I estimate the annual local government spending multiplier to range from 2.22 to 0.72 and the accumulated multiplier, which is the total increase of local output per 1 RMB increase of local government spending during 2001-2019, to be 11.8 at the prefecture city level in China, where government...

Research on the political consequences of social movements has recently accelerated. We take stock of this research with a focus on movements in democratic polities and the United States in comparative and historical perspective. Although most studies demonstrate the influence of the largest...

I provide a dynamic model of the financial intermediary's optimal choice of cash holding and asset securitization, the two sources of liquidity to make investment. Cash holding is decided ex ante while asset securitization suffers from adverse selection problem ex post. More cash holding reduces...

We study the rise and risks in bank issuance of Wealth Management Products (WMPs), which are off-balance-sheet substitutes for deposits without the regulatory interest rate ceilings and constitute the largest shadow banking segment in China. We show that competition for deposits has a causal...

China's land market features a substantial industrial discount: industrial-zoned land is an order of magnitude cheaper than residential land. In contrast to explanations centered on subsidies to industry or promoting industry growth, we emphasize the importance of future tax revenues from the...

China’s land market features a substantial industrial discount: industrial-zoned land is an order of magnitude cheaper than residential land. In contrast to explanations centered on subsidies to industry, we find that a primary determinant of this price gap is local public finance. Under the...