Orazio Attanasio, Costas Meghir, Corina Mommaerts, and Yu Zheng, “Growing apart: Declining within- and across-village risk sharing in rural China”

Previous research has shown a substantial increase in income inequality between rural and urban China as well as across and within regions in China during its growth process. Focusing on rural China, this column provides further evidence that the formal and informal mechanisms that previously protected households against unanticipated income changes weakened considerably from the late 1980s to the late 2000s, especially those that help to insure against village-level aggregate income risk.

Megan Bea and Kallista Bley, “(Un) conditional consumer protections in high‐cost lending regulation: impacts on local lending geographies”

Regulation of small-dollar lending in the United States is heterogeneous, leaving open the question about what policy designs work best for protecting consumers. We compare the effectiveness of regulations that include a consumer eligibility component and regulations that apply to all consumers, centering our analyses on communities with disproportionate exposure to high-interest lending storefronts.