Money and migration: a regional perspective from China
利用中国跨省银行转账数据，发现移民与资金流动正相关，且城市移民和高学历移民效应更强；历史移民工具变量支持因果关系，移民促进了贸易和投资。
Money flows reflect overall economic exchanges. Using unique data on cross-province bank transfers in China, we find a positive relation between migration and money flows. The finding is stronger among urban migrants and those with better education. Using historical migration as an instrument, there is causal evidence for our finding. Additional analysis reveals that migrants promote both the trade and the investment components of money flows. This study sheds light on how migrants facilitate economic exchanges between regions.