Webinar Series

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Capital Market Development: China and Asia

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Oct 2021

FinTech as a Financial Liberator

Greg BUCHAK, Jiayin HU, Shang-Jin WEI
A binding interest rate cap on household savings is a common form of financial repression in developing economies and typically benefits banks. Using proprietary data from a leading Chinese FinTech company, we study Fintech's role in ending financial repression in China through the introduction of a...
Keywords: FinTech, bank deposits, money market fund, financial repression, interest rate liberalization
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2024

EXIM’s Exit: The Real Effects of Trade Financing by Export Credit Agencies

Poorya KABIR, Adrien MATRAY, Karsten MULLER, Chenzi XU
We study the role of export credit agencies—the predominant tool of industrial policy—on firm behavior by using the effective shutdown of the Export-Import Bank of the United States (EXIM) from 2015-2019 as a natural experiment. We show that firms that previously relied on EXIM support saw a 18%...
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Webinar Series

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Capital Market Development: China and Asia

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Sep 2024

Empowering through Courts: Judicial Centralization and Municipal Financing in China

Jiayin HU, Wenwei PENG, Yang SU
This study finds that reducing political influence over local courts weakens local government debt capacity. We establish this result by exploiting the staggered roll-out of a judicial centralization reform aimed at alleviating local court capture in China and find reduced judicial favoritism toward...
Keywords: judicial centralization, court capture, lawsuit, public finance, information asymmetry, municipal corporate bond
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Webinar Series

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Senior Fellows/Fellows, Pandemic

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May 2020

Economic Uncertainty Before and During the COVID-19 Pandemic

Scott R. BAKER, Nicholas A. BLOOM, David E. ALTIG, Jose Maria BARRERO, Brent MEYER, Philip BUNN, Scarlet CHEN, Julia LEATHER, Emil MIHAYLOV, Paul MIZEN, Thomas RENAULT, Gregory THWAITES, Pawel SMIETANKA, Nicholas PARKER
We consider several economic uncertainty indicators for the US and UK before and during the COVID-19 pandemic: implied stock market volatility, newspaper-based policy uncertainty, Twitter chatter about economic uncertainty, subjective uncertainty about business growth, forecaster disagreement about ...
Keywords: forward-looking uncertainty measures, volatility, COVID-19, Coronavirus
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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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Oct 2021

Digitization and Artificial Intelligence: Challenges and Opportunities for Policy

Susan ATHEY
Keywords: AI, machine learning, autonomy, service delivery
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