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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Pandemic

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May 2020

Population flow drives spatio-temporal distribution of COVID-19 in China

Jayson S. JIA, Yun YUAN, Ge XU, Jianmin JIA, Nicholas A. CHRISTAKIS
Sudden, large-scale and diffuse human migration can amplify localized outbreaks of disease into widespread epidemics1,2,3,4. Rapid and accurate tracking of aggregate population flows may therefore be epidemiologically informative. Here we use 11,478,484 counts of mobile phone data from individuals l...
Keywords: COVID-19, Population flow, Spatio-temporal distrubution, China
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Webinar Series

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Capital Market Development: China and Asia

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Feb 2022

Ownership Networks and Firm Growth: What Do Forty Million Companies Tell Us About the Chinese Economy?

Junhui CAI, Xian GU, Jun QIAN, Linda ZHAO, Wu ZHU, Franklin ALLEN
The finance–growth nexus has been a central question in understanding the unprecedented success of the Chinese economy. Using unique data on all the registered firms in China, we build extensive firm-to-firm equity ownership networks. Entering a network and increasing network centrality leads to h...
Keywords: Ownership network, Equity capital, firm growth, Bank Credit
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Webinar Series

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Capital Market Development: China and Asia

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Jun 2022

On the Rise of Payment Firms

Manju PURI, Valentin BURG, Tobias BERG, Jan KEIL
Payment firms have experienced an exceptional growth over the past decade, with payment firms’ market capitalization now exceeding the combined market capitalization of all banks in the U.S. We show that stock returns of payment firms are strongly correlated with stock returns of ECommerce firms. ...
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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 2022

Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking

Ye LI, Simon MAYER
Stablecoins are at the center of debate surrounding decentralized finance. We develop a dynamic model to analyze the instability mechanism of stablecoins, the complex incentives of stablecoin issuers, and regulatory proposals. The model rationalizes a variety of stablecoin management strategies comm...
Keywords: Stablecoin, instability, regulation, decentralized finance, cash holdings, q-theory
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