Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2019

Digital Payments Induce Over-Spending: Evidence from the 2016 Demonetization in India

Sumit AGARWAL, Pulak GHOSH, Jing LI, Tianyue RUAN
We examine the impact of digital payments on consumer spending by exploiting a forced switch to digital payments induced by the 2016 Indian Demonetization. This policy resulted in a 86% decline in the cash that could be used for spending transactions and led cash-dependent consumers to adopt digital...
Keywords: digital payments, overspending, Demonetization, India
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Annual Conference

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Economic Transformation of Asia

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May 2019

International Joint Ventures and Internal vs. External Technology Transfer: Evidence from China

Wolfgang KELLER, Kun JIANG, Larry D. QIU, William RIDLEY
This paper studies international joint ventures, where foreign direct investment is performed by a foreign and a domestic firm that together set up a new firm, the joint venture. Employing administrative data on all international joint ventures in China from 1998 to 2007—roughly a quarter of all i...
Keywords: International joint ventures, partner selection, technology spillovers, foreign direct investment, competition effects
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Annual Conference

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Economic Transformation of Asia

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May 2019

Division of Labor and Productivity Advantage of Cities: Theory and Evidence from Brazil

Lin TIAN
Firms are more productive in larger cities. This paper investigates a potential explanation that was first proposed by Adam Smith: Larger cities facilitate greater division of labor within firms. Using a dataset of Brazilian firms, I first document that division of labor is indeed robustly correlate...
Keywords: Divisdion of labour, productivity, space, cost
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Annual Conference

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Economic Transformation of Asia

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May 2019

Government Credit and Trade War

Hong RU, Endong YANG, Yong LIU, Jinlu FENG, Ning CAI
By merging transaction-level trade data from China Customs and loan data from the China Development Bank (CDB), we analyze the effects of government credit on trade activities. We find that CDB credit mainly flows to SOEs in strategic industries at the top of the supply chain. These up-stream loans ...
Keywords: government credit, Export, supply chain, trade war
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Annual Conference

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Investment Finance

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May 2019

Cryptocurrency Pump-and-Dump Schemes

Baolian WANG, Donghwa SHIN, Tao LI
Pump-and-dump schemes (P&Ds) are pervasive in the cryptocurrency market. We study these events using trade-by-trade data and a sample of P&Ds with precisely identified starting times. We find that P&Ds lead to short-term cryptocurrency bubbles featuring dramatic increases in prices, volu...
Keywords: Pump-and-dump scheme, Manipulation, cryptocurrency, overconfidence, gambling
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