The Market Price of COVID-19 Containment Measures: Evidence from China's LGFV Bond Market

Do Autocrats Break Their Promises? A Principal-Agent Problem with Limited Commitment

This research focuses on the principal-agent problem, when both the principal and the agent are constrained only by limited commitment. Contrary to the conventional wisdom that lack of commitment would harm the principal's benefits in the …

Mobile Payment, Consumption Smoothing and COVID-19 Shock in Rural China

Using a unique dataset that combines monthly Alipay payment data with city lockdown and government-issued risk level data, this paper investigates the impact of the COVID-19 pandemic on online payment activities in rural China. We find that city …

A Dynamic Moral Hazard Problem with Limited Commitment