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| 1 |
ID:
188153
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| Summary/Abstract |
This study examines the impacts of public transfers on income inequality and poverty reduction in rural China. It uses nationally representative rural household surveys from the China Household Income Project and classifies public transfers into three types – universal, pro-poor, and reimbursable transfers – to compare the impacts of each type of public transfer in 2013 and 2018. Estimated results show that the contributions of each type of public transfer to reducing income inequality were generally small in both 2013 and 2018. However, the effects of reimbursable transfers were the largest of the three types. We also found that the poverty-reducing effects were the largest for reimbursable transfers, and their impacts have considerably improved in the western region. The impacts of pro-poor transfers were intermediate but have developed notably in the central region. These findings suggest that reimbursable and pro-poor transfers contributed mainly to reducing rural poverty but the impacts were heterogeneous among regions.
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| 2 |
ID:
188160
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With the fast pace of population aging, industrialization, and urbanization in China, the main source of elderly care is changing. Using China Health and Retirement Longitudinal Survey data, we investigate the elderly care provision situation and find that spouses are currently the most important elderly care providers in China. We use a model to depict the trade-off between a caregiver's own health and the care quality obtained by the care recipient. The model predicts that under some conditions, the caregivers will provide care at the cost of their health. Employing a stratified propensity score matching method, we find that spouses' caregivers are more likely to have depression, physical pain, and hypertension than noncaregivers. The negative effects are larger for caregivers with a high level of care intensity or less support from other resources. Female spousal caregivers tend to suffer more from depression and physical pain than male spousal caregivers. Our findings suggest that policies toward “healthy aging” should target not only the disabled elderly but also their spousal caregivers who are also elderly people.
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| 3 |
ID:
188154
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The Regional Comprehensive Economic Partnership (RCEP) agreement was signed on November 15, 2020. This marks the formal conclusion of the world's largest free trade agreement in terms of population and economic scale. The RCEP agreement covers new liberalization commitments in goods, services, investment, and movement of natural persons, and addresses some emerging behind-the-border trade issues, to forge more transparent, open, and inclusive trade rules. Its aim is to build a comprehensive, modern, inclusive, and high-quality free trade agreement. This paper summarizes the framework and highlights of the RCEP agreement, measures the extent of tariff reduction from various perspectives, makes a quantitative assessment of the level of service trade liberalization of the member states adopting positive list commitments, and makes an in-depth analysis of trade rules and provisions in the RCEP agreement. Furthermore, this paper also makes a comprehensive comparison of main provisions among the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, RCEP, and US-Mexico-Canada Agreement. The paper concludes with policy recommendations for China to promote the implementation of the RCEP agreement.
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| 4 |
ID:
188155
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| Summary/Abstract |
We scrutinized determinants of financial literacy in China – the largest developing economy, and one with a rapidly expanding financial landscape. We used the China Household Finance Survey's 2013 and 2015 waves, which included the so-called “Big Three” financial literacy questions that test individuals' understanding of compound interest rates, inflation, and risk. We found that financial literacy in the country was low. Our results showed that, unlike in developed countries, risk literacy in China was high and financially illiterate people's awareness of their own lack of financial skills was high. Importantly, we showed that female, old, less educated, and low-income people were increasingly lagging in gaining financial skills. This was especially true for the western and central regions of China. Our study complements a limited number of studies on the financial literacy of the middle class in developing economies.
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| 5 |
ID:
188156
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| Summary/Abstract |
We explore firm quasi-dynamics (entry, exit, and growth) in Chinese manufacturing industry and investigate how these dynamics vary across regions. Our results show that relative to provinces with less developed economies, in provinces with more developed economies (i) there is a higher proportion of new firms; (ii) new firms are smaller and more labor-intensive; (iii) firms exit at a quicker rate, and surviving firms grow faster. These results point toward cross-region differences in market efficiency in terms of how much it costs a firm to enter or exit the market. Our findings shed light on how firms should adapt their strategies across regions and how the government should create sound policies on industrial upgrading and relocation.
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| 6 |
ID:
188158
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| Summary/Abstract |
This paper focuses on the Shanghai pilot free trade zone (FTZ). It investigates the effect of the FTZ policy on regional financial development. The synthetic control method employs quarterly data from 2005 to 2019 at the provincial level to investigate counterfactual states before and after the pilot FTZ was set up. First, our results reveal that the Shanghai pilot FTZ had a positive influence on the following four variables proxied for regional financial development: (i) the scale of regional financial development; (ii) the efficiency of indirect financial development; (iii) the efficiency of direct financial development; (iv) the structure of financial development. Second, our results found that the policy effects that began to emerge from 2014 onwards exhibited a steadily increasing trend. As a result, the four proxy variables have increased by (i) 197 percent, (ii) 202 percent, (iii) 9.4 percent, and (iv) 15.2 percent, respectively. That is, the scale of regional financial development and the efficiency of indirect financial development have increased more than the other proxy variables.
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| 7 |
ID:
188157
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| Summary/Abstract |
This paper develops a theoretical model to describe how exporting firms manage their inventory stocks in response to an exogenous trade policy uncertainty shock. Using firm-level data from China Industrial Enterprise Database and China Customs Database on inventory and exports over the period around China's WTO accession, we show that a reduction in trade policy uncertainty significantly increased exporting firms' inventory holdings. The result was robust to various robustness checks. This effect was found to be stronger for private and foreign firms than state-owned enterprises and mainly driven by firms from the coastal region. We also found that the reduction in trade policy uncertainty increased the frequency and the average volume of export transactions, and that this was the mechanism behind the effect. This paper helps to understand exporting firms' optimal inventory problem arising from trade-policy uncertainty and shocks.
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| 8 |
ID:
188159
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| Summary/Abstract |
This paper analyses the life-cycle dynamics of zombie companies – broadly defined as businesses that are consistently unable to meet their interest expenses from current profits – amongst listed firms in China over the period 2008–2019. A large share of zombie companies subsequently return to nonzombie status. This proportion is higher for firms undergoing a major restructuring event, low leverage levels, and with smaller operating expense ratios. However, zombie firms that return to nonzombie status continue to have lower levels of profitability compared with their industry peers and have a higher probability of relapsing into zombie status compared with firms that have never been classified as zombie. Concerted efforts to revive zombie companies using major restructuring events appear insufficient in overcoming the longer term scarring effects of zombification on firms' profitability. The results highlight the potential benefits of the ongoing efforts by Chinese regulators to improve the delisting process.
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| 9 |
ID:
188152
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| Summary/Abstract |
This study investigates the relationship between economic growth and inequality by employing the artificial neural network approach. There are many important findings. First, this work reveals the underlying functional form of economic growth and inequality by using three-dimensional diagrams. Second, the findings show that there was an inverted-U relationship between economic growth and inequality. This explains apparent contradictions in research findings in the literature. Third, the optimal level of inequality, which corresponds to the highest level of economic growth, is computed for different economies. Our findings were confirmed by the development processes in many developing countries and also in China in recent years, thereby highlighting the importance of inequality alleviation in promoting further economic growth. These findings enable us to derive pragmatic policy implications for other developing countries at different stages of economic development in achieving sustainable growth with equity.
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