活动预告｜人大国发院“理论与政策”研讨会（第127期）

报告摘要：

When formal institutions are lacking and government officials have substantial power, their informal connections play an important role in development. I examine their distributional effects by documenting that intercity investments increase by 15% if the leader in destination was born in origin city. Further evidence indicates that officials reduce entry barriers for investors from hometown with lower information asymmetry, driven by promotion incentives, and this is beneficial to local development. A dynamic spatial general equilibrium model suggests that hometown connections have distributional effects on spatial investments and growth, increasing welfare by selecting better firms to enter and improving quality of matching between firm entry and locations.

报告摘要：

In this paper, I study how environmental regulation affects (aggregate) productivity and emissions taking into consideration endogenous firm dynamics and market structure. Focusing on a nationwide water-pollutant regulation in China as a case in point, using a unique dataset covering the universe of firms and a difference-in-difference-in-differences strategy, I document that the regulation (1) reduces entry and exit, and exit more, leading to a higher level of market concentration and markup and, thus, has negative effects on innovation and productivity (opposite of pro-competitive effect); (2) selects firms with higher productivity to enter and survive (positive selection effect); and (3) increases incumbents' market power. Moreover, (4) markup and concentration is positively related to emissions intensity, and (5) productivity is negatively related to emissions intensity. Taking into account endogenous response of firm dynamics and market structure leads to a discrepancy of the effects of the regulation on individual firm's productivity and emissions and aggregate productivity and emissions. I estimate a firm-dynamics model with technological choice and conduct several counterfactual experiments. The regulation's effects on (aggregate) productivity and emissions are mismeasured if considering only incumbent firms and overlooking endogenous firm dynamics and market structure.

报告人简介

 INTRODUCTION

石襄禺，耶鲁大学经济系博士生候选人。研究领域为发展经济学、国际贸易与产业组织，尤其关心社会经济网络与企业动态。在发展经济学顶刊Journal of Development Economics上发表文章两篇，还有另一篇文章在返修中。

担任AER: insights，Journal of Law, Economics, and Organizations，Economics Modelling，Energy Economics，China Economic Review等经济学期刊以及Governance，Environmental Research Letters等跨学科期刊的审稿人。

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