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on China |
| By: | Alexander Ballantyne (Reserve Bank of Australia); Jonathan Hambur (Reserve Bank of Australia); Ivan Roberts (Reserve Bank of Australia); Michelle Wright (Reserve Bank of Australia) |
| Abstract: | This paper describes the Australian experience of domestic financial deregulation, capital account liberalisation and the float of the exchange rate, and provides a comparison to China's current efforts to reform its own financial system. In doing so, it considers similarities and differences in the circumstances facing the two economies. Australia's financial reforms were essential, in the longer term, for building a stronger economy and more robust financial system, but the paper does not interpret the Australian experience as a prescription for financial reform in China. Indeed, the specific sequencing of deregulation that occurred in Australia might not be optimal in a Chinese context, although it is likely that the reforms themselves, pursued with appropriate caution, would have long-run benefits for the Chinese economy. |
| Keywords: | financial deregulation; financial development; China; Australia |
| JEL: | E44 G18 O53 O56 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:rba:rbardp:rdp2014-10&r=cna |
| By: | Dong He (Hong Kong Monetary Authority); Wei Liao (International Monetary Fund); Tommy Wu (Hong Kong Monetary Authority) |
| Abstract: | This paper investigates the synchronisation of Hong Kong's economic growth with mainland China and the US. We identify trends of economic growth based on the permanent income hypothesis. Specifically, we first confirm whether real consumption in Hong Kong and mainland China satisfies the permanent income hypothesis, at least in a weak form. We then identify the permanent and transitory components of income of each economy using a simple state-space model. We use structural vector autoregression models to analyse how permanent and transitory shocks originating from mainland China and the US affect the Hong Kong economy, and how such influences evolve over time. Our main findings suggest that transitory shocks from the US remain a major driving force behind Hong Kong's business cycle fluctuations. On the other hand, permanent shocks from mainland China have a larger impact on Hong Kong's trend growth. |
| JEL: | E21 F44 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:hkm:wpaper:152014&r=cna |
| By: | Timothy Swanson; Chiara Ravetti; Yana Popp Jin; Mu Quan; Zhang Shiqiu (Centre for International Environmental Studies, IHEID, The Graduate Institute of International and Development Studies, Geneva) |
| Abstract: | This paper examines with a case study of Beijing, China, the health benefits that could be reaped from urban air quality improvements. The study implements a household survey to collect information about the yearly medical expenditures and lost days of work, to estimates the total costs of illness (COI) borne by a typical individual due to airborne diseases. The results of this survey provide a lower bound for the health costs borne by the urban population of Beijing due to air pollution. We find that the average individual COI in our sample is more than 3000 yuan per year, corresponding to almost one month of the average wage (slightly more than 500 US$ per year). This is quite sizeable, considering that it represents just the minimum benchmark for the damages caused by pollution to health. This result indicates that Beijing could benefit quite substantially from reducing air pollution in terms of health costs: if it could completely eliminate pollution, the savings in terms of COI would range in an order of magnitude of 21 million yuan per year only from hospitalized cases. |
| Keywords: | Cost of Illness, Air pollution, Household survey, Insurance |
| JEL: | Q53 I13 C83 |
| Date: | 2014–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:gii:ciesrp:cies_rp_28&r=cna |
| By: | Yongming Huang (Institute for Development of Central China and Center for Industrial Development and Regional Competitiveness, Wuhan University); Anthony T. Flegg (Department of Accounting, Economics, and Finance, University of the West of England); Timo Tohmo (School of Business and Economics, University of Jyväskylä) |
| Abstract: | Data for the Chinese province of Hubei are used to assess the performance of Kronenberg’s CHARM, a method that takes explicit account of cross-hauling when constructing regional input-output tables. A key determinant of cross-hauling is held to be the heterogeneity of the products of individual sectors, which is estimated using national data. However, contrary to the authors’ earlier findings for Finland, CHARM does not generate reliable estimates of Hubei’s sectoral exports, imports and volume of trade. It is crucial, therefore, especially in relatively small regions, to make adequate allowance for any known divergence between regional and national technology and heterogeneity. |
| Keywords: | regional input-output, non-survey methhods, CHARM, cross-hauling, China |
| JEL: | C67 C83 R15 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:rri:wpaper:2014wp03&r=cna |