The authors thank the editor Victoria Ivashina and two anonymous referees, Tetyana Balyuk, Christoph Basten, Wilko Bolt, Christoph Bretsch, Thorsten Beck, Elena Carletti, Miguel Ferreira, Jasmin Gider, Mariassunta Giannetti, Olena Havrylchyk, Zhiguo He, Vasso Ioannidou, Tao Li, Hao Liang, Ernst Maug, Nagpurnanand Prabhala, Vesa Pursiainen, Enrico Sette, Tao Shu, Kelly Shue, Yishay Yafeh, Zigan Wang, Zaiyan Wei, Baozhong Yang, Fabrizio Zilibotti; seminar participants at the Bank of England, Bank of Italy, Bristol University, The Chinese University of Hong Kong, University of Cologne, Dutch Central Planning Bureau, University of Exeter, Hong Kong University of Science and Technology, University of Mannheim, National University of Singapore, Renmin University, University of Rochester, Singapore Management University, St. Louis Fed, and Tilburg University; as well as participants at the Asian Development Bank Institute Shenzhen, the 1st The Community of Practice in Financial Research, the 2018 CREDIT, the 2018 International Workshop on Financial System Architecture and Stability, the 2019 The Asian Bureau of Finance and Economic Research, the 2019 European Finance Association Annual Meeting, the Banque de France Digital Finance, Centre for Economic Policy Research Financial Stability and Regulation, Swedish House of Finance Fintech, Cleveland Fed/the Office of Financial Research/University of Maryland Financial Stability and Fintech, Shanghai Fintech, and 2017 Society for Financial Studies Cavalcade Asia-Pacific; and Research Institute for Development, Growth and Economics Forum conferences for useful comments. All remaining errors are the authors. H. Zhu’s current affiliation is China Europe International Business School, Shanghai 201206, People’s Republic of China, [email protected].
