Annual Conference

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Investment Finance

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May 2018

Trading by Crossing

Yue-Cheong CHAN, Jennifer CONRAD, Gang HU, Sunil WAHAL
We study actual trading transactions that are darker than all “dark pools,” as they are truly invisible to the marketplace both pre- and post-trade. Using a proprietary dataset of institutional trades, we analyze internal crosses – transactions which allow institutions to match purchases and s...
Keywords: Institutional trading, Cross Trading, Inter-Fund Trade, Asset Management, Economies of Scale, Trading Cost, Best Execution
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Annual Conference

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Economic Transformation of Asia

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May 2016

Trade, Migration and Productivity: A Quantitative Analysis of China

Trevor TOMBE, Xiaodong ZHU
We study how goods- and labor-market frictions affect aggregate labor productivity in China. Combining unique data with a general equilibrium model of internal and international trade, and migration across regions and sectors, we quantify the magnitude and consequences of trade and migration costs. ...
Keywords: Migration, internal trade, spatial misallocation, gains from trade, China
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Trade Wars, Currency Wars

Michael B. DEVEREUX, Aurelien EYQUEM, Stephane AURAY
For most of the post WWII period, until recently, trade protectionism followed a downward trend, and was formulated in multilateral or bilateral agreements between countries. Recently however, there hasbeen a sharp shift towards unilateral, discretionary trade policy focused on short term macroecono...
Keywords: Protectionism, currency wars, Trade Wars
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Annual Conference

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Trade, Growth and Development

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May 2021

Trade Wars and Industrial Policy along the Global Value Chains

Xiaodong ZHU, Zi WANG, Hong MA, Jiandong JU
We provide a quantitative evaluation of the welfare impacts of the US-China trade conflict starting in 2018. We first document that the first wave of tariffs on China imposed by the Trump administration targeted China’s Industrial Policy rather than Chinese imports. They are concentrated on high t...
Keywords: Trade Policy, Industrial Policy, Economies of Scale, Substitutability in Input-Output Networks.
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Annual Conference

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Trade, Growth and Development

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May 2022

Trade Shocks and Bank Lending: Evidence from Antidumping Investigations of Chinese Firms

Chunbo LIU, Huimin SHI, Yu WU
Using credit registry data from China, this paper examines the implications of antidumping trade shocks on exporting country’s bank loan market. We find that a onestandard-deviation trade shock leads to a 7.2% increase in the likelihood of default in relative terms. Banks respond to the shock by r...
Keywords: Antidumping, Bank Lending, China, Spillover
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