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on China |
| By: | Gary H. Jefferson (Brandeis University); Renai Jiang (Xi'an Jiaotong University); Lintong Li (Princeton University); Sam Zucker (Brandeis University) |
| Abstract: | This paper uses patent data from the U.S. Patent and Trademark Office to investigate the implications of inventor collaboration and joint assignee ownership, both domestic and international, on patent quality as measured by the number of claims and citations associated with a patent. Specifically, we compare the quality implications of research collaboration and joint ownership for the quality of U.S. and Chinese patents. Overall, we find that domestic inventor collaboration yields higher quality results for U.S. patents than Chinese patents. However, for China, international collaboration, both for inventors and assignee ownership is associated with higher quality outcomes for Chinese patents than for U.S. patents. We also find that the incidence of inventors sharing assignee ownership is significantly higher in China. We hypothesize that this difference reflects a need in China to extend patent ownership to inventors for the purpose of recruiting and incentivizing a relatively limited supply of high-quality researchers, whereas in the U.S. the abundance of such researchers is retained largely through wage and bonus compensation. |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:brd:wpaper:117&r=cna |
| By: | Jing You; Miguel Niño-Zarazúa |
| Abstract: | We examine the heterogeneous and dynamic impact of China’s New Rural Pension Scheme on intergenerational wealth dependence using a nationally representative longitudinal household survey covering the period 2011–13. We adopt an instrumental quantile regression– discontinuity design to address the endogeneity of partial compliance of the pension scheme and the observed individual heterogeneity. Overall, we find that the pension scheme smooths wealth dependence between generations in the short term, but strengthens the persistence of assets among the wealthiest households in the medium term. The mechanisms underlying these distributional effects are intergenerational transfers, time reallocation, and filial adjustments of the wealth portfolio. Complementary policy interventions, particularly for the poor across generations, would be needed to neutralize the distributional impact of the pension in terms of intergenerational wealth persistence. |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2017-199&r=cna |
| By: | Ding Ding; Xiaoyu Huang; Tao Jin; W. Raphael Lam |
| Abstract: | China’s real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond “fundamental” levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market. |
| Keywords: | Asia and Pacific;Macroprudential Policy;Central banks and their policies;China real estate market, housing bubbles, Monetary Policy (Targets, Instruments, and Effects), Housing Supply and Markets, Bayesian Analysis, Time-Series Models |
| Date: | 2017–11–16 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:17/248&r=cna |
| By: | Heberer, Thomas; Shpakovskaya, Anna |
| Abstract: | This paper provides a literature review and preliminary field observations on the topic of political representation in the Chinese cyberspace. The authors demonstrate that multiple new communication platforms are being established in the Chinese cyberspace. These new platforms not only transform conventional forms of political representation but also create new representative patterns, such as in cases of interactive and connective e-representations. They conclude that the proliferation of new communication technologies has been transforming the relationships between representatives and represented as well as between the state and society. Furthermore, in this paper the authors take their analysis beyond the description of the Chinese case and argue that the Chinese case also contributes to the Western theory of political representation. More specifically, they question the performative nature of claim-making and the role of "performer" and the "audience". They propose two concepts of interactive and connective e-representations and further claim that the current developments in the Chinese cyberspace may signal a new digital turn in the theory of political representation. |
| Keywords: | political representation,e-representation,cyberspace,representative claim-making,interactive andconnective e-representations,opinion leaders,entrepreneurs |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:udedao:1192017&r=cna |
| By: | Huang, Dongya; Chen, Minglu; Heberer, Thomas |
| Abstract: | Existing scholarship regards the collusion between the Chinese government and the private sector as 'informal' and a series of 'economic alliances', without considering the private sector's institutionalized participation in the process of government policy formulation. This article takes an alternative perspective and examines such institutionalized efforts in interest expression and policy promotion. In the authoritarian regime, state institutions that previously functioned to co-opt and corporatize the private sector have also become forums in which private entrepreneurs can have an impact on policy-making. This change results from the state's initiative in developing formal channels of participation based on the united front work remnant and interaction between 'state control' and the 'business lobby'. The shift from 'state control' to the 'business lobby' reveals a unique pathway for private interest to have an impact on public policy formulation. |
| Keywords: | business lobbying,All-China Federation of Industry and Commerce,business associations,Chinese Political Consultative Conference |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:udedao:1182017&r=cna |
| By: | Funke, Michael; Leiva-Leon, Danilo; Tsang, Andrew |
| Abstract: | The recent increase in China’s house prices at the national level masks tremendous variation at the city level – a feature largely overlooked in the macroprudential literature. This paper considers the evolving heterogeneity in China’s house price dynamics across 70 cities and assess the main deter-minants. We gauge the heterogeneity of house price dynamics using a novel regime-switching modelling approach to estimate the time-varying patterns of China’s city-level housing price synchronization. After sorting city-level housing prices into four clusters sharing similar cyclical features, we see that each group shows increasing synchronization in the years leading up to 2015, and a decoupling pattern thereafter. We document high synchronization within each of the clusters of cities, but low synchronization among them. The empirical evidence suggests that differentials in the growth of households, income, investment and even differences in air quality explain housing price synchronization among cities. |
| JEL: | E31 E32 C32 |
| Date: | 2017–12–09 |
| URL: | http://d.repec.org/n?u=RePEc:bof:bofitp:2017_021&r=cna |
| By: | Fernanda Ilhéu; Gonçalo Simões |
| Abstract: | China is a market ripe with opportunities for those who dare challenge its vastness; its alluring promise of an outstanding growth possibility thanks to its immense and growing internal market presents itself to companies as a place of both enormous challenges but also of potentially great rewards. The logistics sector is considered to be one essential vector of competitiveness for the development of consumer market supply. Logistics plays a tremendously important role in a company’s activity. Poor logistics can lead to lost opportunities and unsatisfied customers, among other things, while having a good logistics system in place might work as a source of competitive advantage. Ilhéu (2006) research concluded that the Chinese logistics and distribution system was one of the myriad problems Portuguese companies encountered when trying to establish a presence in China; poor infrastructure and a generalized lack of value-added services in Chinese logistics companies were some of the widespread problems faced. The highly fragmented nature of the current Chinese market, high road tolls or uneven taxes between provinces, all contribute to the maintenance of an inefficient system that imposes a disproportionately high cost of logistics in the country. A new era for logistics is being ushered in by China since competitiveness and e-commerce requires the modernization of infrastructures as a global mindset management. Some research questions then arise: are Chinese logistics still a burden to the efficiency of Chinese domestic market? How has the Chinese logistical sector progressed in the last eleven years? Is the lack of value-added services still perceived by foreign companies as a constraint to entering the Chinese market? |
| Date: | 2017–12 |
| URL: | http://d.repec.org/n?u=RePEc:cav:cavwpp:wp162&r=cna |
| By: | Nina Biljanovska; Francesco Grigoli; Martina Hengge |
| Abstract: | High levels of economic policy uncertainty in various parts of the world revamped the de- bate about its impact on economic activity. With increasingly stronger economic, fi nancial, and political ties among countries, economic agents have more reasons to be vigilant of for- eign economic policy. Employing heterogeneous panel structural vector autoregressions, this paper tests for spillovers from economic policy uncertainty on other countries' economic ac- tivity. Furthermore, using local projections, the paper zooms in on shocks originating in the United States, Europe, and China. Our results suggest that economic policy uncertainty re- duces growth in real output, private consumption, and private investment, and that spillovers from abroad account for about two-thirds of the negative effect. Moreover, uncertainty in the United States, Europe, and China reduces economic activity in the rest of the world, with the effects being mostly felt in Europe and the Western Hemisphere. |
| Keywords: | Private consumption;Private investment;Europe;China;United States;Economic policy uncertainty, spillover, General, International Policy Coordination and Transmission |
| Date: | 2017–11–15 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:17/240&r=cna |
| By: | Rui Xu; Kaiji Gong |
| Abstract: | We analyze the impact of rising import competition from China on U.S. innovative activities. Using Compustat data, we find that import competition induces R&D expenditures to be reallocated towards more productive and more profitable firms within each industry. Such reallocation effect has the potential to offset the average drop in firm-level R&D identified in the previous literature. Indeed, our quantitative analysis shows no adverse impact of import competition on aggregate R&D expenditures. Taking the analysis beyond manufacturing, we find that import competition has led to reallocation of researchers towards booming service industries, including business and repairs, personal services, and financial services. |
| Keywords: | Western Hemisphere;Asia and Pacific;United States;Chinese Import Competition, R&D Expenditures, Reallocation, R&D Expenditures, Country and Industry Studies of Trade, Trade and Labor Market Interactions |
| Date: | 2017–11–16 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:17/253&r=cna |