• Medientyp: E-Book
  • Titel: Wealth Redistribution in Bubbles and Crashes
  • Beteiligte: An, Li [Verfasser:in]; Lou, Dong [Sonstige Person, Familie und Körperschaft]; Shi, Donghui [Sonstige Person, Familie und Körperschaft]
  • Erschienen: [S.l.]: SSRN, [2020]
  • Erschienen in: PBCSF-NIFR Research Paper
  • Umfang: 1 Online-Ressource (61 p)
  • Sprache: Englisch
  • DOI: 10.2139/ssrn.3402254
  • Identifikator:
  • Entstehung:
  • Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 1, 2018 erstellt
  • Beschreibung: What are the social-economic consequences of financial market bubbles and crashes? Using novel comprehensive administrative data from China, we document a substantial increase in inequality of wealth held in risky assets by Chinese households in the 2014-15 bubble-crash episode: the largest 0.5% households in the equity market gain, while the bottom 85% lose, 250B RMB through active trading in this period, or 30% of either group's initial equity wealth. In comparison, the return differential between the top and bottom household groups in 2012-14, a period of a relatively calm market, is an order of magnitude smaller. We examine a number of possible explanations for these findings and discuss their broader implications
  • Zugangsstatus: Freier Zugang