Yiming Cao
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Job Market Paper


The Social Costs of Patronage Ties: Lessons from the 2008 Sichuan Earthquake
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Photo credit to Du Bin for The New York Times
Corruption and rent-seeking create societal vulnerabilities, but their costs may be latent and hard to observe in the absence of a negative shock --- whether natural disaster or financial calamity.
Awards: 
- The Chinese Economists' Society Gregory Chow Best Paper Award
- Rosenstein-Rodan Prize for the Best Graduate Student Paper on Development Economics
Presentations (selected): 
- ASSA 2022 (poster, scheduled)
​- NEUDC 2021 (Nov 2021)
- Econometric Society China Meeting (Jul 2021)
- NBER Political Economy Program Meeting (Oct 2020)

Publications


Rebel on the Grand Canal: Disrupted Trade Access and Social Conflict in China, 1650-1911 
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(with Shuo Chen), American Economic Review, (2022) 112 (5): 1555-90.
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The disruption of access to an established trade route contributed to the chronic political and social instability that afflicted nineteenth-century North China.
[Manuscript]
[Online Appendix]
​[Data and Code]

Working Papers


SOE and Soft Incentive Constraints in State Banking
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(with Raymond Fisman, Hui Lin, and Yongxiang Wang)
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​SOE lending may thus be beneficial for state bank managers, who lend to delinquent state enterprises to meet targets, which in turn may exacerbate SOEs' soft budget constraints. 
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Status:

- NBER Working Paper ​No.24961
- Accepted by American Economic Journal: Economic Policy

Herding, Warfare, and a Culture of Honor: Global Evidence
​(with Benjamin Enke, Armin Falk, Paola Giuliano, and Nathan Nunn)
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Traditional herding practices generated a value system conducive to revenge-taking and violence. This functional psychology has persisted until today and plays a role in shaping conflict across the globe. 
Status: 
- NBER Working Paper No. 29250
​- Submitted
Presentations:
​- ASSA 2022 (coauthor-presenting)
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