@article{Anetal2022,
  title = {Wealth Redistribution in Bubbles and Crashes},
  author = {An, Li and Lou, Dong and Shi, Donghui},
  year = {2022},
  month = mar,
  journal = {Journal of Monetary Economics},
  volume = {126},
  pages = {134--153},
  doi = {10.1016/j.jmoneco.2022.01.001},
  url = {https://doi.org/10.1016/j.jmoneco.2022.01.001},
  abstract = {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 equity 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 on the order of 1 to 3\%. We examine several possible explanations for these findings and discuss their broader implications.},
  keywords = {Determinants of Wealth and Wealth Inequality,Trends in Aggregate Wealth and Wealth Inequality}
}

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