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on China |
| By: | Raiber, Eva |
| JEL: | I25 I26 J13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc21:242401&r= |
| By: | Li, Xiaoming; Liu, Zheng; Peng, Yuchao; Xu, Zhiwei |
| Abstract: | We study the impact of China’s 2013 implementation of Basel III on bank risk-taking and its responses to monetary policy shocks using confidential loan-level data from a large Chinese bank. Guided by theory, we use a difference-in-difference identification, exploiting cross-sectional differences in lending behaviors between high-risk and low-risk bank branches before and after the new regulations. We find that, through a risk-weighting channel, changes in regulations significantly reduced bank risk-taking, both on average and conditional on monetary policy easing. However, banks reduce risk-taking by increasing lending to ostensibly low-risk state-owned enterprises (SOEs) under government guarantees, despite their low average productivity. |
| JEL: | E52 G21 G28 |
| Date: | 2021–10–29 |
| URL: | http://d.repec.org/n?u=RePEc:bof:bofitp:2021_015&r= |
| By: | Gottwald-Belinic, Martina |
| Abstract: | This paper explores the heterogeneity of resource efficiency and investigate the associations of productivity and efficiency in relationship to ownership, region and access to capital within the Chinese manufacturing sector. We use the Hicks- Moorsteen Index to decompose within a firm efficiency conditional on ownership, sectors, and provinces for the period from 1998 until 2007. The results show a high heterogeneity of labor and capital resource efficiency among the firms. The pace of economic growth required capital investment in the sector. The consolidated results show higher misallocation of capital for State Owned Enterprises (SOEs) compared to private firms. The factor accumulation within SOEs contributed to a higher deterioration of resources. Our findings indicate necessity for growth in efficiency and support policy development for improved resource reallocation. |
| Keywords: | Total Factor Productivity (TFP), China’s new development stage, Industrial Upgrading in China, Output and TFP Growth Potential |
| JEL: | D24 L53 O12 O53 |
| Date: | 2021–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:110372&r= |
| By: | Wu, Yidong (Anhui University of Technology, China); Song, Zisheng (Department of Real Estate and Construction Management, Royal Institute of Technology) |
| Abstract: | Tenants' residential relocation always presents diverse space-temporal tendencies and is highly influenced by institutional, socio-economic, and subjective factors in China. This paper aims to construct a relocation intention (RI) model and estimate the effects of its push-pull factors, including the household's registration system (hukou), homeownership status, and residential dissatisfaction. The empirical research relies on a questionnaire survey of 2,187 tenants conducted in 2019 in Beijing, China. Our findings confirm that non-local hukou status significantly pushes female and unmarried tenants to relocate, and non-local homeownership noticeably pulls male and married tenants' relocation. These two factors also significantly influence the RI of tenants without higher education experience. For tenants younger than 35, non-local hukou status shows a strong pushing force, but non-local homeownership does not present notable differences by age. Additionally, residential dissatisfaction significantly pushes tenants' RI and shows a moderating effect in non-local homeownership. Moreover, for tenants who have an explicit relocation intention, non-local hukou status plays a vital role in shortening their stay duration before relocation. |
| Keywords: | tenants relocation intention; push-pull determinants; hukou; non-local homeownership; China |
| JEL: | D91 J18 J61 J68 R23 R28 |
| Date: | 2021–11–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:kthrec:2021_006&r= |
| By: | Xu, Yuanwei |
| JEL: | J12 J13 J16 P21 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc21:242436&r= |
| By: | Hong, Claire Yurong; Lu, Xiaomeng; Pan, Jun |
| Abstract: | Using a unique FinTech data containing monthly individual-level consumption, investments, and payments, we examine how FinTech can lower investment barriers and improve risk-taking. Seizing on the rapid expansion of offline usages of Alipay in China, we measure individuals’ FinTech adoption by the speed and intensity with which they adopt the new technology. Our hypothesis is that individuals with high FinTech adoption, through repeated usages of the Alipay app, would build familiarity and trust, reducing the psychological barriers against investing in risky assets. Measuring risk-taking by individuals’ mutual-fund investments on the FinTech platform, we find that higher FinTech adoption results in higher participation and more risk-taking. Using the distance to Hangzhou as an instrument variable to capture the exogenous variation in FinTech adoption yields results of similar economic and statistical significance. Focusing on the welfare-improving aspect of FinTech inclusion, we find that individuals with high risk tolerance, hence more risk-taking capacity, and those living in under-banked cities stand to benefit more from the advent of FinTech. |
| JEL: | G11 G50 |
| Date: | 2021–10–25 |
| URL: | http://d.repec.org/n?u=RePEc:bof:bofitp:2021_014&r= |
| By: | Hong, Sungwoo (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Yoon, Yeo Joon (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Kim, Jino (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Rim, Jeewoon (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Nam, Jimin (Ministry of Foreign Affairs Korea) |
| Abstract: | The conflict between the United States and China may be the issue of most importance as well as interest to the world, prior to COVID-19. This conflict between the two countries is appearing not only in the economic sector, but also in various field such as politics, diplomacy, and military affairs. Such competition between the two countries is likely to escalate further as multilateral systems such as the WTO are threatened and protectionism intensifies in the post-COVID-19 world. Even within Latin America, the competition between the two countries frequently appears in a variety of forms. Conflicts between the United States and China in Latin America tend to occur mainly in the infrastructure sectors. Furthermore, the United States pressured Latin American countries to choose between the United States and China, with the results of this pressure depending on the political orientation of the ruling government. In order to investigate the impact of retaliatory tariffs between the two countries on Latin American countries’ exports and welfare, we employ an event analysis for exports and computational general equilibrium (CGE) model for welfare, with Argentina, Brazil, Mexico, and Chile as the subject of our analysis. Based on the outcome of the event study, Brazil’s exports to the United States moderately increased due to the tariff imposition, and such an effect persisted for short term. Its exports to China rose considerably immediately after the tariff imposition, and then the impact tended to decrease over time. By contrast, it is difficult to conclude that the tariff imposition had a statistically significant and lasting effect on the exports of the remaining three countries to the United States and China. As a result of the analysis using the CGE model, meanwhile, the tariffs imposed between the United States and China trivially increased the welfare of Latin American countries. |
| Keywords: | US-China; Latin America; rivalry; conflict |
| Date: | 2021–02–10 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kiepwe:2021_004&r= |