In this paper, we find that the introduction of specialized bankruptcy courts, which are run by better-trained judges and subject to less government intervention, reduces the cost of bond financing by around 10%.
We provide new evidence on the causal effects of housing wealth on consumer behavior.
China’s rapid export growth has spurred extensive research investigating its effects on other economies. However, the exact causes of the boom as well as the slowdown in Chinese exporting after 2007 are less well understood.
In this column, we examine how the presence of state-owned enterprises (SOE) affects the private sector by influencing the allocation of skills across SOEs, private sector waged employment and entrepreneurship.
Inter-jurisdictional competition in a regionally decentralized authoritarian regime distorts local politicians’ incentives in resource allocation among firms from their own city and a competing city.