informational shocks that erode rent-seeking opportunities. Using a new loan-level database for China, we find that collateral … risks. To our knowledge, our paper is the first to investigate the determinants of collateral for China using loan …

The recent increase in China's house prices at the national level masks tremendous variation at the city level – a … feature largely overlooked in the macroprudential literature. This paper measures the evolving heterogeneity in China's house … China's city-level housing price synchronization. The estimates indicate an increasing synchronization leading up to 2015 …