Commentaries

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2020, Pandemic

Saving Lives versus Saving Livelihoods: Can Big Data Technology Solve the Pandemic Dilemma?

Kairong XIAO
This paper studies the effectiveness of big data technology in mitigating the economic and health impacts of the COVID-19 outbreak. I exploit the staggered implementation of contact-tracing apps called “health code” in 322 Chinese cities during the COVID-19 pandemic. Using high-frequency variati...
Keywords: big data, Coronavirus
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

Rural-Urban Migration, Structural Transformation, and Housing Markets in China

Ping WANG, Yang TANG, Carlos GARRIGA, Aaron HEDLUND
This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a newly developed multi-sector heterogeneous agent equilibrium model that features migration and a rich housing market structure with mortgages. U...
Keywords: Migration, Structural Transformation, Housing.
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2018

Roads and Loans

Sumit AGARWAL, Abhiroop MUKHERJEE, S. Lakshmi NAARAAYANAN
Does financing respond to changes in productive opportunities, even for the world's poor? We answer this question by examining the response of private bank financing to a rural infrastructure program in India, which brought road access to unconnected villages. The program prioritized roads for villa...
Keywords: Finance and growth, Infrastructure development and finance, Rural lending
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Webinar Series

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Capital Market Development: China and Asia

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Jul 2022

Road to Stock Market Participation

Sumit AGARWAL, Pulak GHOSH, Meghana AYYAGARI, Yuxi CHENG
We study the impact of a national road construction program that brought access to previously unconnected pincodes in India, on stock market participation. Using a unique dataset on the trading behavior of over 13 million individuals, we find that construction of new feeder roads to a pincode increa...
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2014

Risk Shifting and Excessive International Trade Volatility

Anuk SERECHETAPONGSE, Assaf RAZIN
The recent global crisis saw a sharp decline in output, but the accompanying decline in international trade volumes was twice as big. But, in the 1990s boom international trade volume increase much more than output levels. Why is international trade so volatile? The paper develops a parsimonious gen...
Keywords: Risk shifting, International trade, trade volatility, financial openness
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