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The poverty of monetarism 货币主义的贫穷
China Economic Quarterly International Pub Date : 2021-03-01 DOI: 10.1016/j.ceqi.2020.11.002
Patrick Bolton
{"title":"The poverty of monetarism","authors":"Patrick Bolton","doi":"10.1016/j.ceqi.2020.11.002","DOIUrl":"https://doi.org/10.1016/j.ceqi.2020.11.002","url":null,"abstract":"<div><p>This paper provides a critical discussion of monetarism and the difficulties of understanding macroeconomic developments after the publication of Friedman and Schwartz’s classic 1965 article through a monetarist lens, especially for the period following the great financial crisis. This paper proposes three research directions for broadening the classical monetarist framework and provides new foundations for monetary economics.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"1 1","pages":"Pages 1-14"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.ceqi.2020.11.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136401119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Credit constraint and firm’s export mode choice 信用约束与企业出口模式选择
China Economic Quarterly International Pub Date : 2021-03-01 DOI: 10.1016/j.ceqi.2021.01.002
Zhiyuan Li , Haichun Ye
{"title":"Credit constraint and firm’s export mode choice","authors":"Zhiyuan Li ,&nbsp;Haichun Ye","doi":"10.1016/j.ceqi.2021.01.002","DOIUrl":"10.1016/j.ceqi.2021.01.002","url":null,"abstract":"<div><p>How do firms’ credit constraint affect their export mode choices between <em>direct</em> exporting and <em>indirect</em> exporting through intermediaries? This study explores this issue in a heterogeneous firm model where firms differ not only in productivity but also in credit levels. Our model predicts that more productive and financially less constrained firms tend to choose the more advanced export mode and that for the cutoff firms, there is an overall inverse relation between credit and productivity with diminishing marginal rate of substitution. These theoretical predictions are borne out in a large cross-country firm-level dataset over the period 2002–2012.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"1 1","pages":"Pages 43-58"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.ceqi.2021.01.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"102396988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Political equality, coalition formation, and economic performance in autocracies 专制国家的政治平等、联盟形成和经济表现
China Economic Quarterly International Pub Date : 2021-03-01 DOI: 10.1016/j.ceqi.2020.11.001
Yang Yao
{"title":"Political equality, coalition formation, and economic performance in autocracies","authors":"Yang Yao","doi":"10.1016/j.ceqi.2020.11.001","DOIUrl":"https://doi.org/10.1016/j.ceqi.2020.11.001","url":null,"abstract":"<div><p>Autocracies have diverse records of economic growth. This paper provides a theory of endogenous coalition formation to explain economic performance in autocracy. The nature of the ruling coalition that the autocrat relies on to rule the society and extract rents affects the degree of inclusiveness of the autocracy's political and economic institutions that ultimately determines economic performance. A stable ruling coalition has to be invasion-proof --- i.e., being able to resist invasion from outside --- and coalition-proof --- i.e., being able to prevent split from inside. In a political environment where side payments are allowed to buy political support, a ruling coalition is coalition-proof if and only if it satisfies Condition E, i.e., every pair of its member groups holds similar levels of political power relative to the power of any third group (including the autocrat). When more pairs of groups satisfy Condition E in a society, the ultimate ruling coalition becomes more inclusive and societal output is increased.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"1 1","pages":"Pages 72-83"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.ceqi.2020.11.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136401118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Pride and prejudice: Different responses to migrant information among different identity groups 傲慢与偏见:不同身份群体对移民信息的不同反应
China Economic Quarterly International Pub Date : 2021-03-01 DOI: 10.1016/j.ceqi.2021.01.001
Ming Lu , Ziyang Yu , Qingyi Ji
{"title":"Pride and prejudice: Different responses to migrant information among different identity groups","authors":"Ming Lu ,&nbsp;Ziyang Yu ,&nbsp;Qingyi Ji","doi":"10.1016/j.ceqi.2021.01.001","DOIUrl":"10.1016/j.ceqi.2021.01.001","url":null,"abstract":"<div><p>Previous studies have examined how information intervention affects intergroup prejudice and conflict. On that basis, this study introduced psychological adjustment cost into a behavioral model for identity and individual attitude change. The model predicts that changes in attitude are related to an individual’s initial identity, and the same information can either change or reinforce initial attitudes. Then, we used a survey to explore whether information about migration could change the attitudes of Shanghai residents toward interregional migrants to their city. We found that after reading neutrally described information about the benefits of internal migration, the attitudes of non-native interviewees toward immigrants became more positive while those of native Shanghai residents became more negative. We also found that young, well-educated people developed more positive attitudes about immigrants after reading the information.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"1 1","pages":"Pages 84-96"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.ceqi.2021.01.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"98953876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
A Life-Cycle Model with Individual Volatility Dynamics 具有个体波动动力学的生命周期模型
China Economic Quarterly International Pub Date : 2020-12-22 DOI: 10.21144/eq1060402
Marios Karabarbounis
{"title":"A Life-Cycle Model with Individual Volatility Dynamics","authors":"Marios Karabarbounis","doi":"10.21144/eq1060402","DOIUrl":"https://doi.org/10.21144/eq1060402","url":null,"abstract":"A large literature has studied how the presence of uninsurable labor-income risk affects the patterns of savings and portfolio allocation over the life cycle. For example, workers in risky companies, occupations, or industries may have a larger incentive to accumulate wealth to insure against adverse events, such as unemployment, and to prepare for retirement. Moreover, they are likely to hold different investment portfolios, e.g., how much they invest in risky assets and how much of their investment is directed toward liquid versus illiquid accounts. In models with heterogeneous agents, income risk is usually represented by a probability distribution over income draws with a constant variance. Nonetheless, there is increasing evidence that labor-income risk is itself idiosyncratic. For example, Meghir and Pistaferri (2004) use income data from the Panel Study of Income Dynamics to show that there is strong support in favor of income dynamics with a time-varying volatility. Guvenen, Karahan, Ozkan, and Song (2015) show that an income process where variance switches stochastically between low and high regimes can match several higher-order of income moments including the high kurtosis of earnings in the U.S. data. Chang, Hong, Karabarbounis, Wang, and Zhang (2020) use administrative data from Statistics Norway to calibrate a life-cycle model with stochastic volatility in earnings and explore its implications for portfolio choice.","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76445157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sovereign CDS Market: The Role of Dealers in Credit Events 主权CDS市场:交易商在信用事件中的角色
China Economic Quarterly International Pub Date : 2020-09-29 DOI: 10.21144/eq1060301
Lawrence Jia, Bruno Sultanum, Elliot Tobin
{"title":"Sovereign CDS Market: The Role of Dealers in Credit Events","authors":"Lawrence Jia, Bruno Sultanum, Elliot Tobin","doi":"10.21144/eq1060301","DOIUrl":"https://doi.org/10.21144/eq1060301","url":null,"abstract":"A credit default swap (CDS) is a credit derivative that can be used as insurance against a reference entity’s credit risk, where a reference entity is either a government or corporation that has issued debt. It is formally a bilateral contract between a protection seller and protection buyer. The former is taking a short position in the CDS, while the latter is taking a long position. The protection seller compensates the protection buyer if there is a credit event with respect to any of the bonds issued by the contract’s reference entity. Credit events include bankruptcy, failure to pay, and restructuring, among other items. In exchange, the protection buyer makes periodic interest payments to the protection seller until the contract expires. As a result of their role in the 2008 financial crisis and in the sovereign debt crises in Europe, credit default swaps are among the most controversial derivative instruments. In both corporate and sovereign contexts, proponents of CDS attest to their beneficial effects in providing and transferring liquidity risk during times of distress. Critics view CDS as speculative bets, especially since CDS holders may hold more CDS than bonds with respect to the reference entity. That is, if a party owns equal amounts of bonds and CDS for a particular reference entity, then the party is completely insured against a negative credit event. In this way, a CDS works pretty much like an insurance policy on a car, house, or any other asset. However, unlike insurance, it is possible to own more CDS protection than the underlying bonds. As a result, CDS contracts make it possible to trade on","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"16 1","pages":"97-113"},"PeriodicalIF":0.0,"publicationDate":"2020-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86139527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Implication of Global Energy Efficiency Evolution—SDA and Empirical Study Based on Global Input-Output Data 全球能源效率演化的意义——基于全球投入产出数据的sda及实证研究
China Economic Quarterly International Pub Date : 2020-06-22 DOI: 10.13821/J.CNKI.CEQ.2020.01.13
Boqiang Lin, Wei Wu
{"title":"The Implication of Global Energy Efficiency Evolution—SDA and Empirical Study Based on Global Input-Output Data","authors":"Boqiang Lin, Wei Wu","doi":"10.13821/J.CNKI.CEQ.2020.01.13","DOIUrl":"https://doi.org/10.13821/J.CNKI.CEQ.2020.01.13","url":null,"abstract":"","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"48 1","pages":"663-684"},"PeriodicalIF":0.0,"publicationDate":"2020-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86131744","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Economic Welfare and Carbon Mitigation Effect of Ethanol Policies in China 中国乙醇政策的经济福利与碳减排效应
China Economic Quarterly International Pub Date : 2020-06-22 DOI: 10.13821/J.CNKI.CEQ.2020.01.17
Jingbo Cui, Yunlan Yang, Yongping Sun
{"title":"Economic Welfare and Carbon Mitigation Effect of Ethanol Policies in China","authors":"Jingbo Cui, Yunlan Yang, Yongping Sun","doi":"10.13821/J.CNKI.CEQ.2020.01.17","DOIUrl":"https://doi.org/10.13821/J.CNKI.CEQ.2020.01.17","url":null,"abstract":"","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"56 1","pages":"757-776"},"PeriodicalIF":0.0,"publicationDate":"2020-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88219842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cross-Subsidy, Industrial Electricity Price Reduction and Carbon Price Mechanism Design 交叉补贴、工业电价下调与碳价机制设计
China Economic Quarterly International Pub Date : 2020-06-22 DOI: 10.13821/J.CNKI.CEQ.2020.01.15
Zimin Liu, P. Zhu, Danny Yang, Yongsheng Feng
{"title":"Cross-Subsidy, Industrial Electricity Price Reduction and Carbon Price Mechanism Design","authors":"Zimin Liu, P. Zhu, Danny Yang, Yongsheng Feng","doi":"10.13821/J.CNKI.CEQ.2020.01.15","DOIUrl":"https://doi.org/10.13821/J.CNKI.CEQ.2020.01.15","url":null,"abstract":"","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"76 1","pages":"709-730"},"PeriodicalIF":0.0,"publicationDate":"2020-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73906642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Economic Growth Lower Bound and Non-Linear Fiscal Policy—Based on a DSGE Model with Occasional Binding Constraint 经济增长下限与非线性财政政策——基于偶然性约束的DSGE模型
China Economic Quarterly International Pub Date : 2020-06-22 DOI: 10.13821/J.CNKI.CEQ.2019.04.14
Yuchao Peng, Lili Yan, Yi Fang
{"title":"Economic Growth Lower Bound and Non-Linear Fiscal Policy—Based on a DSGE Model with Occasional Binding Constraint","authors":"Yuchao Peng, Lili Yan, Yi Fang","doi":"10.13821/J.CNKI.CEQ.2019.04.14","DOIUrl":"https://doi.org/10.13821/J.CNKI.CEQ.2019.04.14","url":null,"abstract":"","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"42 1","pages":"309-328"},"PeriodicalIF":0.0,"publicationDate":"2020-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78215461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
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