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 …

The real estate market is not only a key part of the Chinese economy but also an integral
component of China's financial system. In 2017, housing sales totaled 13.37 trillion RMB …

We empirically detect the flight to safety vis-a-vis housing in China: Great economic
uncertainty causes the prices of housing assets to soar. To stabilize housing prices, China …

We use a unique quasi-experiment–spillovers from the imposition of purchase restrictions
on local housing to nearby unregulated cities–to study the effects of out-of-town housing …

Employing a unique quasi-experiment–spillovers caused by the imposition of local house
purchase restrictions to nearby non-regulated cities, we study the effects of out-of-town …

We characterize some of the properties of individual wealth growth and mobility in China
using the China Household Finance Survey (CHFS). We document that (i) capital gains are …

We exploit plausibly exogenous spillovers from housing asset purchase restrictions in
regulated cities on non-regulated cities in China to study the house price and real …

This paper explores the effects of a government tax policy in a growth model with economic
transition and toxic housing bubbles applied to China. Such a policy combines taxing …

The 2007 global financial crisis has generated episodes of flight to liquidity and quality with
lasting high uncertainty, especially in the age of the shortage of safe assets. This is …

My dissertation contributes towards our understanding of effects of trade liberalization on
institutional, economic and environmental outcomes. It consists of three chapters. The …