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This study examines the effect of Chinese internal migration upon credit risk. Specifically, we track the likelihood of …
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Migration plays a key role in city finances with every new entrant reducing debt per person and every exit increasing … it. We study the interactions between regional borrowing, migration, and default from empirical, theoretical, and … quantitative perspectives. Empirically, we document that in-migration rates are positively correlated with deficits, that many …
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We use data on financially distressed Chinese companies in order to study a debt market where property rights are crudely defined and poorly enforced. To help with identification we use an event where a business-friendly province published new guidelines regarding the administration and...
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