Using a large, representative sample of consumer financial transaction data, this paper studies the consumption and savings response to a permanent increase in income tax. In 2015, Singapore marginally raised the income taxes on high-income taxpayers. Using difference-in-differences regressions,...

We study the relationship between international migration and foreign direct investment (FDI), differentiating between the two modes of entry: Greenfield FDI and cross-border mergers and acquisitions (M&A). Each mode may face different formal and informal information barriers, from regulations,...

We explore the dynamic interaction between housing prices and air quality in a growing economy with changing preferences using panel vector auto-regression. Using Chinese data, we document robust evidence that better air quality is rewarded by the market with higher housing prices and that...

China accelerated FDI policy reforms since the presidency of Donald Trump. We evaluate how multinational enterprises (MNEs) respond to such reforms amid rising trade policy uncertainty. Applying difference-in-differences approach on monthly bilateral FDI from 2015 to 2019, we find that reforms...

The existence of economic slack or inefficiency is a common phenomenon of economies that operate under mandatory central planning. It implies that the economy operates in the interior of its set of production possibilities and not on its frontier. It also implies that output can be increased...

The Simplified Chinese version of this paper is available at 'http://ssrn.com/abstract=2631939' http://ssrn.com/abstract=2631939.Chinese Abstract: (繁體中文摘要):...

We find that green bonds exhibit higher capacity to borrow foreign capital in local currency than regular bonds issued by the same firm, which reduces currency mismatch risk in corporates' balance sheets while increasing that in investors'. We further show that this is driven by climate policy,...

Using donor-recipient data from 1973 to 2013, we find that reducing foreign aid as a fraction of the recipient’s GDP by 10% improves the bilateral political relation by 2% in the long run. Such a negative relationship is robust for aid with different purposes, for sample averaged over 3 to 5...

We utilize monthly individual-level financial data and item-level supermarket sales data to study how consumption responds to one of the costliest natural disasters in India. We find that consumption dropped by 11% during the disaster, 65% of which was recovered after the disaster. On average,...