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Bond for Employment: Evidence from China

Yi Huang, Shu Lin, Haichun Ye, Feb 15, 2023

Using the unique institutional feature of government regulations in China, we provide robust evidence that firms with a larger employment size have significantly better access to bond credit.

State Versus Market: China’s Infrastructure Investment

Shuoge Qian, Hong Ru, Wei Xiong, Mar 13, 2024

In 2005, the Chinese government launched the landmark “36 Clauses” reform, marking a critical step toward forging a more favorable market environment.

BigTech Credit and Monetary Policy Transmission

Yiping Huang, Xiang Li, Han Qiu, Changhua Yu, Dec 07, 2022

By comparing business loans made by a BigTech bank with those made by traditional banks, this study finds that BigTech loans tend to be smaller, and the BigTech lender is more likely to grant credit to new borrowers than conventional banks in response to expansionary monetary policy.

Implicit Guarantees and the Rise of Shadow Banking: the Case of Trust Products

Franklin Allen, Xian Gu, C. Wei Li, Jun Qian, Yiming Qian, Sep 06, 2023

The prevalent implicit guarantees provided by financial intermediaries have been a central feature of shadow banking products in China. Our theoretical investigation shows that providing implicit guarantees can be the second-best arrangement and mitigate capital misallocation.

Migration,Tariffs,and China’s Export Surge

Chen Liu, Xiao Ma, Oct 18, 2023

China’s exports have increased dramatically in recent decades. We build a multi-sector spatial general equilibrium model and combine rich data sources to account for China’s export surge between 1990 and 2005 from three policy changes: China’s import tariffs, tariffs imposed on China’s exports, and barriers to internal migration in China.