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| 1 |
ID:
183927
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| Summary/Abstract |
China’s rapidly growing local government debt problem has long been recognized by foreign observers as a risk, but inside China, only recently was this problem called out as alarming. Why has local government debt been allowed to grow with little direct intervention from central authorities? We argue that it has much to do with a “grand bargain” between the central government and localities during the 1994 fiscal recentralization reform. While much scholarly attention has been paid to the consequences of the 1994 reform that left localities with a tremendous fiscal gap, our findings show that Beijing in fact gave localities the green light to create new backdoor financing institutions that counteracted the impact of fiscal recentralization. In essence, these institutions were the quid pro quo offered to localities to sustain their incentive for local state-led growth after 1994. The bargain worked, and growth continued. The drawback, however, was that China’s economic growth has been accompanied by the accumulation of local government debt with little transparency and central control. When the global financial crisis slowed growth, and local deficits and debts spiked, Beijing began to shut down backdoor financing and opened front-door options that were transparent and under the control of national authorities—but with limited success. In the wake of COVID-19, the question is whether the pendulum will swing back toward more tolerance of local debt for the sake of economic growth.
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| 2 |
ID:
139542
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The entry of Mongolian People’s Republic (MPR) into the United Nations (UN), from its first application in 1946, took 15 years. In the context of the global Cold War, UN membership became a tool to strengthen the influence of the USA and the Soviet Union. They supported the membership of their respective clients, while opposed it for clients of their adversary. Consequently, from 1947 to 1955, no new members joined the organization for 8 years. However, the extension of UN membership to the newly independent African countries in the mid-1950s led to a US-Soviet struggle for allies among them. In this regard, the Soviet Union succeeded in linking the package admission of the MPR and Mauritania with the issue of China’s representation. The USA, seeking to ingratiate itself to new African UN members and thus gain their collaboration on the question of China’s representation and other UN issues crucial to American interests, ultimately compromised, consenting to the MPR’s entry. In conclusion, the MPR’s admittance was the result of the struggles and compromises of the two superpowers.
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| 3 |
ID:
121337
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2013.
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| Summary/Abstract |
Corporate excessive energy consumption and emissions are negative externality problems, with the basic countermeasure of establishing a series of institutional programs to promote corporate energy conservation and emissions reduction. This paper analyzes the influence of institutional factors such as laws, tax policies, credit policies, government subsidies, media supervision and marketization degree on corporate energy conservation and emissions reduction from the institutional perspective. The data, from 84 listed Chinese chemical and steel companies from 2006 to 2010, was analyzed using both a fixed effect model and the generalized method of moments (GMM) model. The empirical results demonstrate that these institutional factors positively affect corporate energy conservation and emissions reduction. Specifically, four factors - tax policies, government subsidies, credit policies and media supervision - have a significant positive relationship with corporate energy conservation and emissions reduction; whereas laws and marketization degree exhibit no significant effects. The research findings are theoretically and practically significant to the Chinese government with regard to improving the institutional environment and promoting corporate energy conservation and emissions reduction.
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| 4 |
ID:
192832
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| Summary/Abstract |
This study created a new financial technology (Fintech) development index by combining the PKU-DFIC index with data from Fintech companies collected manually through the ‘TianYanCha’ credit platform. By matching the index with data on listed enterprises, we analysed the impact of Fintech development on green innovation in businesses and explored the underlying pathways of ‘credit expansion’ and ‘fiscal expansion’. Our findings reveal that firms located in cities with advanced levels of Fintech development obtain larger scale and greater efficiency in green innovation. Furthermore, the results of the exploration of impact pathways show that Fintech development increases the size of credit in the city as well as the government's fiscal support for businesses. Fintech enables enterprises to achieve higher performance of green innovation through these two pathways. The methodology used to construct the Fintech indicators and conduct this study provides more precise insights into the relationship between Fintech development and the environmentally focused development of the real economy.
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| 5 |
ID:
102716
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2011.
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| Summary/Abstract |
We empirically investigate the factors that drive the uneven regional distribution of foreign direct investment (FDI) across Chinese provinces from 1995 to 2006. We first perform a factor analysis to summarize information embodied in around 40 variables and derive four FDI determinants: 'institutional quality', 'labour costs', 'market size', and 'geography'. Applying these estimated factors, we then employ instrumental variable (IV) estimation to account for endogeneity. In line with theoretical predictions, we find that foreign firms invest in provinces with good institutions, low labour costs, and large market size. The Arellano-Bond dynamic panel generalised method of moments (GMM) results show strong agglomeration effects that multinationals tend to invest in provinces which attract other foreign firms, consistent with the economic geography literature. Several robustness tests indicate that low labour costs combined with improvements in institutions are the key for attracting FDI in China.
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| 6 |
ID:
179736
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| Summary/Abstract |
Most countries of the world have put forward the goal of striving for carbon neutrality. The goal is hard to achieve by only relying on supply side solutions for the world. Most countries should pay more attention to the potential of energy conservation and emission reduction in the field of final demand. We construct an empirical analytic framework to investigate energy demand characteristics as economic growth from the perspective of final demand, and the results show a U-shaped curve relationship between the ratio of energy embodied in consumption to energy embodied in investment (REECEEI) and real gross domestic product per capita. The REECEEIs of major developing and developed countries are very different. Compare to the average baseline curve scenario, there is a notable conservation potential of energy embodied in final demand for major developing and developed countries. In climate negotiation, the demand for energy embodied in investment of developing countries should be guaranteed because it is the foundation of their economic development. To conserve energy and reduce emissions in the field of final demand, developing countries should focus on the field of energy embodied in investment, while developed countries should focus on the field of energy embodied in consumption.
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