Webinar on the Trickle-Down Effect of Government Debt and Social Unrest 15 March 2023 This webinar spotlighted new research by Ben Charoenwong of the National University of Singapore Business School which explored the social and economic costs of local government debt, drawing upon a dataset of over a million local government procurement contracts in the People’s Republic of China. He explained how firms contracting with local governments with high maturing debt-to-fiscal income see an increase in accounts receivables that do not reverse, a decrease in cash balances, and an increase in the probability of litigation by creditors. He also discussed how affected firms are less likely to repeat government contractors and more likely to see protests relating to non-payment of wages or pension contributions. About the speaker Ben Charoenwong is an assistant professor of finance at the National University of Singapore. He completed a Ph.D. in finance and an MBA at the University of Chicago Booth School of Business. His research focuses on financial regulation, corporate governance, household finance, and corporate finance. See more about this ADBI event here. Program and Learning Materials 15 March 2023 Session / Activity Title Speaker(s) For more information, please visit here. Disclaimer The views expressed on this website are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. Event Coordinator/s John Beirne Pradeep Panthi ADB Organizer/s ADBI Topics Economics Finance Governance and Public Sector Management