New York, NY 10027
NBER Working Papers and Publications
|October 2016||Factions in Nondemocracies: Theory and Evidence from the Chinese Communist Party|
with Patrick Francois, Francesco Trebbi: w22775
This paper investigates theoretically and empirically the factional arrangements and dynamics within the Chinese Communist Party (CCP), the governing political party of the People's Republic of China. Our empirical analysis ranges from the end of the Deng Xiaoping era to the current Xi Jinping presidency and covers the appointments of both national and provincial officials. We present a set of new empirical regularities within the CCP and a theoretical framework suited to model factional politics within single-party regimes.
|November 2015||Regulation and Market Liquidity|
with Francesco Trebbi: w21739
The aftermath of the 2008-09 U.S. financial crisis has been characterized by regulatory intervention of unprecedented scale. Although the necessity of a realignment of incentives and constraints of financial markets participants became a shared posterior after the near collapse of the U.S. financial system, considerable doubts have been subsequently raised on the welfare consequences of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and its various subcomponents, such as the Volcker Rule. The possibility of permanently inhibiting the market making capacity of large banks, with dire consequences in terms of under-provision of market liquidity, has been repeatedly raised. This paper presents systematic evidence from four different estimation strategies of the absence o...