Implicit government guarantees in the Chinese bond market, which shaped investors’ belief in rigid payment, have been withdrawn after the first bond default, causing spillover effects on non-defaulted bonds. This study investigates the intra-regional spillover effects of the staggered first...

Great changes in terms of land and labour systems in rural China have been brought about by the economic reform in the late 1970s. The implementation of family planning policy and the tidal waves of rural-to-urban labour migration also caused demographic transitions. How have these changes...