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ID: 124561

Central government's infrastructure investment across Chinese r: a dynamic spatial panel data approach / Zheng, Xinye; Li, Fanghua; Song, Shunfeng; Yu, Yihua

Song, Shunfeng	Journal Article
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Publication

2013.

Summary/Abstract

This study employs spatial panel techniques to examine determinants of regional allocation of infrastructure investment made by the central government. Using a sample of 31 Chinese provinces over the 2001-2008 period, we derived four major empirical findings. First, there exist substantial spatial interactions of central government's investment across regions. Second, the central investment exhibits a highly persistent effect. Third, the central government attempts to balance equity and efficiency in its decision-making. Last, the political factor plays a significant role in the regional infrastructure investment.

Key Words

China ; Economics - China ; Infrastructure Investment ; International Trade - China ; Efficiency - Equity ; Tradeoff ;
Spatial Interaction ; Trade Policy - China

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ID: 125009

Renminbi exchange rate exposure: evidence from Chinese industries / Miao, Boyang; Zhou, Si; Nie, Jing; Zhang, Zhichao

Nie, Jing	Journal Article
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Publication

2013.

Summary/Abstract

This paper investigates sensitivity of stock returns of industry-sorted Chinese firms with respect to renminbi exchange rate movements. Strong evidence of significant exposure is documented for 7 out of 16 Chinese industries. Evidence is also found of the size asymmetry effects. In addition, we explore the characteristics of the exposure, and detect evidence of significant exposure among non-exporters in some of the industries. Special attention is given to examining the time-varying exposure under the impact of the new Chinese exchange rate regime in place since 2005, in which even stronger exchange rate exposure is reported. The conditional exposure estimated in this paper also reveals the close relation between stock returns and changes of the renminbi exchange rate.

Key Words

China ; Risk Management ; Renminbi exchange rate ; Chinese Economy ; Economic Policy - China ; Chinese Industries ;
Trade Policy - China ; Exchange Rate Exposure ; Chinese Stock Market

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