Annual Conference

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Trade, Growth and Development

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May 2022

This paper evaluates the dynamic and distributional impacts of transportation networks in China. We argue that the quality of roads and railroads vary substantially over time and space, and therefore binary measures of connectivity in the literature are inadequate. Instead, we construct a new panel ...
Keywords: regional trade, Migration, welfare, economic geography
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Annual Conference

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Trade, Growth and Development

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May 2022

This paper provides novel evidence that reduced financial constraints increase physical capital quality and, consequently, productivity. We use a project-level investment dataset from India, CapEx, with data on project cost, capacity added to the firm, and investment’s product category. We measure...
Keywords: capital quality, financial constraints, productivity, financial development
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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Apr 2022

We examine several measures of uncertainty to make five points. First, equity market traders and executives at nonfinancial firms have shared similar assessments about one-year-ahead uncertainty since the pandemic struck. Both the one-year VIX and our survey-based measure of firm-level uncertainty a...
Keywords: Business Expectations, Uncertainty, Subjective Forecast Distributions, Capital Investments
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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

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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Webinar Series

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Capital Market Development: China and Asia

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Mar 2022

We study the impact of government-led incentive systems by examining a staggered reform in the Chinese state-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using return on equity (ROE) to economic value added (EVA) wh...
Keywords: CEO compensation, Capital budgeting, Cost of Capital, Corporate governance, Economic reform, Transition economy
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