This paper examines how Chinese policy banks responded to China's Belt Road Initiative (BRI) using transaction-level international syndicated loan data. Employing a difference-in-differences (DID) estimation, we show that Chinese policy banks increased aggregate lending (number of loans and loan...

Recent evidence, from both academia and practice, indicates that implementing affirmative action policies in school choice problems may induce substantial welfare losses on the intended beneficiaries. This paper addresses the following two questions: what are the causes of such perverse...

This paper examines the COVID-19 impact on Chinese farmers’ peer-to-peer (P2P) borrowings using transaction-level data. Our difference-in-differences estimation results suggest that farmers from the most pandemic-affected region, Hubei province, substantially reduced their P2P loans by 13%...