The vast majority of empirical literature on “flying geese” examines industrial relocation across national boundaries, in particular in Asia. However, few studies have empirically tested whether this kind of “flying geese” pattern of industrial relocation has occurred domestically in a...

"Traditional economic theory posits that a well-functioning capital market is a necessary condition for industrialization and economic growth. In reality, micro and small enterprises are ubiquitous because entrepreneurs can undertake low-return activities with minimal barriers to entry. Using a...

"The traditional literature emphasizes the causal role of finance in promoting industrial growth. China's rapid industrialization over the past several decades, which has occurred in the absence of well-functioning financial markets, seems to defy the conventional wisdom. By studying a cashmere...

The quality of manufactured products made in China has improved tremendously in the past several decades. In this paper, we argue that crises are instruments for the upgrade of Chinese manufactured goods. We first develop a theoretical framework to show that a crisis, if used wisely, could...

Talhelm et al. (2014) provided an original rice theory to explain large psychological differences across countries and even within countries and their impact on innovation. However, their findings are subject to the problems of sample bias, measurement error, and model misspecification. After...