Annual Conference

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Economic Transformation of Asia

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May 2017

Feeding China's Rise: The Growth Effects of Trading with China 1993:2011 

Thomas ZYLKIN
I construct a dynamic, multi-sector model of trade and growth and use it to quantify how China’s rapid expansion of trade over the last two decades has contributed to world economic growth. The model notably features a rich interplay between changes in sectoral-level trade and the usage of each se...
Keywords: Quantifying China’s Impact, International trade, Trade and Growth, Trade and Capital Accumulation
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2017

Geographic Diversification and Banks Funding Costs

Chen LIN, Wensi XIE, Ross LEVINE
We assess the impact of the geographic expansion of bank assets on the cost of banks’ interest-bearing liabilities. Existing research suggests that expansion can both intensify agency problems that increase funding costs and facilitate risk diversification that decreases funding costs. Using a new...
Keywords: banking, banking regulation, Funding Cost, Financial stability
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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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Investment Finance

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May 2017

Leverage

Pietro VERONESI, Tano SANTOS
Many stylized facts of leverage, trading, and asset prices follow from a frictionless general equilibrium model that features agents’ heterogeneity in endowments and habit preferences. Our model predicts that aggregate debt increases in good times when stock prices are high, return volatility is l...
Keywords: Risk Preferences, Leverage, Heterogeneity, Intermediary
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Annual Conference

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Investment Finance

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May 2017

How Smart is Institutional Trading?

Jianfeng HU, JinGi HA
We estimate daily aggregate order flow at the stock level from all institutional investors as well as for hedge funds and the other institutions separately. We achieve this by extrapolating the relation between quarterly institutional ownership in 13F filings, aggregate market order imbalance in TAQ...
Keywords: Institutional trading, hedge funds, Trading behavior
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