Wealth Redistribution in Bubbles and Crashes. An, L., Bian, J., Lou, D., & Shi, D. 2020. Unpublished manuscript![Wealth Redistribution in Bubbles and Crashes [link]](https://bibbase.org/img/filetypes/link.svg "link")
Link doi abstract bibtex 8 downloads 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.
@unpublished{Anetal2020,
title = {Wealth Redistribution in Bubbles and Crashes},
author = {An, Li and Bian, Jiangze and Lou, Dong and Shi, Donghui},
year = {2020},
doi = {10.2139/ssrn.3402254},
url = {https://ssrn.com/abstract=3402254},
abstract = {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.},
keywords = {Determinants of Wealth and Wealth Inequality,Trends in Aggregate Wealth and Wealth Inequality},
note = {Unpublished manuscript}
}
Downloads: 8
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