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| 1 |
ID:
114793
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| Publication |
2012.
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| Summary/Abstract |
Since 2001, the exports of foreign-invested enterprises (FIEs) have accounted for more than 50 percent of China's total exports. As foreign capital occupies a high proportion of the total capital of FIEs, most FIEs' capital gains are foreign factor income. Although these gains are calculated as a part of China's GDP, they do not belong to China's national income. To determine the real contribution of exports to China's welfare, the present paper analyses the impact of exports on China's national income using a non-competitive input-output model capturing processing trade. The results show that every US$1000 of China's exports generates US$506.8 of national income. The real contribution of exports to China's welfare is much smaller than what we expected. This suggests that China should endeavor to improve the gains from international markets or find another engine to maintain its economic growth.
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| 2 |
ID:
114789
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2012.
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| Summary/Abstract |
This paper investigates how a firm's characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China's listed companies for a sample period from the first quarter of 2002 to the first quarter of 2011, we find that quantity-oriented and price-based monetary policies have heterogeneous impacts on corporate investment behavior, but the influence of monetary policies is constrained by the liquidity, inventory, size and asset-liability ratio of a firm. Firms with higher liquidity, lower inventory level and lower asset-liability ratios are less sensitive to the impact from two kinds of monetary policies. The larger the size of the firm, the less it is subject to influence from quantity-oriented monetary policy; it responds more to price-based monetary policy. The policy implication is that the monetary authorities should pay attention to the importance of policy-making based on the monetary demand of microeconomic entities.
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| 3 |
ID:
114791
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2012.
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| Summary/Abstract |
This paper proposes a property transformation perspective to examine the mechanisms of wealth accumulation and wealth inequality creation during China's post-1978 transformation. It examines how enterprise ownership restructuring, marketization and state politics have resulted in greater wealth inequality between cadres and ordinary workers, between public sectors/organizations and private sectors/organizations. Mainly drawing on data from the Chinese Household Income Project conducted in 1995 and 2002, we find that the property transformation process has created greater wealth disparity among different occupational groups and among those working in different work organizations since the mid-1990s. However, it is inconclusive whether non-housing wealth or total household wealth are increasing at the same pace across different occupations and work organizations with the growing market penetration and the spread of privatization.
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| 4 |
ID:
114790
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| Publication |
2012.
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| Summary/Abstract |
Using matched firm-level trade and production data over the period 2000-2006, we study the product-destination portfolio and dynamics of Chinese industrial exporters and make a thorough comparison among four types of firms and between two kinds of trade modes. We find that ownership structure and trading modes do matter to the destination and product mix choices of Chinese industrial exporters. In particular, foreign firms' exports and processing trade tend to be more destination-specific and products are more specialized. Therefore, foreign firms are more likely to maintain a particular link within a specific global supply chain.
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| 5 |
ID:
114792
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2012.
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| Summary/Abstract |
Using principal component analyses, this paper constructs two internationalization indices for the renminbi (RMB) and 32 other major currencies. We find that the RMB's currency internationalization degree index (CIDI) is still low, and far behind the 4 most important international currencies. In 2009, it was ranked 18th among all important international currencies. However, in terms of the currency internationalization prospect index (CIPI), the RMB has remained the world's fifth highest since 2006. Although it is still far behind the US dollar and the euro, surpassing the ranking of the yen and the pound is possible in the near future. The dramatic difference in the ranking between the CIDI and the CIPI is a result of China's tight capital account control, the usage continuity of international currency due to network externalities, and the narrow foreign exchange and imperfect financial markets. Hence, to a large degree, the RMB's potential as an international currency depends on China's capital account liberalization.
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| 6 |
ID:
114794
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2012.
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| Summary/Abstract |
In China, the responsibility of protecting the environment lies largely with local governments. Within the framework of spatial econometrics, we investigate empirically the consequence of such an institutional setting. Using city-level data for China, the present study finds that city governments behave strategically in making spending decisions regarding environmental protection. This paper finds that a city government appears to cut its own spending as a response to the rise in environmental protection spending by its neighbors. Hence, environmental protection tends to be underprovided. As a result, we suggest that centralizing the environmental protection responsibility to a higher level of government would be beneficial in terms of controlling pollution in China.
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