I present a general equilibrium model and quantitative evidence to gain an understanding of the economic consequences of U.S. immigration reform. Workers choose a country in which to live, an occupation in which to work, and an entry mode for migration to the destination country. Calibrating the...

Despite syndicated loan accounts for more than 40% of bank commercial loans, little is known about how bank CEO compensation impacts bank syndicated loan contracting. We find that banks with more CEO inside debt have lower non-performance loans and lend to safer borrowers. Using a two-stage...

This paper empirically analyses the interbank payment flows of real-time gross settlement systems (RTGS) of China using BoF-PSS2 simulator which is developed by Bank of Finland, and studies the relationship between required reserve ratio and liquidity requirement of payment systems, as well as...

This chapter provides an overview of crypto tokens and token offerings. Based on both utility tokens and security tokens, this chapter reviews the economics of tokens and token offerings. Specifically, it discusses the economic value of tokens for the financing, operations, and corporate...

This chapter reviews empirical studies on the characteristics of initial coin offerings (ICO) and determinants of ICO success. This chapter contributes to the literature by providing a discussion on all key elements in a full-cycle ICO and conducts comprehensive literature review of the common...

From the 1970s to the early 2000s, the United States experienced an epochal wave of low-skilled immigration. Since the Great Recession, however, U.S. borders have become a far less active place when it comes to the net arrival of foreign workers. The number of undocumented immigrants has...