Annual Conference

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Economic Transformation of Asia, Capital Market Development: China and Asia

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May 2019

Serial Entrepreneurship in China

Loren BRANDT, Ruochen DAI, Gueorgui KAMBOUROV, Kjetil STORESLETTEN, Xiaobo ZHANG
This paper studies entrepreneurship and the creation of new firms in China through the lens of serial entrepreneurs, i.e. entrepreneurs who establish more than one firm, and their differences with non-serial entrepreneurs. Drawing on data on the universe of all firms in China, we document key facts ...
Keywords: Serial Entrepreneurship, Entrepreneurship, Capital Distortions
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Annual Conference

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Economic Transformation of Asia

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May 2019

Does Access to Better Schools Affect Private Expenditure on Children Evidence from China

Yiqing LU, Xin ZHOU, Pei GAO
This paper studies how parental investment in children responds to changes in public education provision. Based on transactions of China UnionPay debit and credit cards, we identify two types of child-related expenditure: extra-curriculum training and other child support. We exploit a quasi-experime...
Keywords: parental investment, child-related expenditure, public education, district merger
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Annual Conference

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Economic Transformation of Asia

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May 2019

Social Norms and Fertility

Junjian YI, JungJae PARK, Sunha MYONG
We document three stylized facts on marriage and fertility patterns in East Asian societies: (i) their marriage rates are among the highest in the world, but their total fertility is the lowest; (ii) although they have the lowest total fertility, almost all married women have at least one child; and...
Keywords: Confucianism, Social norms, Fertility, Demographic transition, East Asia societies
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Annual Conference

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Economic Transformation of Asia

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May 2019

Business Cycle during Structural Change: Arthur Lewis' Theory from a Neoclassical Perspective

Kjetil STORESLETTEN, Fabrizio ZILIBOTTI, Bo ZHAO
We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, employment in agriculture declines while labor productivity increases in ...
Keywords: Business cycle, structural change, neoclassical
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Annual Conference

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Economic Transformation of Asia

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May 2019

Can Partial Commitment Increase Pension Contribution? A Field Experiment in Sri Lanka

Changcheng SONG
We conduct several randomized controlled trials in more than 200 villages in Sri Lanka to study whether incentives and partial commitment pension designs generate higher participation and savings in the micro pension. In Experiment I, individuals are randomly assigned to a control group, a free inst...
Keywords: Pension contribution, partial commitment, randomized control trial, optimal liquidity
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