Combining bank-level data with information on interest rate subvention, the paper documents an expansion in agricultural lending and a reduction in interest costs even under tight monetary policy, in the presence of political intervention. The magnitude of the impact is asymmetric across periods of monetary expansion and contraction. The analysis highlights the importance of the government in the functioning of the credit market and uncovers a political channel of monetary transmission.

中文翻译：

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银行贷款和货币传导：政治重要吗？

该论文将银行层面的数据与有关利率补贴的信息相结合，证明了在有政治干预的情况下，即使在紧缩的货币政策下，农业贷款的扩张和利息成本的降低。在货币膨胀和收缩期间，影响的大小是不对称的。分析强调了政府在信贷市场运作中的重要性，并揭示了货币传导的政治渠道。