To empirically investigate whether the Belt and Road Initiative (BRI) acts as a catalyst to the forming of a regional RMB bloc, we explore the co-movements between the RMB and the currencies of BRI countries from July 21, 2005 to December 31, 2018 using a modified Frankel-Wei model. We find that...

Who gains from inter-corporate credit? To answer this question we measure the impact of the announcements of inter-corporate loans in China on the stock prices of the firms involved. We find that the average abnormal return for the issuers of inter-corporate loans is significantly negative,...

This paper analyzes consumption risk sharing among provinces in the People's Republic of China (PRC) during 1980 - 2007. The analysis finds that 9.4% of shocks to gross provincial product are smoothed by the interprovincial fiscal transfer system. This system also cushions a relatively large...