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ID:
096228
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| Publication |
2010.
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| Summary/Abstract |
By January 2009, China held almost US$2tn in foreign reserves. The present paper estimates the marginal effect of China changing its holdings of foreign reserves on the value of the US dollar in Europe and Asia. Because using traditional techniques to find this estimate would be inappropriate due to severe problems resulting from omitted variables, the present paper uses a new approach, bidirectional-reiterative truncated projected least squares, that has been proven to minimize problems associated with omitted variables. It is found that if China would sell 1 percent of its foreign reserves, then the value of the US dollar would fall by 0.44 percent. With such a large effect, China has an incentive to either not sell any of its US dollar reserves or sell all of its US dollar reserves.
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| 2 |
ID:
182791
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| Summary/Abstract |
A quality promotion of neighborhood primary schools no doubt elevates nearby housing price. But which houses benefit from the public policy is important to improve educational equity. Accurate identification of such capitalization effects will help policymakers optimize the allocation of scarce public goods. Previous studies on this issue have been biased due to endogeneity and overlooking the impacts of facility quality change. Based on the Hangzhou's school district adjustment in 2012, the current work contributes to housing price effects of policies and education quality changes, rather than a static educational facility. The difference-in-differences model with quantile regression is constructed to obtain a more precise and detailed estimation among the different sub-markets. Results show that the average price effect estimated by the difference-in-differences is up to nearly 800 yuan/m2, higher than cross-sectional estimation. Only housing with better schools after reassignment witness a price premium. Low-priced and small houses earn more than 1000 yuan/m2, whereas high-priced and large houses are not significantly affected. The results demonstrate that future policies should ensure the rights of low-income groups to attend high quality primary school and guard against the gentrification of low-priced houses.
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