China's economic reforms have resulted in spectacular growth and poverty reduction.
However, China's institutions look ill-suited to achieve such a result, and they indeed suffer …

How China Became Capitalist details the extraordinary, and often unanticipated, journey
that China has taken over the past thirty five years in transforming itself from a closed …

We propose a clarification of the notion of a soft budget constraint, a concept widely used in
the analysis of socialist, transitional, and market economies. Our interpretation is broad …

Protecting the environment during economic growth is a challenge facing every country. This
paper focuses on two regulatory measures that China has adopted to incentivize air quality …

Professional football in Europe is characterized by persistent deficits and growing debts
among the majority of the top league clubs. Despite these problems, the clubs have an …

Boyreau-Debray analyzes the relationship between growth and financial intermediation at
the subnational level within China. Does the quality of the banking sector in a province affect …

Exploiting the first default of a state-owned enterprise (SOE) in China, we analyze the role of
implicit government guarantees in credit ratings. We consider two causes of implicit …

Boyreau-Debray analyzes the relationship between growth and financial intermediation at
the subnational level within China. Does the quality of the banking sector in a province affect …

Learn more about the transitional economies of Central and Eastern Europe! This book
examines the economic dynamics of Central and Eastern European post-Communist …

We investigate how institutional factors influence the behavior of distressed firms in
emerging markets, where bankruptcy laws are often weak and debtors have greater …