| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15029 |
| DP15029 Wealth Redistribution in Bubbles and Crashes | |
| Dong Lou | |
| 发表日期 | 2020-07-10 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Using 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 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 implications. |
| 主题 | Financial Economics |
| 关键词 | Bubbles and crashes Social impact Wealth inequality Market participation |
| URL | https://cepr.org/publications/dp15029 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543979 |
| 推荐引用方式 GB/T 7714 | Dong Lou. DP15029 Wealth Redistribution in Bubbles and Crashes. 2020. |
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