财政与货币金融教研室学术讲座

报告题目：Business-government Relationships and Local Public Finance under Trade Shocks: Evidence from China's Primary Land Market
报 告 人：刘正铖（浙江大学经济学院 百人计划研究员）
主 持 人：申广军（中山大学岭南学院 教授）
时    间：2025年6月16日（周一）下午14:30
地    点：岭南堂汪道涵会议室（101）
语    言：中英文

摘要：

     How do local governments raise revenues for stimulus measures when adverse trade shocks shrink local economy and tax revenues? We document a new firm's favor channel by examining transactions in China's primary land market during export slowdown of the 2010s. Using a shift-share instrumental variable approach, we find that cities exposed to great export slowdowns experience an increase in land sale revenues, with a particularly stronger effect for purchases by non-local firms connected to city leaders. Negative export shocks lead to increases in both the area and price of land purchased by these connected firms. We provide evidence consistent with the connection-induced favoring land purchase. Finally, we study the implications for politician's career prospects and firm's real outcomes: connected land revenues mitigate the adverse impact of economic shocks on GDP per capita and politicians' career trajectories; firms conducting favoring land purchases during negative shocks receive more government subsidies and loan access afterward.

报告人简介：
 

       刘正铖，浙江大学经济学院百人计划研究员，2017年获得北京大学经济学学士学位，2020年获得香港科技大学社会科学哲学硕士学位，2024年于香港大学获得经济学博士学位。主要研究方向为发展经济学、公共财政、经济史。论文发表于Journal of Development Economics，Journal of Economic History，Journal of Economic Behavior & Organization，Economic History Review等期刊。

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