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Manasa Patnam and Weijia Yao
Mobile money services have rapidly expanded across emerging and developing economies and enabled new ways through which households and firms can conduct payments, save and send remittances. We explore how mobile money use can impact economic outcomes in India using granular data on transactions from Paytm, one of the largest mobile money service provider in India with over 400 million users. We exploit the period around the demonetization policy, which prompted a surge in mobile money adoption, and analyze how mobile money affects traditional risk-sharing arrangements. Our main finding is that mobile money use increases the resilience to shocks by dampening the impact of rainfall shocks on nightlights-based economic activity and household consumption. We complement these findings by conducting a firm survey around a phased targeting intervention which incentivized firms to adopt the mobile payment technology. Our results suggest that firms adopting mobile payments improved their sales after six-months of use, compared to other firms. We also elicit firms’ subjective expectations on future sales and find mobile payment adoption to be associated with lower subjective uncertainty and greater sales optimism.
Manasa Patnam and Weijia Yao

incentivize firms to adopt. We identify two sets of firms: firms who were targeted for adoption in January 2019 (’Treatmentfirms) and firms targeted six-months later in July 2019 (’Control’ firms). Both set of firms had not used the Paytm technology prior to the intervention. The treatment group firms would have had approximately six-months of experience accepting mobile payments, compared to the control group firms who, at the time of the survey, had little to no experience. Firms targeted for sign-up in: January 2019 (6 months with Paytm

Hui He, Hanya Li, and Jinfan Zhang
The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. We find that IPOs lead to an increase in both the quantity and quality of firm innovation activity. In addition, IPOs expand a firm’s scope of innovation beyond its core business. The impact of IPOs on firm innovation varies across financial constraints, corporate governance, and ownership structures. Our results further illustrate that IPOs induce a firm to increase the number of inventors and enable better retention of existing inventors after the IPO. Finally, we show that the enhanced innovation activity resulting from IPOs increases a firm’s Tobin’s Q in the long run.
Hui He, Hanya Li, and Jinfan Zhang

before or after the IPO. Panel D reports the regression results estimating the innovation dynamics of the treatment and control firms surrounding an IPO. The dependent variable is either Ln Pat it , the natural logarithm of one plus firm i ’s number of patents in year t , or Ln Inv it , the natural logarithm of one plus firm i ’s number of inventions in year t . list i is a dummy that equals one for treatment firms (listed firms) and zero for control firms (non-listed firms). b e f o r e i t 2 & 3 is a dummy that equals one if a firm-year observation is from 2

International Monetary Fund

Association Agreements, has special protocols defining ROOs. A product can be given preferential treatment if it is either “wholly obtained” or has undergone a “substantial transformation” in an associated country. In order to qualify for preferential treatment, firms must provide significant documentation proving that they are in compliance with ROO requirements. If compliance costs are high, then ROOs are, in effect, nontariff barriers ( Hoekman, 1993 ). If conventional tariffs are low, then exporters may prefer to pay them, rather than pay the costs of providing ROO

Ms. Yu Shi

Entering the Real Estate Sector Prior to entering the real estate sector, the treatment and control groups have similar trends in R&D intensity, investment rate, and labor productivity. After treatment firms participated in real estate activities, I observed a sharp decline in production in their original manufacturing businesses. Table B.1 column (2) repeats the OLS analysis using firms that are selected using the nearest-neighbor matching estimator in Abadie and Imbens (2006 , 2012) . With the real estate entrants matched to similar firms that stayed outside

Ms. Yu Shi
This paper identifies a new mechanism leading to inefficiency in capital reallocation at the extensive margin when an economy experiences a sectoral boom. I argue that imperfections in the financial market and capital barriers to entry in the booming sector create a misallocation of managerial talent. Using comprehensive firm-level data from China, I first provide evidence that more productive firms reallocate capital to the booming real estate sector, and demonstrate that the pattern is likely driven by fewer financial constraints on these firms. I then use a structural estimation to verify the talent misallocation. Finally, I calibrate a dynamic model and find that the without the misallocation, the TFP growth in the manufacturing sector would have improved by 0.5% per year.
International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes developments in Croatia’s banking sector since independence in 1991, focusing on the effects of independence, war, transition, and the bank rehabilitation process. Changes in market structure, concentration, and ownership, as well as financial performance are highlighted. The paper reviews the current legal environment governing banking operations and improvements needed to strengthen the legislative framework. Some forward-looking conclusions are presented. The paper also examines selected aspects of Croatia’s export performance.