W. Raphael Lam
YOU?
Author Swipe
View article: The Great Divide
The Great Divide Open
Growing regional inequality within countries has raised the perception that "some places and people" are left behind.This has prompted a shift toward inward-looking policies and away from pro-growth reforms.This paper presents novel styliz…
View article: China's Local Government Bond Market
China's Local Government Bond Market Open
Local governments play a significant role in China’s public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. How does this development c…
View article: China's Local Government Bond Market
China's Local Government Bond Market Open
Local governments play a significant role in China's public finance and fiscal operations.The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China.How does this development com…
View article: Resolving China's Zombies: Tackling Debt and Raising Productivity
Resolving China's Zombies: Tackling Debt and Raising Productivity Open
Nonviable "zombie" firms have become a key concern in China.Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (SOEs) in contributing to d…
View article: Assessing China's Residential Real Estate Market
Assessing China's Residential Real Estate Market Open
China's real estate market rebounded sharply after a temporary slowdown in 2014-2015.This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market…