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The Fundamental Institutions of Chinas Reforms and Development . . . The Fundamental Institutions of China's Reforms and Development by Chenggang Xu Published in volume 49, issue 4, pages 1076-1151 of Journal of Economic Literature, December 2011, Abstract: China's economic reforms have resulted in spectacular growth and poverty reduction However, China's instituti
Can informal health providers help improve health? Signi cantly higher treatment e ects in areas with better quality of primary health facilities Informal health providers should be regarded as complementary with rather than substituting the existing public health system Non-poor households were able to translate their improved knowledge into better care-seeking behavior and better health outcomes
American Economic Association View Abstract Download Preview (PDF, 445 04 KB) China’s economic reforms over the past 40 years have led to a mixed economic structure with the government continuing to play central roles in an increasingly market-driven economy This paper expands a standard growth model of Barro (1990) to incorporate this structure, with a particular focus on including the agency problem between the
The dynamics of encapsulation: Innovation, annihilation, and . . . Combining PCR with recombinant DNA technology (RDT), which allowed the cutting and pasting of DNA molecules in the laboratory, scientists and technicians multiplied genetic modifications and retained those best suited to their purposes and objectives, discarding all others (Rajan 2006)
Passive Investing and the Rise of Mega-Firms 5Related mechanisms are at play in Bhattacharya and O’Hara (2018) and Cong and Xu (2016) who study how ETFsaffectmarketeبنciencyandliquidity, Bond and Garcia (2022) who study the efects of lowering the costs of passive investing, and Haddad, Huebner, and Loualiche (2022) who study how passive investing afects the elasticity of asset demand curves
Long Run Growth of Financial Data Technology Online Appendix We start by proving a few preliminary lemmas that are useful in proving the main results Throughout this appendix, as we will often treat the signal-to-noise ratio in prices as a single variable, we de ne
Rural-Urban Migration, Structural Transformation, and Housing Markets . . . The respective interest rates it and rdt on savings and mortgages are exogenous, re ecting that they are primarily controlled by the government Mortgages are long-term contracts with a minimum down payment ratio t and an amortization schedule that decays geometrically at rate
The Derivative Payoff Bias - American Economic Association A significant fraction of U S equity index derivatives expire “a m ” on the 3rd Friday of each month via constituent stocks’ opening trade price We show these prices are biased upwards since the advent of overnight trading in the early 2000s Equity prices drift up from Thursday close to 3rd Friday open and revert at the point derivative payofs are calculated As a result, equity
Closing the Revolving Door - American Economic Association Regulators can leave their government position for a job in a regulated firm Using granular payroll data on 22 million federal employees, we uncover the first system-atic evidence of revolving door incentives We exploit the fact that post-employment restrictions on federal employees, which reduce the value of their outside option, trigger when the employee’s base salary exceeds a threshold
Who’s Getting Globalized? The Size and Nature of rdt and the competitiveness index fodt prevailing in that market Conditional on obtaining estimates of k rdt and odt, k f therefore, Result 4(b) provides a direct estimate of the division of surplus We pursue this in Section 4 4 below