinese bond market transaction data, we study the effects of the Chinese Zeroing Hidden Debt (ZHD) policy on non-pilot regions in 2021 from a market guarantee expectations viewpoint. We find that the market selectively believes more in the bailout signal released by the ZHD pilot than in no-bailout signal, leading to an increase in implicit guarantee expectations instead of a decrease, which is contrary to the original policy intention. And it also has the heterogeneity of this selective belief psychology. We reveal that the market's trust in policy signals distorts policy effects.

引用

页数：6

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