1. From “Early and Pilot Implementation” to “Pilot Demonstration Area”- New Mission of the Special Economic -- 2. Is the Special Economic Zone a Shortcut for Economic Takeoff?- Theoretical Claims and Chinese Evidence -- 3. Special Economic Zones in the Russian Far East: A New Paradigm --...

This paper shows that rising real estate prices reduce industry productivity, because they lead to a reallocation of capital and labor towards inefficient firms. I establish that the rise in real estate value during the US housing boom relaxes firms' financial constraints. Companies borrow...