Designing and administering effective national social protection systems have long been a challenge for policy makers worldwide. For decades, the principal objection to social protection policies was that they encouraged sloth. Today, voters and governments are less worried that taxes and social...

Mutual funds create liquidity for investors by issuing demandable equity shares while holding illiquid securities. We study the implications of this liquidity creation by examining frequent trading suspensions in China, which temporarily eliminate market liquidity in affected stocks. These...