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 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 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...

Trade between the U.S. and China is widely thought to have contributed significantly to the decline in U.S. manufacturing employment --- sometimes called the China Syndrome. Flipping the point of view, we examine the impact on China of the trade growth between 2000 and 2007: We divide China into...

We study the legacy effect and transmission mechanisms of historical conflict on contemporary trade. Using new data on the regional dispersion of civilian deaths due to massacres in the Sino-Japanese war (1931-45), we find that local conflict intensity predicts international trade patterns of...

This paper quantifies the degree of factor misallocation across the productivity spectrum of Chinese manufacturing firms and confirms the inadequate allocation of resources to high-productivity firms. This misallocation is only partially proxied by private versus state ownership status. The...

This paper studies the impact of ownership reform on the credit allocation of China's three largest state-owned banks (SOBs) in 2004. Using firm data for 2000-2007, we show that listed companies with higher amounts of debt experience a larger decline in credit access in cities that are more...