A Bridge on Economic Issues between China and the World
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BigTech Lending as a New Form of Financial Intermediation
Jon Frost, Leonardo Gambacorta, Yi Huang, Hyun Song Shin, Pablo Zbinden, Jun 19, 2019BigTech firms, i.e. large technology firms whose primary business is digital services, are entering finance. Their entry into finance started with payments. Increasingly, they have expanded beyond payments into the provision of credit, insurance, and toward savings products, either directly or in partnership with incumbent financial institutions...
Economic Growth — in the World and in China
Robert J. Barro, Jul 12, 2017Convergence forces suggest that China’s per capita GDP growth rate will decline gradually from around 7% per year to the world’s historical average of 2%. In the past, this convergence tendency was more than offset by China’s opening to markets, improved legal institutions and business regulations, increased investment rates, higher life expectancy, and reduced fertility—but the convergence force will ultimately dominate.
Leverage-Induced Fire Sales and Stock Market Crashes
Jiangze Bian, Zhiguo He, Kelly Shue, Hao Zhou, Dec 03, 2018The authors find that margin investors heavily sell their holdings when their account-level leverage edges toward the maximum leverage limits. Stocks that are disproportionately held by accounts close to leverage limits experience high selling pressure and abnormal price declines that subsequently reverse over the next 40 trading days. Unregulated shadow-financed margin accounts contributed more to the market crash even though these shadow accounts had higher leverage limits and held a smaller fraction of market assets.
The Effect of Computer-Assisted Learning on Students’ Long-Term Development
Nicola Bianchi, Yi Lu, Hong Song, Feb 17, 2021We examine the effect of computer-assisted learning on students’ long-term development. We explore the implementation of the largest ed-tech intervention in the world to date, which connected China’s best teachers to more than 100 million rural students through satellite internet. Exposure to the program improved students’ academic achievement, labor performance, and computer usage for at least ten years after program implementation. These findings indicate...
The Impact of Rural-Urban Migration on House Prices in China
Carlos Garriga, Aaron Hedlund, Yang Tang, Ping Wang, Jan 27, 2021Rural-urban migration is an integral part of the dynamic process of structural transformation. The interplay between population inflows and house prices depends on various geographical differences in the economic and policy climate. In the case of China, we highlight particularly the roles played by location-specific hukou restrictions and local land supply.
