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on South East Asia |
| By: | Hongbin Li; Pak Wai Liu; Ning Ma; Junsen Zhang |
| Abstract: | This paper empirically estimates the returns to education using twins data that the authors collected from urban China. Our ordinary least-squares estimate shows that one year of schooling increases an individual¡¦s earnings by 8.4 percent. However, once we use the within-twin-pair fixed effects model, the return is reduced to 2.7 percent, which suggests that much of the estimated returns to education in China that have been found in previous studies are due to omitted ability or the family effect. This finding suggests that well-educated people are faring well in China mainly because of their superior ability or family background advantages, rather than because of knowledge that they acquired at school. We further investigate why the true return is low and the omitted ability bias high, and find evidence that it may be a consequence of the distinct education system in China, which is highly selective and exam oriented. More specifically, we find that high school education mainly serves as a mechanism to select college students, and has zero returns in terms of earnings. In contrast, both vocational school education and college education have a large return that is comparable to that found in rich Western countries. |
| JEL: | J31 O15 P20 |
| Date: | 2005–09 |
| URL: | http://d.repec.org/n?u=RePEc:chk:cuhkdc:00013&r=sea |
| By: | Hongbin Li; Lai Ting Sin; Junsen Zhang; Yaohui Zhao |
| Abstract: | This paper studies the relative contribution of husbands and wives to the family income in the process of economic transition by using the Chinese Urban Household Survey data from 1988 to 1999. We find that, contrary to the experience of western countries, the share of wives¡¦ labor earnings in urban China tends to decline slightly over time and the share of husbands¡¦ labor earnings is stable. This implies that the role of urban Chinese husbands as the main financial supporters of their families becomes relatively more important during economic transition. We argue that this trend may have reflected the restoration of the functions of household production and labor market in the process of economic transition. This restoration allows households to allocate time, effort and human capital investment for each household member and for each household and market activity in a more efficient way. Our further empirical analysis suggests that at least two factors have accounted for the strengthening of the relative importance of husbands in contributing to family income in urban China: 1) the enlargement of the positive effect of children on husbands and the opposite effect for wives; and 2) the shrinkage of the positive income effect on the leisure of husbands. |
| Date: | 2005–09 |
| URL: | http://d.repec.org/n?u=RePEc:chk:cuhkdc:00014&r=sea |
| By: | Guillaume Gaulier; Francoise Lemoine; Deniz Unal-Kesenci |
| Abstract: | China has taken advantage of the globalisation process and has become a assembly country for firms in Asia which have extended to China their production and trade networks. China’s position in the segmentation of the production processes has fostered its trade in high-technology products. However the rapid technological upgrading of China’s trade is associated with an increasing dependence on foreign capital and technology. The emergence of China has led to the reorganisation of production in Asia and to a triangular trade pattern: firms in advanced Asian economies use China as an export base and instead of exporting finished goods to the US and Europe, now export intermediate goods to their affiliates in China. |
| Keywords: | technology transfers; international trade; specialization; FDI; globalization; IDPP; specialization; China; east Asia; international production sharing |
| JEL: | F13 F14 F15 O53 |
| Date: | 2005–06 |
| URL: | http://d.repec.org/n?u=RePEc:cii:cepidt:2005-09&r=sea |
| By: | Li-Gang Liu |
| Abstract: | This paper shows that financial services trade liberalization in China has set impetus for accelerated domestic financial liberalization. Foreign banks, though still relatively small in size, have already exerted considerable influence on China's capital flows. Empirical findings from a gravity model analysis indicate that financial services trade liberalization under the WTO promotes bank loans to developing economies strongly though not evenly conditional on country characteristics. |
| Date: | 2005–09 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:05024&r=sea |
| By: | Kazuyuki Motohashi |
| Abstract: | This paper is a first attempt of looking into the impact of IT and enterprise reform on productivity of Chinese manufacturing firms by using large scale firm level datasets from 1995 to 2002. It is found that enterprise reforms captured by entry and exit of firms have a positive impact on aggregated productivity growth. In addition, IT plays relatively more important role in productivity performance of post reform enterprises, as compared to enterprises which are not affected by major restructuring in the course of Chinese state owned enterprise reforms. |
| Date: | 2005–09 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:05025&r=sea |
| By: | Jean-Pascal Bassino |
| Abstract: | This paper investigates the relationship between physical stature, per capita income, health,and regional inequality in Japan at the prefecture-level for the period 1892-1941. The analysis shows that inequality in income and access to health services explains differences in average body height of the population across the 47 Japanese prefectures during this period and that variation in income contributed to changes in height during the 1930s. Annual regional time series of height indicate that Japan experienced a regional convergence in biological welfare before 1914, and that a divergence occurred during the interwar period; personal inequality followed a similar pattern. |
| Keywords: | physical stature, height, health, midwives, inequality, income distribution, regional convergence, Japan |
| JEL: | I31 N35 N95 O15 |
| Date: | 2005–09 |
| URL: | http://d.repec.org/n?u=RePEc:hst:hstdps:d05-114&r=sea |
| By: | Yukinobu Kitamura |
| Abstract: | Household consumption and saving behavior have been the central theme of recent macroeconomic literature. Following the work of Robert Hall (1978) and a series of papers by Fumio Hayashi, the focus of the literature has been on dynamic consumption behavior. Using the Family Income and Expenditure Survey (FIES), we conducted a dynamic panel analysis of consumption behavior. We examined intertemporal smoothing and the durability of consumption behavior with or without liquidity constraints. Our results are summarized as follows: (1) households with debt as well as debt-free households with low annual incomes and net savings faced disposable income constraints; (2) for these types of households, parameter values between MLE and GMM are very close and therefore statistically significant and the implications for each remain more or less the same; (3) debt-free households with high annual incomes and net savings also faced a disposable income constraint in MLE.. |
| Keywords: | dynamic consumption, panel data, liquidity constraints |
| JEL: | C23 D12 E21 |
| Date: | 2005–09 |
| URL: | http://d.repec.org/n?u=RePEc:hst:hstdps:d05-116&r=sea |
| By: | Nigel Driffield (Aston Business School); Vidya Mahambare (Cardiff Business School); Sarmistha Pal (Department of Economics & Finance, Brunel University) |
| Abstract: | Despite the seminal work of Claessens et al. (2002), role of ownership structure on capital structure and firm performance in East Asian corporattions remains much unexplored. Within the framework of Bajaj et al. (1998), the present paper empirically examines the effects of a controlling manager and degree of monitoring (a measure of moral hazard) on capital structure and firm performance among a sample of Korean and Indonesian firms. In doing so, we not only allow for simultaneity between capital structure and firm performance (a la Berger and di Patti, 2003), but also the non-linearity in these relationships. Our empirical results in essence depend on whether a firm is run by a family and also whether there is a manager who is also a controlling owner. There is evidence that family ownership could mitigate the problem of moral hazard though it could exacerbate the problem of over-lending in our samples. Also the effects of ownership structure on firm performance cannot be delineated from its effects on leverage. As such, the results presented here confirm and extend the essential findings of Claessens et al. (2002) and Bajaj et al. (1998). |
| Keywords: | Asian Crisis, Corporate Governance, Capital structure, Firm performance, Expropriation of minority shareholders, 3SLS estimates, Simultaneity bias, Non-linearity. |
| JEL: | G32 |
| Date: | 2005–09–27 |
| URL: | http://d.repec.org/n?u=RePEc:wpa:wuwpfi:0509028&r=sea |
| By: | Zhang Guoying (school of management of Tianjin university); Zheng Pi-e (school of management of Tianjin university) |
| JEL: | A |
| Date: | 2005–09–22 |
| URL: | http://d.repec.org/n?u=RePEc:wpa:wuwpgt:0509009&r=sea |
| By: | Zhang Guoying (school of manangement of Tianjin university); Zheng Pi-e (school of manangement of Tianjin university) |
| Abstract: | The paper introduces the Relationship between energy and economic development first£¬then through analyzing characters of energy consumption all over the world and the basic facts about China¡¯s energy resources, drawing the conclusion that the energy and resources of China is hardly able to meet demand,and puts forward the policy orientation for china¡¯s energy development accordingly. At last, points out the prospect of China¡¯s energy industry. |
| JEL: | E |
| Date: | 2005–09–22 |
| URL: | http://d.repec.org/n?u=RePEc:wpa:wuwpma:0509024&r=sea |