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on China |
| By: | Nikolov, Plamen; Adelman, Alan |
| Abstract: | This paper examines the impact of the New Rural Pension Scheme (NRPS) in China. Exploiting the staggered implementation of an NRPS policy expansion that began in 2009, we used a difference-in-difference approach to study the effects of the introduction of pension benefits on the health status, health behaviors, and healthcare utilization of rural Chinese adults age 60 and above. The results point to three main conclusions. First, in addition to improvements in self-reported health, older adults with access to the pension program experienced significant improvements in several important measures of health, including mobility, self-care, usual activities, and vision. Second, regarding the functional domains of mobility and self-care, we found that the females in the study group led in improvements over their male counterparts. Third, in our search for the mechanisms that drive positive retirement program results, we find evidence that changes in individual health behaviors, such as a reduction in drinking and smoking, and improved sleep habits, play an important role. Our findings point to the potential benefits of retirement programs resulting from social spillover effects. In addition, these programs may lessen the morbidity burden among the retired population. (JEL H55, H75, I10, I12, I19, J26) |
| Keywords: | life-cycle, retirement, pension, health, aging, developing countries, China. |
| JEL: | H55 H75 I10 I12 I15 I19 J26 J32 O11 |
| Date: | 2018–11–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:92551&r=all |
| By: | Fenghua Wen (CSU); Yujie Yuan (CSU); Wei-Xing Zhou (ECUST) |
| Abstract: | This paper investigates the effect of cross-shareholding on stock price synchronicity, as a measure of price informativeness, of the listed firms in the Chinese stock market. We gauge firms' levels of cross-shareholdings in terms of centrality in the cross-shareholding network. It is confirmed that it is through a noise-reducing process that cross-shareholding promotes price synchronicity and reduces price delay. More importantly, this effect on price informativeness is pronounced for large firms and in the periods of market downturns. Overall, our analyses provide insights into the relation between the ownership structure and price informativeness. |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1903.01655&r=all |
| By: | Chen, Sophia; Ratnovski, Lev; Tsai, Pi-Han |
| Abstract: | We estimate credit and fiscal multipliers in China, using subnational political cycles as a source of exogenous variation. The tenure of the provincial party secretary, interacted with the credit and fiscal expenditure used in other provinces, instruments for provincial credit and government expenditure growth. We find a fiscal multiplier of 0.75 in 2001-2008, which increased to 1.2 in 2010-2015, consistent with higher multipliers in a slower economy. At the same time, a credit multiplier of 0.2 in 2001-2008 declined to close to zero in 2010-2015, consistent with credit saturation and credit misallocation. Our results suggest that credit expansion cannot further support economic growth in China. The flip side is that lower credit growth is also unlikely to disrupt output growth. Fiscal policy is powerful, and can cushion the macroeconomic adjustment to lower credit intensity. |
| JEL: | E63 G21 H20 R12 |
| Date: | 2019–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:bof:bofitp:2019_005&r=all |
| By: | Edoardo Cefala; Giovanni Facchini; Corrado Giulietti; Jackie Wahba; Chuhong Wang |
| Abstract: | This paper provides a detailed account of a unique longitudinal dataset on Chinese university students - the Migration and Reshaping of Consumption Patterns (MARCO_P) survey. This study is a collaboration project across six institutions in the UK (University of Southampton and University of Nottingham), France (Groupe d'Analyse et de Theorie Economique Lyon-Saint-Etienne), Germany (Institute for Labor Economics) and China (Bejing Normal University and Chinese Academy of Social Sciences). The paper describes the background, sampling frame and structure of the survey, and provides an overview of the topics covered, summary statistics for selected variables, and avenues for future research based on this dataset. |
| Keywords: | Student survey, China, Migration, Consumption |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:not:notgep:2019-05&r=all |