The authors have benefited greatly from comments and suggestions made by Haoxiang Zhu (editor), an anonymous associate editor, two anonymous referees, Zhiguo He, Nitish Kumar, Andy Naranjo, Jun Pan, Dragon Tang (Discussant), Yuehua Tang, Giorgio Valente, and Zilong Zhang, and seminar participants from the Chinese University of Hong Kong, the Hong Kong Monetary Authority, Singapore Management University, the 2019 Society for Financial Studies Cavalcade Asia-Pacific, and the 2019 China International Forum on Finance and Policy. All errors are the authors’ own.
