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Wealth Redistribution in the Chinese Stock Market: the Role of Bubbles and Crashes Li An, Jiangze Bian, Dong Lou, Donghui Shi, Jul 01, 2020
Wealth Redistribution in the Chinese Stock Market: the Role of Bubbles and Crashes Li An, Jiangze Bian, Dong Lou, Donghui Shi, Jul 01, 2020 Using comprehensive administrative data from China, we document a substantial increase in inequality of wealth held in risky assets by Chinese households in the 2014–2015 bubble-crash episode: the top 0.5% households in the equity market gained, while the bottom 85% lost, 250B RMB through active trading in this period, equating to 30% of each group’s initial equity wealth. In comparison, the return differential between the top and bottom groups in periods of a relatively calm stock market is an order of magnitude smaller. We examine a number of possible explanations for these findings and discuss their implications.
VoxChina Covid-19 Forum (Second Edition): China’s Post-Lockdown Economic Recovery VoxChina, Apr 18, 2020 The lockdowns induced by Covid-19 have led to unprecedented challenges to economies across the globe. The second edition of the VoxChina Covid-19 Forum focuses on China’s post-lockdown economic recovery, with three presentations that are based on data analysis of small businesses, consumption, e-commerce, and beyond, each for 15 minutes. There will be 30 minutes of Q&As.
VoxChina Covid-19 Forum (First Edition): Public Health and Public Policy VoxChina, Apr 11, 2020 Covid-19 poses unprecedented challenges to the global health and global economy. We are pleased to initiate a series of Covid-19 Public Health and Public Policy Virtual Forums to discuss the impact and policy responses to Covid-19.
The Hidden Cost of Trade Liberalization: Input Tariff Shocks and Worker Health in China Haichao Fan, Faqin Lin, Shu Lin, Jun 24, 2020 Can intermediate input trade liberalization affect worker health in a developing country like China, and if so, how? Do the impacts differ between skilled and unskilled workers? What are the welfare implications of input tariff reductions once health factors are considered? Professors Haichao Fan of Fudan University, Faqin Lin of China Agricultural University, and Shu Lin of the Chinese University of Hong Kong develop...
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