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Export Liberalization and Domestic Policy Distortion: Evidence from VAT Rate Dispersion around China'sWTOAccession
Tax policies are implemented with significant degree of distortion across firms. Using data on Chinese firms' value-added tax (VAT) payment, we empirically investigate whether export liberalization affects the within-industry VAT rate dispersion across firms, a direct measure of distortion. Adopting the trade policy uncertainty (TPU) shock upon China's WTO accession as the identification strategy, we use a difference-in-difference approach to show that export liberalization through the removal of TPU significantly decreases the within-industry VAT rate dispersion. This result remains significant throughout a series of robustness checks. Our paper thus highlights another source of gains from trade liberalization through mitigating domestic misallocation.
陳曉平，現任職于新加坡南洋理工大學社會科學院經濟系，主要研究興趣是國際貿易相關問題，如貿易理論，貿易政策，貿易與創新，貿易與環境，以及與貿易相關的中國問題等。論文發表在Journal of Development Economics、Review of International Economics等期刊。
Leverage Dynamics in the Haze of Pandemics
We empirically investigate the effects of pandemics on corporate leverage dynamics from firm-level data in 46 economies between 1980 and 2018. Using the index of discussion about pandemics to measure pandemic concern, we find that pandemic concern is associated with higher observed leverage, lower target leverage, and slower movement toward the target during pandemics. The impacts of pandemics on leverage dynamics are stronger for more financially constrained firms and for economies with worse credit or medical conditions. Results using an instrumental variable based on average pandemic concern in neighboring countries strengthen the identification and confirm our main results.
俞路平，香港大學金融學博士，其論文被journal of financial economics錄用待刊。