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DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Sili Zhou (Fudan University) - Missing Collateral Channel in China? Evidence from COVID-19 Co-authors: Jiqiao Gao (Fudan University), Xiangyu Guo (Fudan University) and Chang Ma (Fudan University =0D=0A Abstract We provide a novel two-stage estimation method to identify the collateral channel in China. First, we estimate a city-level land price change using Chinese transaction-level data during COVID-19. We find that the national lockdown policy significantly reduces land market transactions for both price and volume. Importantly, the estimated land price change is only correlated with the severity of COVID but not any other factors that could affect firm-level decisions. Second, we estimate the impact of the COVID shock on corporate activity through the estimated land prices. This effect is felt differently by firms depending on their pre-COVID land holdings. Our results are thus consistent with a collateral channel in China. =0D=0A  =0D=0A Online BOFIT seminars are open to all researchers interested in the subjects covered. Those wishing to attend a seminar are kindly asked to register in advance, by filling in the  Online registration form =0D=0A The registration for each seminar is open until 9:00 am the day of the seminar. You will receive a link to join the seminar by email at the latest one hour before the seminar is scheduled to begin =0D=0A
DTEND:20201215T093000Z
DTSTAMP:20201019T141846Z
DTSTART:20201215T083000Z
LOCATION:Teams Meeting
SUMMARY:Sili Zhou (Fudan University) - Missing Collateral Channel in China? Evidence from COVID-19
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