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on China |
| By: | Jan K. Brueckner; Wenhua Liu; Wei Xiao; Junfu Zhang |
| Abstract: | We examine the effect of a large-scale administrative reorganization in China, where counties are annexed into cities to accommodate urban growth. We present a simple model to illustrate how this annexation may affect firm entry decisions and in turn land market outcomes. Using nationwide data on land-lease transactions, we find that annexation raises industrial land prices in the annexed counties by 7 percent but does not reduce land prices in neighboring counties and central cities. We show that the annexed counties experienced increases in firm entry and investment, offering a plausible mechanism for the effect on industrial land prices. |
| Keywords: | urban growth, industrial land prices, annexation, China |
| JEL: | R11 R12 R14 R33 R58 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10181&r=cna |
| By: | Shin, Hyun Bang; Zhao, Yimin; Koh, Sin Yee |
| Abstract: | The assembled papers in this special issue jointly explore the urban manifestation of “Global China” at different scales and involving diverse actors, discussing the ways in which the urban has been reconfigured by China’s global expansion and uncovering the differentiated modes of speculative and spectacular urban production at present. Observing from Ghana, India, Malaysia and China, these papers collectively make theoretical, methodological, and empirical contributions to recognise the dynamics of speculation, articulation and translation in global capitalism, where China plays an increasingly significant role. In this introduction, we first set out to explain our standing point with China as method, which is an attempt to situate China in our comparative studies endeavour and to make self-reflection on what it means to study China as both an optic and a process. We then introduce the three main themes that have guided our interrogation of what global China implies. These include: (a) transplanting models and urbanism; (b) multi-scalar construction of temporality; and (c) situating the urban China model in global capitalism. These aspects are at the core of our engagement with the contributing papers in this special issue that together extend the critique of our changing urban conditions at present. |
| Keywords: | global China; China as method; urbanisation; global capitalism; China; urbanism; Tackling the UK’s International Challenges Programme (Grant Number IC3\100155). |
| JEL: | J1 N0 R14 J01 |
| Date: | 2022–12–12 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:117180&r=cna |
| By: | Guglielmo Maria Caporale; Nieves Carmona-González; Luis Alberiko Gil-Alana |
| Abstract: | This paper applies fractional integration methods to investigate the behaviour of various pollutants (PM10, PM25, SO2 and NO2) in seven Chinese cities (Shanghai, Beijing, Chongqing, Tianjin, Shenzhen, Nanjing and Xian) using daily data over the period January 1, 2014 – November 18, 2022. The results suggest that the steps recently taken by the Chinese authorities to reduce emissions and improve air quality have already had some effect: in most cases the air pollutant series are in the stationary range, with mean reversion occurring and shocks only having temporary effects, and there are significant downward trends indicating a decline over time in the degree of pollution in Chinese cities. It is also interesting that in the most recent period the Zero-Covid policy of the Chinese authorities has led to a further fall. On the whole, it would appear that the action plan adopted by the Chinese government is bringing the expected environmental benefits and therefore it is to be hoped that such policies will continue to be implemented and extended to improve air quality even further. |
| Keywords: | China, pollution, trends, persistence, long-range dependence |
| JEL: | C22 Q53 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10161&r=cna |
| By: | John Ammer; John H. Rogers; Gang Wang; Yang Yu |
| Abstract: | We study how professional fund managers' growth expectations affect the actions they take with respect to equity investment and in turn the effects on prices. Using novel data on China's mutual fund managers' growth expectations, we show that pessimistic managers decrease equity allocations and shift away from more-cyclical stocks. We identify a strong short-run causal effect of growth expectations on stock returns, despite statistically significant delays in price discovery from short-sale constraints. Finally, we find that an earnings-based measure of price informativeness is increasing in fund investment. |
| Keywords: | mutual fund managers; chinese financial markets; economic growth expectations; price informativeness; textual analysis |
| JEL: | D80 E66 G11 G12 G23 |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1362&r=cna |
| By: | Alraqeb Zeynep; Knaack Peter; Macaire Camille |
| Abstract: | The rise of financial technology (FinTech) in China over the past decade has changed the traditional financial landscape in the country. We provide evidence on the role of digital financial services in promoting self-employment. We construct an indicator of relative FinTech adoption at the provincial-level in China. We show that the digitalization of financial services at an aggregated level is associated with a higher share of self-employed individuals in the total population. In rural areas, coverage breadth of digitalized financial services drives the positive impact on the share of self-employment, while in urban areas, digitalized insurance services appear to be more influential. We also show that the shift to self-employment is not at the expense of employment in private firms in the country. <p> L'essor des technologies financières (FinTech) en Chine au cours de la dernière décennie a modifié le paysage financier traditionnel du pays. Nous étudions la relation entre l’adoption de ces services et la part de l’entreprenariat dans la population totale. Nous construisons un indicateur de l'adoption relative des FinTech au niveau provincial dans le pays, et montrons que la numérisation des services financiers est associée à une part plus élevée d’autoentrepreneurs dans la population totale. Dans les zones rurales, l'étendue de la couverture des services financiers numérisés est à l'origine de cet impact positif, tandis que dans les zones urbaines, les services d'assurance numérisés semblent avoir plus d'influence. Nous montrons également que le passage à l'emploi indépendant ne se fait pas au détriment de l'emploi au sein des entreprises privées dans le pays. |
| Keywords: | Fintech, Financial Inclusion, Digitalization, China, Entrepreneurship; Fintech, inclusion financière, digitalisation, Chine, entreprenariat |
| JEL: | G23 J21 O33 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:bfr:banfra:895&r=cna |
| By: | An Huang (Monash University); Paulo Santos (Monash University); Russell Smyth (Monash University) |
| Abstract: | This paper examines the role of agricultural technology, in the form of paddy rice cultivation, on contemporary levels of prejudice. Using environmental suitability for paddy as an instrumental variable, we find that people living in areas where paddy rice farming has been long practiced exhibit lower prejudice towards outgroup members. This relationship is mediated by greater exposure to markets and trade, itself derived from paddy’s higher land productivity, likely reflecting the opportunities for interpersonal contact created by markets. In contrast, the irrigation needs and high labour demands of paddy galvanize local cooperation, likely fostering prejudice directed to outsiders. |
| Keywords: | paddy rice, prejudice, market, contact hypothesis, group identity |
| JEL: | J15 N55 Z1 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:mos:moswps:2023-02&r=cna |