This paper asks how changes in the composition (not the size) of Chinese local government debt influence bank risk-taking, credit allocation between privately owned enterprises (POEs) and state-owned …
PublishedJournal of Monetary EconomicsPublished Oct 2025
Firm-level evidence shows that recessions are characterized not just by aggregate downturns but by a sharp rise in turbulence—a reshuffling of firms' productivity rankings in which high-productivity …