The paper “Local Crowding Out in China”, written by CSEF Fellow Marco Pagano with Yi Huang and Ugo Panizza and published in 2020 in the Journal of Finance, has been awarded the Pu Shan Award for Distinguished Paper on World Economics, given every other year by the Shanghai Pu Shan New Finance Development Foundation to reward original research in open macroeconomics, international finance, international trade, economic development, and growth.