How far do China’s property prices need to drop in order to trigger a GDP reaction that looks like a price bubble bursting? What does this question tell us about the way Bubble Economies work? In this paper, argue for a separate analysis of ‘Bubble Economics’ – as the non-linear and...

In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their competitiveness. Using exogenous variation in the administrative land supply across 172 Chinese cities, we show that higher predicted real...

In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their growth and competitiveness. Based on exogenous variations in the administrative land supply across 202 Chinese cities, we show that real...

Hong Kong SAR's economy is recovering strongly as ample policy space has allowed the enaction of swift and bold policy responses to address the unprecedented crisis emanating from multiple shocks, including notably the pandemic. But the recovery remains uneven, with private consumption lagging,...