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SUMMARY:“International Liquidity Shocks\, the Real Economy\, and Social 
 Unrest: China\, 1931-1935” - Alberto Manconi\, Assistant professor of Fi
 nance\, Tilburg University\, Netherlands
DTSTART:20151020T093000Z
DTEND:20151020T110000Z
UID:TALK61927@talks.cam.ac.uk
CONTACT:Crystal
DESCRIPTION:What are the social consequences of liquidity shocks? We answe
 r this question relying on a natural experiment from 1930s China\, where t
 he money supply contracted as a consequence of the 1933 US Silver Purchase
  program. Using a novel\, hand-collected data set of loan contracts to ind
 ividual Chinese firms and labor unrest\, we find that the resulting bank l
 iquidity shock led to a widespread\, large credit contraction. We also fin
 d that firms borrowing from banks with a larger exposure to the monetary s
 hock were more likely to experience labor unrest. These findings support M
 ilton Friedman’s (1992) conjecture that the US Silver Purchase program e
 xacerbated social tensions in 1930s China\, and contribute to our understa
 nding of the (unintended) social consequences of liquidity shocks.
LOCATION:Cambidge Judge Business School\,  W2.02
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