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Investing with the Government : A Field Experiment in China

Colonnelli, Emanuele; Li, Bo; Liu, Ernest - National Bureau of Economic Research - 2022

We study the demand for government participation in China's venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both sides of the market: the capital investors and...

Persistent link: https://www.econbiz.de/10013334380

Sectoral Development Multipliers

Buera, Francisco; Trachter, Nicholas - National Bureau of Economic Research - 2024

How should industrial policies be directed to reduce distortions and foster economic development? We study this question in a multi-sector model with technology adoption, where the production of goods and modern technologies features rich network structures. We provide simple formulas for the...

Persistent link: https://www.econbiz.de/10014512084

The Political Economy of Industrial Policy

Juhász, Réka; Lane, Nathan J. - National Bureau of Economic Research - 2024

We examine the ways in which political realities shape industrial policy through the lens of modern political economy. We consider two broad "governance constraints": i) the political forces that shape how industrial policy is chosen and ii) the ways in which state capacity affects...

Persistent link: https://www.econbiz.de/10014544785

Mild Government Failure

Wei, Shang-jin; Xu, Jianhuan; Yin, Ge; Zhang, Xiaobo - National Bureau of Economic Research - 2023

A relatively mild form of government failure - for example, bureaucrats can count but do not differentiate quality - can significantly affect the efficacy of industrial policy. We investigate this idea in the context of China's largest pro-innovation industrial policy using a structural model....

Persistent link: https://www.econbiz.de/10014250195

Precautionary Protectionism

Traiberman, Sharon; Rotemberg, Martin - National Bureau of Economic Research - 2022

We develop a dynamic extension of Dornbusch et al. (1977) with "rustiness": the home country has relatively higher unit costs tomorrow for goods it is not producing today. We solve for optimal tariff policy when there is a potential for a crisis: an increase in demand for goods produced abroad....

Persistent link: https://www.econbiz.de/10013334517

Picking Winners? Government Subsidies and Firm Productivity in China

Branstetter, Lee; Li, Guangwei; Ren, Mengjia - National Bureau of Economic Research - 2022

Are Chinese industrial policies making the targeted Chinese firms more productive? Alternatively, are efforts to promote productivity undercut by efforts to maintain or expand employment in less productive enterprises? In this paper, we attempt to shed light on these questions through the...

Persistent link: https://www.econbiz.de/10013477191

Does "Made in China 2025" Work for China? : Evidence from Chinese Listed Firms

Branstetter, Lee; Li, Guangwei - National Bureau of Economic Research - 2022

Rising concern over the impact of Chinese industrial policy has led to severe trade tensions between China and some of its major trading partners. In recent years, foreign criticism has increasingly focused on the so-called "Made in China 2025" initiative. In this paper, we use information...

Persistent link: https://www.econbiz.de/10013462724

The Real Effects of Banking the Poor : Evidence from Brazil

Fonseca, Julia; Matray, Adrien - National Bureau of Economic Research - 2022

We study how financial development affects economic development and wage inequality. We use a large expansion of government-owned banks into Brazilian cities with low bank branch coverage and combine it with data on the universe of employees from 2000-2014. We find that higher financial...

Persistent link: https://www.econbiz.de/10013210085

How Do U.S. Firms Withstand Foreign Industrial Policies?

Cen, Xiao; Fos, Vyacheslav; Jiang, Wei - National Bureau of Economic Research - 2024

China's industrial policies ("Five-Year Plans") displace U.S. production/employment and heighten plant closures in the same industries as those targeted by the policies in China. The impact was not anticipated by the stock market, but U.S. companies in the "treated industries" suffer a valuation...

Persistent link: https://www.econbiz.de/10014544690

All Clear for Takeoff : Evidence from Airports on the Effects of Infrastructure Privatization

Howell, Sabrina T.; Jang, Yeejin; Kim, Hyeik; Weisbach, … - National Bureau of Economic Research - 2022

Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners … rather than operational changes. Overall, we find little evidence that privatization alone increases airport performance …; instead, infrastructure funds improve performance both in privatization and subsequent acquisitions from non-PE private firms …

Persistent link: https://www.econbiz.de/10013435106

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