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| 1 |
ID:
178488
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| Summary/Abstract |
Most literature on market competition in the banking industry neglects to address strategic interaction among banks. This paper studies interaction among Chinese banks by dividing banks into two groups: dominant banks (the “Big 5” state-owned banks) and small- and medium-sized banks (joint-stock banks and large city commercial banks). We test an oligopolistic model with conjectural variation developed by Spiller and Favaro (1984). Using data from 2007 to 2016, we find that banking competition is not in the form of Stackelberg competition per se. Some strategic interactions exist between small- and medium-sized banks and the largest state-owned bank. We also study the effect of interest rate deregulation on oligopolies' strategic interactions. Our results show that interest rate deregulation stimulates banking competition by reducing collusiveness among the dominant state-owned banks and enhancing the market power of small and medium banks.
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| 2 |
ID:
178487
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This paper examines the relationship between dialect diversity and foreign direct investment (FDI) using a dataset of 230 Chinese cities for the period 2000–2014. We find that dialect diversity and FDI absorption are negatively correlated. However, this negative relationship disappears gradually over time. Several underlying mechanisms are identified. In particular, it is found that dialect diversity impedes human capital development and hence obstructs FDI absorption. Our results also show that there are threshold and spatial spillover effects. This research increases knowledge of FDI location choice and has implications for foreign investment policymaking.
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| 3 |
ID:
178489
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| Summary/Abstract |
This study uses data covering 3,914 farm households, collected from Henan province in China, to investigate the links between the price of agricultural mechanization services and farmers' exit from land operation. The results indicate that the increasing price of agricultural mechanization services leads to farmers leaving land operation, especially when the high sunk costs and the long-term breakeven period of self-owned machinery are considered. This effect is intensified by the rapid rural–urban migration in China. Further analysis reveals that the surge in service prices reduced land renting-in and encouraged non-grain production. Our analysis suggests that the agricultural mechanization service market in China tends to work against the survival of smallholder farmers. However, the price of agricultural mechanization services is conducive to eliminating less-productive farmers and cultivating new agricultural operators.
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| 4 |
ID:
178486
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| Summary/Abstract |
This paper constructs a two-stage sequential game model to shed light on the spillover effect of inward FDI on the efficiency of domestic firms in host countries. Our model shows that, given an optimal joint-venture policy made by foreign firms, the impact of the spillover effect of inward FDI is contingent upon the productivity gap between the domestic firms and foreign ones. In particular, we demonstrate that the spillover effect of inward FDI varies negatively with the productivity gap between domestic low-productivity firms and foreign firms but works in the opposite way for high-productivity firms. This suggests that once the productivity gap widens, the entry of foreign firms will increase the efficiency of high-productivity firms but reduce the efficiency of low-productivity firms. In support of our theoretical model, we provide robust empirical results by using the dataset of annual survey of Chinese industrial enterprises.
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| 5 |
ID:
178485
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| Summary/Abstract |
This paper examines structural changes in China's exchange rate mechanism. For this purpose, we propose a predictive model incorporating three factors that influence the central parity rate: a smoothing factor, a market factor, and a basket factor. We first apply the model to analyze the effects of 12 exchange rate reforms since 2005, treating these reforms as predetermined structural breaks. Among other results, we find that the main impact of introducing a “counter-cyclical factor” is to weaken the role of the basket factor. We estimate structural breaks in data, assuming that the number and dates of breaks are unknown, and we find that, although the majority of estimated breaks occur within the neighborhood of exchange rate reforms, there are breaks due to other external shocks such as the escalation of the China–US trade conflict in May 2019. It is suggested that our model may be used to guide future currency reforms in China.
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| 6 |
ID:
178490
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| Summary/Abstract |
Using data from the 2015 China Health and Retirement Longitudinal Study, this paper analyzes how the health of parents is causally linked to the gender of their children. We find that, compared with parents with no daughters, those with one daughter are healthier by 0.155 more activities of daily living. This effect is mainly channeled through the provision of emotional comfort and financial support, and not through living with parents. We also confirm that daughters are an important source of financial and emotional support for elderly parents, regardless of whether the parents have pension insurance. This study has important policy implications for China as it focuses on the support from daughters, who historically have not been considered to be as reliable as sons in supporting their parents.
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