This paper decomposes consumption risk sharing among provinces in China over the 1980-2007 period. We find that 9.4 percent of the shocks to gross provincial product are smoothed by the interprovincial fiscal transfer system. This system also cushions a relatively large fraction of the...

The Chinese government has been pursuing economic growth under the guidance of "growth is a hard principle". In the context of the Chinese political and economic governance system, local governments have employed the overtaking strategy (placing primary emphasis on the development of capital and...

This paper studies the role of insider trading in explaining cross-country difference in stock market volatility. It introduces a new (albeit imperfect) measure of insider trading for 50 or so countries. The central finding is that countries with more prevalent insider trading do have more...