This Week

Shadow Banking: China's Dual-Track Interest Rate Liberalization

Hao Wang, Honglin Wang, Lisheng Wang, Hao Zhou, Jul 26, 2017

Professors Hao Wang and Hao Zhou, both of Tsinghua University, Honglin Wang formerly of Hong Kong Institute for Monetary Research (HKIMR) and Lisheng Wang of Chinese University of Hong Kong, argue that the shadow banking explosion in China may constitute a dual-track reform mechanism to liberalize the country's rigid interest rate policy.

The Great Chinese Inequality Turnaround

Ravi Kanbur, Yue Wang, Xiaobo Zhang, Jul 26, 2017

This paper argues that after a quarter century of sharp and sustained increase, Chinese inequality is now plateauing and even turning using various data sources and inequality perspectives. The evolution of inequality is further examined through decomposition by income sources and subgroups. Some preliminary explanations are provided for these trends in terms of shifts in policy and the structural transformation of the Chinese economy.


Long-run Trends in China’s Urban Unemployment and Labor Force Participation

Shuaizhang Feng, Yingyao Hu, Robert Moffitt, Jul 19, 2017 

Shadow Banking Activities of Non-Financial Firms in China

Julan Du, Chang Li, Yongqin Wang, Jul 19, 2017 

Economic Growth — in the World and in China

Robert J. Barro, Jul 12, 2017 

The Financing of Local Government in China: Stimulus Loans Wane and Shadow Banking Waxes

Zhuo Chen, Zhiguo He, Chun Liu, Jinyu Liu, Jul 05, 2017 

Understanding the Chinese Stock Market: Long-term Performance and Institutional Reforms

Franklin Allen, Jun Qian, Chenyu Shan, Lei Zhu, Jul 05, 2017 

Resolving Zombie Firms is Key for Sustaining Growth in China

Yiping Huang, Yuyan Tan, Jun 28, 2017 

The Dark Side of the Chinese Fiscal Stimulus: Evidence from Local Government Debt

Yi Huang, Marco Pagano, Ugo Panizza, Jun 28, 2017 

What Is Special about China’s Housing Boom?

Edward Glaeser, Wei Huang, Yueran Ma, Andrei Shleifer, Jun 20, 2017