1. China Financial Policy Research Center, School of Finance, Renmin University of China, Beijing 100872, China; and Univ Lyon, CNRS, GATE, Ecully F-69130, France
2. Univ Lyon, CNRS, GATE, Ecully F-69130, France
3. Univ Lyon, CNRS, GATE, Ecully F-69130, France; IZA, 53113 Bonn, Germany; and Department of Public Finance, University of Innsbruck, 6020 Innsbruck, Austria