How do shocks to the banking sector travel through the corporate economy? Using a novel dataset of inter-firm sales, I show that suppliers exposed to a large and exogenous decline in bank financing pass this liquidity shock to their downstream customers. The spillover effect occurs through two...

When bank credit supply declines, large customers may turn to their small suppliers for trade credit. This demand channel of trade credit flow and its real consequences are under-explored. Using a unique transaction-level dataset of bank-accepted commercial bills (as trade-credit payment...

We use survey data from China households to investigate the impact of financial literacy on household energy efficiency. We aggregate the household energy use and carbon emissions after calculating the energy intensity and carbon intensity of the related sectors of household expenditure using...