Motivated by growing concerns about the risks and instability of China's financial system,
this article reviews several commonly perceived financial risks and discusses their roots in …

Many developing economies adopt industrial policies favoring selected sectors. Is there an
economic logic to this type of intervention? I analyze industrial policy when economic …

In 2009 and 2010, China undertook a 4 trillion Yuan fiscal stimulus, roughly equivalent to 12
percent of annual GDP. The" fiscal" stimulus was largely financed by off-balance sheet …

China's housing prices have been growing nearly twice as fast as national income over the
past decade, despite a high vacancy rate and a high rate of return to capital. This paper …

China׳ s external policies, including capital controls, managed exchange rates, and
sterilized interventions, constrain its monetary policy options for maintaining macroeconomic …

This article documents a rapid shift toward services (tertiarization) of the Chinese economy
since 2005, as evidenced by the significant increase in both employment and value-added …

Is there a role for governments in emerging countries to accelerate economic development
by intervening in product and factor markets? To address this question, we study optimal …

Abstract Does China achieve the Porter effect which states a win-win development of
economy and environment? Besides environmental regulations (ER), financing is a critical …

We analyze intergenerational redistribution in emerging economies with the aid of an
overlapping generations model with endogenous labor supply. Growth is initially high but …

We trace the origins of China's rapidly developing shadow banking sector to the adoption of
stricter liquidity rules by Chinese regulators in the late 2000s. Our analysis exploits …