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on China |
| By: | Sylvie Démurger (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France); Xiaoqian Wang (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France) |
| Abstract: | This paper investigates how private transfers from internal migration in China affect the expenditure behaviour of families left behind in rural areas. Using data from the Rural-Urban Migration in China (RUMiC) survey, we assess the impact of remittances sent to rural households on consumption-type and investment-type expenditures. We apply propensity score matching to account for the selection of households into receiving remittances, and estimate average treatment effects on the treated. We find that remittances supplement income in rural China and lead to increased consumption rather than increased investment. Moreover, we find evidence of a strong negative impact on education expenditures, which could be detrimental to sustaining investment in human capital in poor rural areas in China. |
| Keywords: | remittances, labour migration, expenditure behaviour, left-behind, propensity score matching, China |
| JEL: | O15 J22 R23 D13 O53 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1601&r=cna |
| By: | Hashiguchi, Yoshihiro |
| Abstract: | This paper develops a quantitative measure of allocation efficiency, which is an extension of the dynamic Olley-Pakes productivity decomposition proposed by Melitz and Polanec (2015). The extended measure enables the simultaneous capture of the degree of misallocation within a group and between groups and parallel to capturing the contribution of entering and exiting firms to aggregate productivity growth. This measure empirically assesses the degree of misallocation in China using manufacturing firm-level data from 2004 to 2007. Misallocation among industrial sectors has been found to increase over time, and allocation efficiency within an industry has been found to worsen in industries that use more capital and have firms with relatively higher state-owned market shares. Allocation efficiency among three ownership sectors (state-owned, domestic private, and foreign sectors) tends to improve in industries wherein the market share moves from a less-productive state-owned sector to a more productive private sector. |
| Keywords: | China, Productivity, Business enterprises, Economic growth, Macroeconomics, Misallocation, Firm-level productivity, Structural estimation |
| JEL: | D24 O47 |
| Date: | 2015–11 |
| URL: | http://d.repec.org/n?u=RePEc:jet:dpaper:dpaper544&r=cna |
| By: | Xing Li; Tian Qiu; Guang Chen; Li-Xin Zhong; Xiong-Fei Jiang |
| Abstract: | Geography effect is investigated for the Chinese stock market, based on the daily data of individual stocks. Companies located around the stock markets are found to greatly contribute to the markets in the geographical sector. A geographical correlation is introduced to quantify the geography effect on the stock correlation, which is observed to approach steady as the company location moves to the northeast China. Stock distance effect is further studied, where companies are found to more likely set their headquarters close to each other. In the normal market environment, the stock correlation decays with the stock distance, but is independent of the stock distance in and after the financial crisis. |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1601.01753&r=cna |
| By: | Asian Development Bank (ADB); Asian Development Bank (ADB) (East Asia Department, ADB); Asian Development Bank (ADB) (East Asia Department, ADB); Asian Development Bank (ADB) |
| Abstract: | This report looks into the many challenges that agriculture in the People’s Republic of China (PRC) faces and how stakeholders are meeting the challenges head-on with the establishment of farmer–enterprise partnerships. It offers case studies and an in-depth look into several enterprises in the PRC and highlights the experiences of these companies which can be used as guidelines for farmer–enterprise partnerships. This report represents the Asian Development Bank’s efforts in pursuing its Finance++ strategy to promoting development. While the study was conducted in the context of the PRC, other developing economies could also benefit through proper generalization and customization of experience and cases learned. |
| Keywords: | farmer enterprise partnerships, prc, china, contract farming, sustainable agriculture, farming, dryland agriculture, agricultural modernization, agricultural management, agricultural production, agricultural development |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:asd:wpaper:rpt157250&r=cna |
| By: | Hu, Zihan; Li, Teng |
| Abstract: | Exposure to high temperatures during pregnancy is generally associated with low birth weight---a proxy for endowment. But whether such early life shock is further related to welfare losses in adulthood is still unknown. Utilizing random temperature fluctuations across 123 counties in China, we examine the relationships between high temperatures during pregnancy and birth weight and later outcomes. One standard deviation of high temperature days during pregnancy triggers about 0.17 kilograms loss of birth weight, and further in adulthood 1.63 cm decrease in height and 0.86 years less of schooling. Health and intelligence outcomes are adversely affected as well. The impacts are concentrated in the first and third trimesters. Such effects should become part of the calculations of the costs of global warming. Back-of-the-envelope predictions suggest that at the end of the 21st century newborns on average weigh 54.36-210.44 grams less. And the losses in height and education years are 0.52-2.02 centimeters and 0.26-1.01 years, respectively. We also argue these patterns are more likely consistent with physiological effects than with income effects, because total precipitation and high temperatures in the growing season of one year before birth have no significant effects. |
| Keywords: | High temperatures during pregnancy, birth weight, adult welfare outcomes, global warming |
| JEL: | I12 I21 Q51 Q54 |
| Date: | 2016–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:68631&r=cna |
| By: | Yoshino, Naoyuki (Asian Development Bank Institute); Taghizadeh-Hesary, Farhad (Asian Development Bank Institute) |
| Abstract: | Japan has suffered from sluggish economic growth and recession since the early 1990s. In this paper, we analyze the causes of the prolonged slowdown of the Japanese economy (the lost decade). Economics Nobel laureate Paul Krugman has argued that Japan’s lost decade is an example of a liquidity trap. However, our empirical analysis shows that stagnation of the Japanese economy comes from its vertical IS curve rather than a horizontal LM curve, so the Japanese economy faces structural problems rather than a temporary downturn. The structural problems mainly come from the aging demographic, which is often neglected in other studies, and also from the allocation of transfers from the central government to local governments, and the unwillingness of Japanese banks to lend money to startup businesses and SMEs, mainly because of Basel capital requirements. Many countries, like the People’s Republic of China, are expected to face similar issues, particularly the aging population, and so are very much concerned about the long-term recession that Japan has experienced. This paper will address why the Japanese economy has been trapped in a prolonged slowdown and will provide some remedies for revitalizing the economy. |
| Keywords: | Japan’s lost decade; recessions; prolonged slowdown |
| JEL: | E12 E62 |
| Date: | 2015–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0554&r=cna |
| By: | Wen-Tai Hsu (Singapore Management University); Yi Lu (National University of Singapore); Guiying Laura Wu (Nanyang Technological University) |
| Abstract: | This paper provides a quantitative analysis of gains from trade for China over the period of 1995-2004, which was when Chinas openness drastically improved. We decompose gains from trade in two ways. First, we disentangle pro-competitive effects from a traditional Ricardian effect. Second, we separate the effect due to tariff reductions from that due to reductions in non-tariff trade costs. Our quantitative analysis shows that the pro-competitive effects account for 25:4% of the total welfare gains from trade, whereas the allocative efficiency alone accounts for 22:3%. We also fi nd that tariff reductions account for about 31:6% of reductions of overall trade costs, whereas the associated relative contribution to overall gains is slightly larger at 39:6%. In our multi-sector analysis, we find that when a sectoral markup is higher in 1995, there tends to be a larger reduction in the respective sectoral trade cost between 1995 and 2004, a tendency that is generally welfare improving. One methodological advantage of this papers quantitative framework is that its application is not constrained by industrial or product classi cations, and so it can be applied to countries of any size. |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:siu:wpaper:13-2015&r=cna |
| By: | Zhongxing Wang; Yan Yan; Xiaosong Chen |
| Abstract: | There are more than eight hundred interest rates published in China bond market every day. Which are the benchmark interest rates that have broad influences on most interest rates is a major concern for economists. In this paper, multi-variable Granger causality test is developed and applied to construct a directed network of interest rates, whose important nodes, regarded as key interest rates, are evaluated with inverse Page Rank scores. The results indicate that some short-term interest rates have larger influences on the most key interest rates, while repo rates are the benchmark of short-term rates. It is also found that central bank bills'rates are in the core position of mid-term interest rates'network, and treasury bond rates are leading the long-term bonds rates. The evolution of benchmark interest rates is also studied from 2008 to 2014, and it's found that SHIBOR has generally become the benchmark interest rate in China. In the frequency domain we detect the properties of information flows between interest rates and the result confirms the existence of market segmentation in China bond market. |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1601.00263&r=cna |