This paper utilizes a natural experiment to examine the role of the protection of property rights in promoting investment. In order to explore a title-granting scheme in Shenzhen, China, I collect a sample of 83 listed SOE firms, with 32 of them holding about-to-be-entitled lands. Those...

We apply the old concept of financial repression, originally due to Mckinnon (1973) and Shaw (1973), to the Chinese financial system and argue that it might explain the country's current account surplus. In a two-country model, we show that financial repression in one country (China), modeled as...