作者：Ordonez, Guillermo
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Banking regulation is beneficial because it constrains banks' portfolios to prevent excessive risk taking. But given that regulators usually know less than a bank about its investment opportunities, regulation comes at the cost of foregoing profitable investments. I argue that shadow banking improves welfare because it provides a channel to escape excessive regulation that is asymmetrically more valuable for banks with access to efficient investment opportunities. I propose a novel interventio...
作者：Santaeulalia-Llopis, Raul; Zheng, Yu
作者单位：Autonomous University of Barcelona; Barcelona School of Economics; Autonomous University of Barcelona; City University of Hong Kong
摘要：We exploit a novel and unique opportunity to document the transmission of income risk to consumption in a growing economy. Our laboratory is China, an economy that has witnessed enormous and sustained growth. We build a long panel of household-level consumption and income data. We find that consumption insurance deteriorates along the growth process with a transmission of permanent income shocks to consumption that at least triples from 1989 to 2009. Although preliminary, our welfare analysis ...
