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ID:
149770
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| Summary/Abstract |
This study investigates how the presence of foreign firms in a sector influences the privatization policy of domestic firms in that sector in China. We consider several variables to proxy for such a presence, from the perspective of the relative production scale, R&D and marketing, and labor productivity. By using the enterprise surveys carried out by the World Bank in 2005 of nearly 12,400 Chinese firms located in over 100 cities, we find that a rise in the presence of foreign firms increases the extent of the private ownership of domestic firms in a nonlinear fashion. Additionally, we apply IV-Tobit estimation with valid instruments and Tobit estimation with lagged key variables to deal with the possible endogeneity in the relationship between the presence of foreign firms and the privatization decision. Empirical evidence supports the main findings.
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| 2 |
ID:
192407
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| Summary/Abstract |
We estimate the causal effect of extreme temperatures on out-of-pocket medical expenditure. To do so we match data from three waves of China Family Panel Studies, a nationally representative longitudinal survey for China, with daily weather records in the county in which the person lives. We find that both extreme cold and extreme heat increase expenditure and that the effect of hot days on out-of-pocket medical expenditure is collectively larger than that of cold days. Extreme temperatures increase time engaged in sedentary activities and contribute to sleep disruption and energy poverty, which adversely affect physical and mental health. Combining our preferred estimates with daily temperature projections from recent climate models, we find that out-of-pocket medical expenditure would increase by 2.290–6.149% in the medium term (2041–2060), depending on whether measures are taken to curb greenhouse gas emissions. Our study highlights a growing, but previously neglected, burden stemming from climate change.
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| 3 |
ID:
182746
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| Summary/Abstract |
This paper investigates the dynamic relationship between the onshore spot market and offshore forward market for Chinese currency around the period of China's “8.11” exchange rate regime reform, one of the most important market-oriented reforms implemented on August 11, 2015. We compare return and volatility spillover effects between the two markets before and after the “8.11” reform. The empirical evidence shows that a remarkable change has occurred in both the return and volatility spillovers. Before the reform, return and volatility spillovers exist from the offshore forward market to the onshore spot market. After the reform, however, we observe an obvious reverse in the direction and an increase in the strength of the return and volatility spillover effects. These findings suggest the existence of cross-market information flows, a change in the direction and a strengthening of the dynamic relationship after the reform. We argue that the “8.11” reform serves as a milestone reflecting long-term underlying forces that increase the relative importance of the onshore market.
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