analysis. The stylized facts differ qualitatively across different phases or economies. We argue that the impacts of China …

allocation. We develop a two-stage estimation approach and apply it to China's loan-level data that covers all sectors in the …

Using three unique micro datasets, we find that an unexpected and unprecedented loosening of China's LTV policy for non …

We estimate the quantity-based monetary policy system in China. We argue that China's rising shadow banking was …

We argue that China's rising shadow banking was inextricably linked to potential balance-sheet risks in the banking … banking (the banking system) in China …

research on China. Second, we document, through various empirical methods, the robust findings about striking patterns of trend … offers a constructive framework for studying China's modern macroeconomy …

, a level that China should achieve by or soon after 2015. Among our more provocative findings is that growth slowdowns …

This paper reviews recent literature on China's macroeconomic development, emphasizing the critical role of the … gradualist approach over the past four decades. Beyond China's structural transformation, we explore various aspects such as high … illustrates how China's gradual policy reforms, amidst highly imperfect financial markets, have effectively helped spur GDP growth …