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Gone for good? Subsidies with export share requirements in China: 2002-2013
Abstract

[size=12.8000001907349px]This paper presents a simple model of subsidies with export share requirements (ESR) in a heterogeneous firm environment. A two-country general equilibrium version of the model with a single 100% ESR is calibrated using firm-level data from the 2002 wave of the Business Environment and Enterprise Performance Survey collected by the World Bank for China. The calibrated model is used to gauge the change in subsidies with ESR that is consistent with the fall in the share of ‘pure exporters’, firms exporting all their output, observed in China, from 25.7% in 2002 to 11.1% in 2013. Our results indicate that a 6.9% reduction in the ad-valorem subsidy rate available to firms that export all their output is consistent with the observed fall in their share of exporting firms. Expenditure in subsidies (as a share of value-added) falls by 66% and welfare in China increases by 1.76% while real income in the rest of the world falls by 0.59%.

[size=12.8000001907349px] dp1287.pdf (419.85 KB, 需要: 1 个论坛币)

2015-2-11 13:09:08 上传

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Trapped factors and China’s impact on global growth[size=12.8000001907349px]

Bloom, Nicholas, Romer, Paul, Terry, Stephen and Van Reenen, John (2014) Trapped factors and China’s impact on global growth. CEP Discussion Papers, CEPDP1261. Centre for Economic Performance, London School of Economics and Political Science, London, UK.

dp1261.pdf (521.26 KB, 需要: 1 个论坛币)

2015-2-11 13:09:58 上传

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          Projecting Meat and Cereals Demand for China Based on a Meta-Analysis of Income Elasticities

Abstract:         There are many projections for China’s food demand, and the projection results differ significantly from each other. Different values for income elasticities could be a major reason. This study projects meat and cereals demand for China based on a meta-analysis of the income elasticity estimates using a collection of 143 and 240 income elasticity estimates for cereals and meat products, respectively, from 36 primary studies. We find that income elasticities for most cereals (general cereals, rice, and coarse grains) and all meat products (general meat, pork, poultry, beef & mutton) tend to decline as per capita income increases, except for wheat, which increases. Taking this into account, differences between consumption projections based on time-varying income elasticities and values based on constant elasticities are substantial in quantities and increase over time.
GlobalFood_DP34.pdf (843.31 KB, 需要: 1 个论坛币)

2015-2-11 13:17:52 上传

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Identifying the Flypap er Effect in the Presence of Spatial Dep endence:Evidence from Education in China’s Counties


ABSTRACT In the context of China without a median voter system, this study examines
whether the “flypaper effect”, an unconditional lump-sum grant from the upper governments to
the county governments increases spending in a greater proportion than an equivalent rise in
local income, holds true in China. Using China’s county-level education data during 2007, the
models have been estimated using a spatial econometric technique that accounts for spatial
interaction behavior on public education expenditure across local governments. We find that, in
the presence of spatial interdependence, there is no evidence of a “flypaper effect” when
different spatial weighting schemes and the endogeneity problem of education grants are
accounted for. Rather, the “anti-flypaper effect” is found. Important policy implications are
drawn for China’s fiscal decentralization reform.
MPRA_paper_61616.pdf (655.08 KB, 需要: 1 个论坛币)

2015-2-11 13:23:08 上传

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Political Uncertainty and Household Savings.

Despite macroeconomic evidence pointing to a negative aggregate consumption response due to political uncertainty, few papers have used microeconomic panel data to analyze how households adjust their consumption after an uncertainty shock. We study household savings and expenditure adjustment from an unexpected, large-scale and rapidly evolving political shock that occurred largely in May 1989 in Beijing, China. Using monthly micro panel data, we present evidence that a surge in political uncertainty resulted in significant temporary increases in savings among urban households in China. Households responded mainly by reducing semi-durable expenditure and frequency of major durable adjustment. The uncertainty effect is more pronounced among older, wealthier, and more socially advantaged households. We interpret our findings using existing models of precautionary behavior. By focusing on time variation in uncertainty, our identification strategy avoids many of the potential problems in empirical studies of precautionary savings such as self-selection and life-cycle effects.

34.pdf (510.43 KB, 需要: 1 个论坛币)

2015-2-11 13:24:13 上传

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Political Connections, Discriminatory Credit Constraint and Business Cycle

This paper builds a banking DSGE model based on endogenous loan to value ratios, taking the different relationship between different types of enterprises and banks into account. Due to the political connections between the bank and enterprises, loan to value ratio for favored enterprises (e.g. state-owned enterprises) is endogenously higher than that for non-favored enterprises (e.g. private enterprises), which is called discriminatory credit constraint in this paper. Compared to non-discriminatory credit constraint, we find that discriminatory credit constraint can further amplify the impact of negative technology shocks on output, and reduce the effectiveness of expansionary monetary policy. Empirical evidence from China industrial firms’ data supports our conclusion.
Keywords:        Discriminatory Credit Constraint, Political Connections, Financial Accelerator

MPRA_paper_61439.pdf (916.76 KB, 需要: 1 个论坛币)

2015-2-11 13:25:10 上传

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Does better rail access improve homeowners’ happiness?: evidence based on micro surveys in Beijing
Wu, Wenjie (2013) Does better rail access improve homeowners’ happiness?: evidence based on micro surveys in Beijing. SERC Discussion Papers, SERCDP0134. Spatial Economics Research Centre (SERC), London School of Economics and Political Science, London, UK.


Development of urban transport infrastructures is a key policy focus---particularly in countries like China which have experienced fast urbanisation over the past decade. While existing studies provide marginal values for rail access on the real estate market, little is known about the consequences of local public goods improvements for homeowners’ subjective wellbeing using reported happiness data. This paper uses a difference-in-difference method to empirically measure the impact of rail access on homeowners’ happiness. My identification strategy takes advantage of micro happiness survey data conducted before-and-after the opening of new rail stations in 2008 Beijing. I deal with the potential concern about the endogeneity in sorting effects by focusing on “stayers” and using non-market (fang gai) housings with pre-determined locations. I find the significantly heterogeneity in the effects from better rail access on homeowners’ happiness with respect to different dimensions of residential environment. The welfare estimates suggest that better rail access provided substantial benefits to homeowners’ happiness, but these benefits have strong social-spatial differentiations. These findings add to the evidence that transport improvement has an important role to play in influencing local residents’ subjective wellbeing.

ddd.pdf (2.23 MB, 需要: 1 个论坛币)

2015-2-11 13:27:14 上传

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Who gains from credit granted between firms? Evidence from inter-corporate loan announcements made in China

Who gains from inter-corporate credit? To answer this question we investigate the reactions of the stock prices of both the issuing and receiving firms to the announcements of 719 inter-corporate loans that took place between 2005 and 2012 in China. We find that the average abnormal return for the issuers of inter-corporate loans is significantly negative, whereas the corresponding return for those firms receiving credit is positive. Investors may worry that issuing firms may have run out of other worthwhile projects to finance, while at the same time they may view credit-receiving firms as being certified as worthy borrowers. The issuance of intra-group loans, especially those with higher interest rates, is associated with lower returns overall since such loans may signal a spreading of financial distress to the rest of the group. After issuing inter-corporate loans, firms are also found to have lower accounting performance, which confirms the aforementioned signaling interpretation.
Keywords:        entrusted loan; inter-corporate loan; credit misallocation; certification
dp0115.pdf (733.02 KB, 需要: 1 个论坛币)

2015-2-11 13:30:08 上传

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‘Greater Chinese’ global production networks in the Middle East: the rise of the Jordanian garment industry

The expansion of ‘Greater Chinese’ capital from mainland China, Hong Kong and Taiwan into other parts of the developing world is increasingly noted. It is especially prominent in sub-Saharan Africa where Greater Chinese investments, firms and workers are found across a wide range of activities, from the extractive commodity sectors, to infrastructure projects, agriculture and manufacturing. One region where Greater Chinese investment is less well studied is the Middle East. This article focuses on the case of Jordan. Jordan has rapidly emerged as an important supplier of apparel to the United States, a consequence of a distinct preferential trade agreement. The article charts the ways in which this preferential trade agreement has stimulated the shifts of Greater Chinese garment manufacturers to Jordan. Using a global production networks (GPN) framework, and drawing on primary and secondary evidence, it assesses the dynamics behind Greater Chinese investments into Jordan; it also explores the ways in which Greater Chinese garment producers operating in Jordan organize their supply chains and are linked into the global garments GPNs. Finally, it considers the relationship between such capital flows and the influx of Asian migrant workers into the Jordanian export garment sector.

ffff.pdf (441.02 KB, 需要: 1 个论坛币)

2015-2-11 13:33:58 上传

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The ICT Landscape in Brazil, India and China

Abstract:         The Information Society Unit at IPTS (European Commission) has been investigating the Information and Communication Technologies (ICT) sector and ICT R&D in Asia for several years. This research exercise led to three reports, written by national experts, on China, India and Taiwan, each one including a dataset and a technical annex. This report offers a synthesis on three out of the four BRIC countries (Brazil, India, Russia, China). The report describes, for each of the three countries (Brazil, India, China), its ICT sector, and gives a company level assessment. It also analyses Indian ICT R&D strategies, and assesses the innovation model. In 2010, BRIC countries accounted for 13% of global demand, with spending of about