This paper surveys the recent body of work in economics on the importance of global value
chains (GVCs) in shaping international trade flows and production patterns. On the empirical …

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 …

This study employs textual analysis to assess enterprise digitalization. Moreover, it explores
the effect of firm digital transformation (DT) on productivity using data from listed enterprises …

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 this paper, we empirically investigate whether trade liberalization affects markup
dispersion, a potential source of resource misallocation. The identification uses China's …

Starting in the late 1990s, China undertook a dramatic transformation of the large number of
firms under state control. Small state-owned firms were privatized or closed. Large state …

This essay tries to bring out some of the complexities that are overlooked in the usual
treatment of the state in the institutional economics literature and supplement the latter with a …

This study summarizes the economic and political developments relating to privatization,
state capitalism, and state ownership of business since 2000 and then surveys the extensive …

Following the enactment of reforms in the mid-1990s, China's state-owned enterprises
(SOEs) became more profitable. Using theoretical insights from Azmat, Manning, and Van …

China's economic model involves regular and intensive government interventions in
financial markets, while Western policymakers often refrain from substantial interventions …