Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2018

Growing Pains in Chinese Social Security System

Hanming FANG, Jingyi ZHANG
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Annual Conference

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Sustainable and Green Finance

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May 2025

Green Mortgages

Joao F. COCCO, Bernardo MENDES, S. Lakshmi NAARAAYANAN
Using data on the universe of mortgages on offer in the United Kingdom, we study the prevalence and features of green mortgages, used for the financing of energy-efficient properties. We uncover substantial heterogeneity in their financial benefits. Products with preferential rate provide discounts ...
Keywords: Real Estate, Household Finance, Financial Institutions, Energy Efficiency, Climate Change
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2019

Gravity Counterparties and Foreign Investment

Cristian BADARINZA, Tarun RAMADORAI, Chihiro SHIMIZU
We propose a new explanation for the persistence of gravity in international investment flows based on new facts about large cross-border commercial real-estate transactions. Buyers in these transactions preferentially match with counterparties from own or proximate countries; such affinity-based ma...
Keywords: gravity, Foreign investment, Commercial real estate, Investment frictions, trust, Matching, Cross-border flows
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2017

Government Employment Guarantee, Labor Supply and Firms Reaction: Evidence from the Largest Public Workfare Program in the World

Sumit AGARWAL, Shashwat ALOK, Prasanna TANTRI, Yakshup CHOPRA
Using establishment-level data, we examine the impact of the Indian government’s employment guarantee program on labor and firm behavior. We exploit the staggered implementation of the program for identification and find that the program led to a 10% reduction in the permanent workforce in firms. ...
Keywords: Workfare, Labor Markets, Labor Supply, Labor Scarcity, Capital Investments, Labor and Finance, Labor-Technology Substitution, firm performance, MNREGA, NREGS, NREGA
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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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