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Huang Z higang China Center for E Ncoantioomnaicl SRcehsoeoarl c fPhoerk Dinegv eUlonpivmeresnity, Beijing, 100 871, China T h is paper constructs ma ogdenele rwali tehq muiulilbtir-isuemct ors to analyze the implications of imperfect credit markets and government interventions. The unbalance credit mar-ket conditions across senctyo rosf leinavde tsotm ineneft fiaclileocattions under the markemechanism. This ine fcfriecdieint ctiryna pmdsyanya mraicses. Government interventions can reduce inefficiency tmhoaurkgeht bcaolnadnictinogn sc arecdr oift s s sectors. Howeverinterventionsh oasgeg ruanvbaatlea ntce c groedvietr ncomnednit iionnesfficiency will rise. Fur-th etrhis government inefficiency may bring credit traps as markets do.
C re dit Market ImGopverefrencmtieonts InItnevrvesetnmtieonts Ineffi-cien cCyredit Traps. á D 8 6 D 8
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