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ID: 086594

Comments on: Is the Chinese growth miracle built to last?" and "Will the renminbi become a world currency? / Sheldon, Ian

Sheldon, Ian	Journal Article
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2009.

Summary/Abstract

Based on their titles alone, there would seem to be little immediate connection between these two very interesting and useful papers. Closer reading, however, suggests that in fact both are analyzing the same basic problem, albeit from quite different standpoints: the importance of developing an independent monetary policy in China and the concomitant reform of its financial system. In the first paper, the focus is on the costs of China's current growth model as they relate to development of its financial sector, and the extent to which associated policy distortions such as maintenance of a fixed exchange rate may limit China's ability to deal with internal and external shocks to its economy.

Key Words

China ; World Currency ; Chinese Growth Miracle ; Employment Growth

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ID: 137539

Labor market effect of foreign acquisitions: evidence from Chinese manufacturing firms / Liu, Qing; Lu, Ruosi ; Zhang, Chao

Zhang, Chao	Article
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Summary/Abstract

The potential impacts of foreign acquisitions have long been debatable in both academic and policy circles in China, which have more or less shaped China's regulation policy regarding foreign acquisitions. This paper examines the causal effect of foreign acquisitions on the labor market in China with self-constructed firm level panel data. We combine the propensity score matching and the difference-in-differences techniques in our estimation to deal with the potential selection biases in acquisitions. Our results show that the impacts of foreign acquisitions in China are different from but also comparable to those in developed countries found in the literature. Specifically, foreign acquisitions have significant positive effects on the levels of wage and employment of target firms, but mildly negative impact on employment growth and insignificant impact on wage growth. The impacts show heterogeneities. We also check the potential channels of the impacts.

Key Words

China ; Labour market ; Chinese Economy ; Employment Growth ; Wage Growth ; Regulation Policy – China ;
Foreign Acquisitions

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