This paper analyzes whether China's investment and savings rates are too high by considering the rate of return to investment and other factors. It also investigates the reasons for the rapid increase in the savings rate by using various sources of data and analytical tools. In particular, much...

Whether the People's Republic of China's (PRC) economic slowdown since the 2008 financial crisis is a cyclical downturn or a long-run trend has important policy implications. Based on provincial panel data, this article identifies the determinants of productivity and uses counter-factual...

The theoretical literature has long noted that talent can be used in both the entrepreneurial and non-entrepreneurial sectors, and its allocation depends on the reward structure. We test these hypotheses by linking administrative college admissions data for 1.8 million individuals with the...

Soft budget constraint refers to the phenomenon that money losing inefficient projects keep on getting subsidies and operating. It was first phrased and analyzed by the late Hungarian economist Janos Kornai when he studied former socialist economies and by now, economists generally have agreed...