We demonstrate how government deleveraging causes corporate distress in a distorted financial market. Our difference-in-differences (DID) analysis exploits China's top-down deleveraging policy in 2017, which targets shadow bank financing and reduces local governments' borrowing capacity. We find...

China's economic emergence : possible lessons for large developing nations / David Daokui Li -- History, politics and 30 years of development and reform / Dwight Perkins -- Chinese reforms in historical and comparative perspective / Prasenjit Duara -- Thirty years of Chinese reform and economic...

We examine the transition to and persistence of working from home (WFH) by firms after the COVID-19 shock. Using job posting data from a leading online job portal in China and exploiting the COVID-19 pandemic as a quasi-experiment inducing the short-run WFH take-up of firms, we find a...