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| 1 |
ID:
073503
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| Publication |
2006.
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| Summary/Abstract |
The paper uses rolling sample tests to investigate time-varying calendar effects in the Chinese stock market, based on the GARCH (1, 1)-GED model. The Friday effect existed with low volatility at the early stage, but it seems to have disappeared since 1997. The positive Tuesday effect began to appear then. There is a small-firm January effect with high volatility. The turn-of-the month effect has also disappeared in the Chinese stock market since 1997.
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| 2 |
ID:
073502
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| Publication |
2006.
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| Summary/Abstract |
Multinational firms are important conduits of managerial skills, foreign market linkages, and technology. Foreign export spillovers associated with multinational firms have the potential to reduce entry costs for local exporting firms. This paper examines whether exports by multinational firms increase the probability of exporting by domestic Chinese firms. The findings from the Probit estimation highlight the varying relationships between multinational exports and local foreign entry based on the type of ownership. The results from separating foreign-invested enterprises into overseas Chinese companies and OECD-based multinational firms suggest that the export activity of the former does not increase the probability of exporting by local firms, whereas the latter positively influence the export decision of local firms, particularly under processing trade.
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| 3 |
ID:
073501
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| Publication |
2006.
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| Summary/Abstract |
China's economic development has in many ways taken the world by storm, and no part of the country has been left fully unaffected. Many attempts have been made to explain the sources of this rapid, yet uneven, development. Previous studies on the specific relationship between growing exports and economic growth provide important information on the issue, but results from individual provinces are lacking. To fill the gap, this paper reviews the basic empirical question defined by the export-led growth (ELG) hypothesis, i.e. whether growth in exports drives growth in GDP, at the provincial level. The ELG hypothesis is validated in 13 of the 27 provinces in the sample.
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| 4 |
ID:
073500
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| Publication |
2006.
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| Summary/Abstract |
Rapid economic growth and radical structural transformation pose a challenge to official statisticians as they seek to encompass new economic activities and phenomena. The accuracy of official statistics is liable to come into question. Urban unemployment in China is a good example. This paper estimates the urban unemployment rate using administrative statistics, population census data and a recent sample survey data set, and provides a critique showing in some detail how and why Chinese unemployment statistics are a minefield for the unwary and unemployment is so difficult to measure. Nevertheless, it is found that the urban unemployment rate rose rapidly over the 1990s and exceeded 11% in 1999 and 2000. The paper concludes by considering the implications of the findings for understanding unemployment, for policy, and for the collection of statistics.
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