Over the past decade, China's transition rate from lower secondary education to higher secondary education has increased significantly, from 80.5 to 93.7 percent. In light of this impressive progress, the Chinese government aimed at raising the gross enrollment rate in senior high schools to...

We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish that the market share of these independent non-bank...

We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish that the market share of these independent non-bank...

This article examines the impact of regulation on lending standards during the mortgage boom. We exploit the overall regulatory wedge between banks and independent mortgage companies (IMCs) and a variation in this regulatory wedge across states induced by a cross-sectional variation in state...

We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish that the market share of these independent non-bank...