We propose a multi-country dynamic general equilibrium model to quantify the implications of trade and FDI liberalizations for the surge of global trade and current account (CA) imbalances. We calibrate our model to replicate the evolution of bilateral trade and FDI flows across 5 major...

This paper examines the role of firms' government connections, defined by government intervention in the appointments of Chief Executive Officers and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. In line with the previous literature,...

The effectiveness of China's incremental industrial reform between 1980 and 1989 is investigated using a panel data set of 272 state enterprises. This paper applies a method that measures marginal products of factors and changes in total factor productivity (TFP) by comparing actual changes in...

The paper identifies the absence of well-functioning product markets in transition economies as a sufficient initial condition under which big bang, a radical reform, reduces output initially, while a Chinese-style reform increases output. Under central planning, the state integrates...

The effectiveness of China's incremental industrial reform between 1980--89 is investigated using a panel data set of 272 state enterprises. This paper applies a method that measures marginal products of factors and changes in total factor productivity (TFP) by comparing actual changes in output...

This article examines how the market quality of European cross-listed stocks is affected by the partial-day availability of close substitutes, i.e., shares of the same companies that are traded in their home markets but are not fully fungible with the cross-listed shares. Our findings suggest...

In 2001, the Securities and Exchange Commission (SEC) required market centers to publish monthly execution-quality reports in an effort to spur competition for order flow between markets. Using samples of stocks trading on several markets, we investigate whether past execution quality affects...

In 2001, the SEC required market centers to publish monthly execution-quality reports in an effort to spur competition for order flow between markets. Using samples of stocks trading on several markets, we investigate whether past execution quality affects order-routing decisions and whether the...

In 2001, the SEC required market centers to publish monthly execution-quality reports in an effort to spur competition for order flow between markets. Using samples of stocks trading on several markets, we investigate whether past execution quality affects order-routing decisions and whether the...

We use the move of Israeli stocks from call auction trading to continuous trading to show that investors have a preference for stocks that trade continuously. When large stocks move from call auction to continuous trading, the small stocks that still trade by call auction experience a...