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| 1 |
ID:
112167
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| 2 |
ID:
161874
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| Summary/Abstract |
In this paper, we compile China's household balance sheet and apply this perspective to the analysis of household financial conditions. Specifically, we first address some technical issues on the balance sheet accounts, and detail the estimations of two important asset items, “dwellings” and “automobiles.” Next, through reading the sheets, we provide an international comparative analysis, and show: (1) China's households are still on their early stage of wealth accumulation, and this trend is associated with a changing structure in favour of financial assets. (2) Although being subject to relatively low insolvency and liquidity risks, the sector has experienced, generally contrary to major developed or emerging countries, a climbing leverage cycle since the global financial crisis. These findings imply that China's policymakers should, on the one hand, make further efforts to help households accumulate wealth with an improved structure in terms of liquidity and risk diversification, and on the other hand, need to pay high attention to the increasing household financial stress and the potential risk contagion.
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| 3 |
ID:
049472
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| Publication |
Lanham, Rowman and Littlefield Publishers, 2001.
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| Description |
xviii, 285p.
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| Standard Number |
0847694976
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Copies: C:1/I:0,R:0,Q:0
Circulation
| Accession# | Call# | Current Location | Status | Policy | Location |
| 045154 | 320.951/LI, 045154 | Main | On Shelf | General | |
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| 4 |
ID:
091521
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| Publication |
2009.
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| Summary/Abstract |
This article explores two interrelated aspects of the new dynamics within the CCP leadership - the new elite groups and the new ground rules in Chinese politics. The first shows profound changes in the recruitment of the elite and the second aims to reveal the changingmechanisms of political control and the checks and balances of the Chinese political system.The article argues that the future of the CCP largely depends on two seemingly contradictory needs: how broad-based will the Party's recruitment of itsnew elites be on the one hand and how effective will the top leadership be in controlling this increasingly diverse political institution on the other.
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| 5 |
ID:
182805
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| Summary/Abstract |
Thanks to four-decade spectacular economic growth, China's households have been accumulating a stockpile of wealth. In such a context, further concerns have been raised about the relationship between wealth accumulation and improvement of economic well-being, mainly through consumption. The issue becomes even more important when considering the challenges facing China in recent years, which can be characterized by a mix of increasingly leveraged households, escalating housing price, sluggish consumption, slowing economic expansion, trade frictions with the United States, and the Covid-19 pandemic and resulting economic difficulties. With that background in mind, this paper first provides international evidence on the relationship between household consumption and wealth, especially in the form of houses. Drawing on a panel of aggregate data for fourteen countries including China, we find that household consumption positively responds to changes in housing wealth, and this link is further affected by different levels of government spending and financial development. We next relate the international evidence to the case of China, with the focus on some recent policy issues over housing regulations and consumption promotion. Importantly, as the evidence and underlying theories suggest, housing wealth-consumption association does not follow a simplistic pattern, and thus, multiple policy measures could and should be undertaken rather than merely curbing speculative activities in real estate exchanges and associated financial business.
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| 6 |
ID:
062156
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| 7 |
ID:
152516
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| Summary/Abstract |
In the present paper we explore the internationalization of the renminbi with reference to the experiences of other monetary powers, and discuss its determinants, prospects and implications for China's development in the “new normal.” Specifically, after summarizing the major progress made thus far, we conduct a regression analysis, showing that economic size and financial conditions are significant determinants of the international currency status, while inertia and other unobserved factors also play important roles. These empirical findings enable us to undertake a scenario analysis focusing on the renminbi's potential to become a global reserve currency. Based on this quantitative research, we then revisit China's policy initiatives designed to promote its currency overseas. In our view, the internationalization of the renminbi, along with financial deepening and liberalization, should be regarded as a means to achieve China's goal of reaching a more sustainable and balanced model of development.
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| 8 |
ID:
093838
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2010.
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| Summary/Abstract |
This paper addresses the capital mobility among regions within China. Using a range of panel estimators which deals with the non-stationarity of time series components, individual heterogeneity and common unobserved factors, we show that the savings and investment (both expressed as ratios to GDP) are positively correlated for a sample of 28 Chinese provinces over the period of 1978 to 2006. According to the Feldstein-Horioka's argument (1980, Economic Journal (90), pp.314-329), such a correlation can be interpreted as evidence of low capital mobility. In addition, by means of Granger causality test, we fail to provide consistent evidence to support the hypothesis of efficient capital allocation in China. Combining the results given above, it is believed that the capital may be inefficiently retained within the provincial confines. We conjecture that the intermarriage between financial power and local authorities is primarily responsible for this worrying phenomenon.
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