Webinar Series

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Capital Market Development: China and Asia

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Nov 2023

The Rise of E-Wallets and Buy-Now-Pay-Later: Payment Competition, Credit Expansion, and Consumer Behavior

Lin William CONG, Wenlong BIAN, Yang JI
The past decade has witnessed a phenomenal rise of digital wallets, which is further accelerated by the COVID-19 pandemic. Such e-wallets provide not only a conduit to external bank accounts but also internal payment accounts, including the popular BuyNow-Pay-Later (BNPL). We examine, for the first ...
Keywords: Cashless, Consumer Credit, FinTech, Financial Inclusion, Mobile Wallet
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2023

How Do Firms Withstand a Global Economic Shock: Evidence from Within-Firm Responses

Vyacheslav (Slava) FOS, Xiao CHEN, Wei JIANG
China’s Five-Year Plans (industrial policies targeting specific industries) displace US production/employment and heighten plant closures in the same industries. The shocks were not anticipated by the U.S. stock market, but firms in the treated industries suffer valuation loss afterwards. Firms ad...
Keywords: Within-firm adjustment, global economic shocks
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Mar 2023

Preparing for the (Non-Existent?) Future of Work

Anton KORINEK, Megan JUELFS
We analyze how to set up institutions that future-proof our society for a scenario of ever-more-intelligent autonomous machines that substitute for human labor and drive down wages. We lay out three concerns arising from such a scenario, culminating in the economic redundancy of labor, and evaluate ...
Keywords: automation, substitutability of labor, redundancy of labor, nostalgic jobs, work amenities, social i
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Feb 2023

Bank Competition amid Digital Disruption: Implications for Financial Inclusion

Yang (Gloria) YU, Erica Xuewei JIANG, Jinyuan ZHANG
This paper studies how banks compete amid digital disruption and the resulting distributional effect across consumers. Digital disruption increases the geographic coverage of banking services, bringing new entrants to local markets. However, as digital customers shift from branches to digital servic...
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2023

Indirect Effects of Access to Finance

Jing CAI, Adam SZEIDL
We created experimental variation across local markets in China in the share of firms having access to a new loan product, to measure the direct and indirect effects of access to finance. We find that:(1) Access to finance had a large positive direct effect on the performance of treated firms. (2) A...
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