We structurally estimate the firm-level frictions across prefectures in China and quantify their aggregate and distributional implications. Based on a general equilibrium model with input and output distortions and migration, we show that the firm-level frictions are less dispersed and less...

"This book aims to look into countries' national financial behaviors and their attributes under the modern financial system and explore several important themes regarding national finance. Different from the commonly referred to finance discipline which studies financial affairs in general,...