Co-author: Luhang Wang (Xiamen University) . In China, the relative wages of high-skilled and low-skilled workers display huge variation across different regions. We examine whether financial intermediation development can explain such variation. Conceptually, better-developed financial...

Co-authors: Yiping Huang (Peking University), Han Qiu (Bank for International Settlements) and Changhua Yu (Peking University) Through the lens of a unique dataset covering the full borrowing history of sampled firms from both BigTech and traditional bank lenders in China, we compare the...

Co-authors: David Newton (University of Bath), Steven Ongena (University of Zurich) and Ru Xie (University of Bath) Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms...

Co-authors: Mikhail Mamonov (MGIMO-University and CERGE-EI), Steven Ongena (University of Zurich), Svetlana Popova (The Central Bank of Russia) and Natalia Turdyeva (The Central Bank of Russia). In 2013, the Central Bank of Russia started revoking licenses from fraudulent banks. By 2020,...

Co-authors: Domenico Giannone (Amazon.com) and Anna Kovner (Federal Reserve Bank of New York) We study the relationship between bank capital ratios and the distribution of future real GDP growth. Growth in the aggregate bank capital ratio corresponds to a smaller left tail of GDP—smaller...