Corruption and Innovation in China 

In the past four decades, China has been demonstrated miraculous growth records as well as rampant corruption, which presents a paradox for scholars: Is corruption is conducive to Chinese economic development? Some argue that corruption is “grease” in the economy and helps firms bypass inefficient regulation and red tape, while others believe that corruption exacerbates […]

The End of the War or the Commencement of Battle?  

Cryptocurrency Regulation in China  In September 2021, China’s central bank, its highest court and procuracy, as well as seven other national government departments and agencies jointly enacted a legally binding Notice on Further Preventing and Disposing of the Risks of Speculative Trading in Virtual Currencies (“Notice”), marking the culmination of China’s yearslong war against cryptocurrencies. […]

What to Expect When Central Bank Digital Currencies Cross Borders—the Spillover Effects and Corresponding Policy Responses

Central bank digital currencies (CBDCs) impact a sovereign state’s monetary policy and financial markets, and necessitate a rethink of the roles of modern states and central banks. The current literature around CBDCs focuses on two dimensions: (1) the impact of CBDC on monetary and macroprudential policies, and (2) the institutional infrastructure, legal mandates, and technical design […]

Are Foreign Donors Good Monitors?

Economic and accounting literature has long found that foreign investments provide a multitude of benefits to local stock markets and economies. Foreign inflows to for-profit firms are found to harvest not only capital but also managerial and marketing skills in addition to business connections and human resource development. For-profit foreign institutional investors have also been […]