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作者：Chen, Zhiwu; Ma, Chicheng; Sinclair, Andrew J.
作者单位：University of Hong Kong
摘要：Over the past millennium, China has relied on the Confucian clan to achieve interpersonal cooperation, focusing on kinship and neglecting the development of impersonal institutions needed for external finance. In this paper, we test the hypothesis that the Confucian clan and financial markets are competing substitutes. Using the large cross-regional variation in the adoption of modern banks, we find that regions with historically stronger Confucian clans established significantly fewer modern ...
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作者：Maattanen, Niku; Tervio, Marko
作者单位：University of Helsinki; Aalto University
摘要：We evaluate the welfare cost of housing transaction taxes with a new assignment model-based framework, where welfare effects are driven by distortions in the matching of houses and households. We calibrate the model with data from the Helsinki metropolitan region to assess the impact of a reform where an ad valorem transaction tax is replaced with a revenue-equivalent property tax. The aggregate welfare gain from this reform increases rapidly with the initial transaction tax rate, with the Laf...
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作者：Stern, Nicholas
作者单位：University of London; London School Economics & Political Science
摘要：The case for action on climate change with urgency and at scale rests on the immense magnitude of climate risk, the very rapid emissions reductions which are necessary, and that there is a real opportunity to create a new and attractive form of growth and development. The analysis must be based on a dynamic approach to the economics of public policy, set in a complex, imperfect and uncertain world. The economics of climate change, and further, economics more broadly, must change to respond to ...
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作者：Chen, Natalie; Novy, Dennis
作者单位：University of Warwick; Leibniz Association; Ifo Institut; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science
摘要：How do trade costs affect international trade? This paper offers a new approach. We rely on a flexible gravity equation that predicts variable trade cost elasticities, both across and within country pairs. We apply this framework to popular trade cost variables such as currency unions, trade agreements and World Trade Organization membership. While we estimate that these variables are associated with increased bilateral trade on average, we find substantial heterogeneity. Consistent with the p...
