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The Impact of Intranational Trade Barriers on Exports: Evidence from a Nationwide VAT Rebate Reform in China
Jie Bai, Jiahua Liu, Feb 19, 2020It is well known that various forms of non-tariff trade barriers exist within a country. Empirically, it is difficult to measure these barriers as they can take many forms. We take advantage of a nationwide VAT rebate policy reform in China as a natural experiment to identify the existence of these intranational barriers due to local protectionism and study the impact...
Boosting Pension Enrollment and Household Consumption by Example: A field Experiment on Information Provision
Chong-En Bai, Wei Chi, Tracy Xiao Liu, Chao Tang, Jian Xu, Aug 18, 2021We conduct a large-scale field experiment in the Guangdong province of China to examine the effect of informing individuals about government pension programs on their pension enrollment decisions and household consumption. Our experimental findings show the effectiveness of combining concrete and personalized information in designing informational material as well as the importance of targeting the most responsive population during information delivery.
Throwing Good Money after Bad: Zombie Lending and the Supply Chain Contagion of Firm Exit
Yun Dai, Xuchao Li, Dinghua Liu, Jiankun Lu, Jan 19, 2022Zombie lending to downstream firms does not reduce the exit likelihood of upstream firms. Worse, it distorts efficiency-based firm exit in upstream industries. The exit distortion effect works through the trade credit chain and is more profound in industries with stricter financial constraints and tighter supply chain connections
Picking Winners? Government Subsidies and Firm Productivity in China
Lee G. Branstetter, Guangwei Li, Mengjia Ren, Jun 21, 2023We investigate the relationship between the allocation of government subsidies and total factor productivity for Chinese listed firms.
The Economic Impact of Distributing Financial Products on Third-Party Online Platforms
Claire Yurong Hong, Xiaomeng Lu, Jun Pan, Feb 26, 2020The emergence of third-party online platforms in intermediating financial products has been a new and exciting development in FinTech. We find that, in China post-platform, fund flows become markedly more sensitive to fund performance, and the net flow to the top 10 percent–performing funds more than triples their pre-platform level. In response, fund managers increase their risk taking to enhance...
