This study examines the impacts of a large-scale government-led microcredit program on informal risk sharing among poor households in rural China based on a randomized controlled trial. The results show that financial inclusion, on average, reduced households’ borrowing from informal financial...

In an effort to aggressively combat climate change, China implemented a low-carbon city pilot policy (LCCP) in 2010. This study analyzes the impact LCCP, which is a specific environmental regulation on firms' profitability and innovation performance. The study argues that LCCP has an impact on...