Household debt is a critical component of family financial management, especially considering the prevalence of credit constraints. This study investigates the determinants of Chinese household debt structure, focusing on the choice between formal and informal borrowing and the proportion of...

We study how cognitive ability and financial literacy relate to each step of the planning process for retirement, that is, individuals’ propensity to plan, planned savings amounts, and actual economic outcomes (savings, portfolio choice, annuity purchase). We find that cognitive ability and...

We examine how coordination between elected officials and voters impacts local governments' borrowing costs. Using the Tax Cuts and Jobs Act as an identifying shock that implicitly raised the cost of local public goods for residents, we show in a difference-in-differences framework that the...