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Measuring real estate policy uncertainty in China 衡量中国房地产政策的不确定性
China Economic Quarterly International Pub Date : 2023-03-01 DOI: 10.1016/j.ceqi.2023.02.003
Yingnan Chen , Dongcui Mo , Sihua Tang , Huihui Li
{"title":"Measuring real estate policy uncertainty in China","authors":"Yingnan Chen ,&nbsp;Dongcui Mo ,&nbsp;Sihua Tang ,&nbsp;Huihui Li","doi":"10.1016/j.ceqi.2023.02.003","DOIUrl":"https://doi.org/10.1016/j.ceqi.2023.02.003","url":null,"abstract":"<div><p>Referring to the newspaper textual analysis method by <span>Baker et al. (2016)</span>, this study constructs a monthly Chinese Real Estate Policy Uncertainty (REPU) index from 2001 to 2018. The index increases significantly near the promulgation of major policies. We also conduct evaluation of the index with the vector autoregression (VAR) model, which reveals that the rise of REPU indicates the decline in the growth rate of commodity housing development investment, sales area, and real estate industry added value. The REPU index is helpful to expand the understanding of policy uncertainty, and the accurate measurement of REPU is the basis for further research of its impact on China's real estate market.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"3 1","pages":"Pages 23-34"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49704137","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
Digital transformation of commercial banks in China: Measurement, progress and impact 中国商业银行数字化转型:衡量、进展与影响
China Economic Quarterly International Pub Date : 2023-03-01 DOI: 10.1016/j.ceqi.2023.03.002
Xuanli Xie, Shihui Wang
{"title":"Digital transformation of commercial banks in China: Measurement, progress and impact","authors":"Xuanli Xie,&nbsp;Shihui Wang","doi":"10.1016/j.ceqi.2023.03.002","DOIUrl":"https://doi.org/10.1016/j.ceqi.2023.03.002","url":null,"abstract":"<div><p>Nowadays, digital transformation has become an urgent strategic task for traditional commercial banks. Due to the lack of measurement of banks’ digital transformation, whether digital transformation could enhance the competitiveness of banks is still inconclusive. In this paper, we construct an index system to measure digital transformation of banks from three dimensions: strategy transformation, business transformation and management transformation. Using data from Chinese commercial banks, this paper measures the progress of digital transformation of banks in China. The empirical results show that digital transformation can improve bank performance, reduce the negative impact of new technology entrants, and promote the exit of offline channels.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"3 1","pages":"Pages 35-45"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49704139","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: 17
Monetary policy shocks and the signaling channel of monetary policy in China 货币政策冲击与中国货币政策的信号通道
China Economic Quarterly International Pub Date : 2023-03-01 DOI: 10.1016/j.ceqi.2023.03.001
Zhenzhu Chen , Li Li , Changhua Yu
{"title":"Monetary policy shocks and the signaling channel of monetary policy in China","authors":"Zhenzhu Chen ,&nbsp;Li Li ,&nbsp;Changhua Yu","doi":"10.1016/j.ceqi.2023.03.001","DOIUrl":"https://doi.org/10.1016/j.ceqi.2023.03.001","url":null,"abstract":"<div><p>This paper identifies exogenous monetary policy shocks based on the high frequency transaction data of China's interest rate swap market, and explores the ‘signaling channel’ of monetary policy by investigating the transmission of different monetary policy instruments on economic activities at both the macro and micro level. At the macro level, both the reserve ratio and the 7-day repo rate (R007) affect China's nonfinancial sectors and financial markets through the credit channel, while at the micro level, a rise in credit spread amplifies the impact of reserve ratio and R007 on corporate finance. There exists a signaling channel of monetary policy in China. The transmission and the signaling channel of China's monetary policy exhibit significant heterogeneity among enterprises with different ownerships, leverages and ages.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"3 1","pages":"Pages 46-59"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49704143","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
The effectiveness of lending facilities in China —evidence from bank lending 中国贷款便利的有效性——来自银行贷款的证据
China Economic Quarterly International Pub Date : 2023-03-01 DOI: 10.1016/j.ceqi.2023.02.001
Wei Deng , Zhigang Ouyang , Guochao Yang , Sai Xiao
{"title":"The effectiveness of lending facilities in China —evidence from bank lending","authors":"Wei Deng ,&nbsp;Zhigang Ouyang ,&nbsp;Guochao Yang ,&nbsp;Sai Xiao","doi":"10.1016/j.ceqi.2023.02.001","DOIUrl":"https://doi.org/10.1016/j.ceqi.2023.02.001","url":null,"abstract":"<div><p>This study examines the impact of lending facilities on commercial banks’ lending and its underlying mechanism by employing the difference-in-difference method utilizing Chinese banking data. It is found that lending facilities significantly increase the scale of lending by commercial banks through the channel of the eligible collateral, and this effect has increased over time. The findings confirm for the first time that lending facilities in China play a credit promotion role through the channel of the eligible collateral, providing empirical evidence in the Chinese context of the effectiveness on lending facilities and important insights for improving lending facility operations.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"3 1","pages":"Pages 13-22"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49704134","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
Ex-ante fairness under constrained school choice: An experimental approach 受限择校条件下的事前公平：一种实验方法
China Economic Quarterly International Pub Date : 2022-12-01 DOI: 10.1016/j.ceqi.2022.11.001
Haoqi Tong , Xiaohan Zhong
{"title":"Ex-ante fairness under constrained school choice: An experimental approach","authors":"Haoqi Tong ,&nbsp;Xiaohan Zhong","doi":"10.1016/j.ceqi.2022.11.001","DOIUrl":"https://doi.org/10.1016/j.ceqi.2022.11.001","url":null,"abstract":"<div><p>In a college admission mechanism, students are often matched with colleges by using a noisy signal of their true abilities (e.g., their exam scores). The matching outcome thus may be imperfect in terms of ex-ante fairness, which suggests matching students with higher ability to better colleges. To achieve ex-ante fairness, we consider constraining student choice over colleges, by designing treatments with different constraint levels under the Boston and Serial Dictatorship mechanisms, with preference submission before or after the exam. Constraining student choice increases the probability of achieving ex-ante fairness under the Boston and Serial Dictatorship mechanisms with preference submission before the exam, compared with unconstrained mechanisms and mechanisms with preference submission after the exam. However, the probability of achieving highly unfair matching is also increased, resulting in a riskier matching outcome. Learning the game or providing students with recommended equilibrium strategies can decrease this risk and further increase ex-ante fairness.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 4","pages":"Pages 304-333"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266693312200048X/pdfft?md5=23eaddd35d5117edd004d16bd2f3c8a4&pid=1-s2.0-S266693312200048X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72288647","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
Local judicial system reform and corporate investment: Evidence from unified management of local courts below the province 地方司法体制改革与企业投资——来自省以下地方法院统一管理的证据
China Economic Quarterly International Pub Date : 2022-12-01 DOI: 10.1016/j.ceqi.2022.11.005
Renjie Zhao , Jiakai Zhang
{"title":"Local judicial system reform and corporate investment: Evidence from unified management of local courts below the province","authors":"Renjie Zhao ,&nbsp;Jiakai Zhang","doi":"10.1016/j.ceqi.2022.11.005","DOIUrl":"https://doi.org/10.1016/j.ceqi.2022.11.005","url":null,"abstract":"<div><p>Using the policy of unified management of local courts below the province, we found that the independence of the judiciary can significantly improve the success rate of firms in administrative litigation cases, promoting the corporate fixed assets investment rate. The positive influence of reform of local judicial system on private firms is more significant than that on state-owned enterprises. Mechanism analysis shows that the reform of local judicial system will promote financial development and improve corporate financing, reduce corporate bribery expenditures and promote long-term investment and R&amp;D expenditures, which indicates that deepening judicial system reform can achieve the simultaneous advancement of legal construction and economic construction.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 4","pages":"Pages 290-303"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000521/pdfft?md5=3ee06ef0a9f94920392e2ed2fae01fd8&pid=1-s2.0-S2666933122000521-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72259125","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
Trade openness and human capital allocation: From a perspective of occupational choice between public sector and private sector 贸易开放与人力资本配置：公共部门与私营部门职业选择视角
China Economic Quarterly International Pub Date : 2022-12-01 DOI: 10.1016/j.ceqi.2022.10.001
Shigang Li , Zefeng Zhou , Chi Wu
{"title":"Trade openness and human capital allocation: From a perspective of occupational choice between public sector and private sector","authors":"Shigang Li ,&nbsp;Zefeng Zhou ,&nbsp;Chi Wu","doi":"10.1016/j.ceqi.2022.10.001","DOIUrl":"https://doi.org/10.1016/j.ceqi.2022.10.001","url":null,"abstract":"<div><p>This paper investigates the impacts of trade openness on the allocation of human capital between public sector and private sector. Using a matched dataset of the 1% survey of China's population in 2005 and other city-level data, we find that individuals who reside in cities with higher degrees of trade openness are less likely to work in public sector, and this effect increases with educational attainment. We then employ a difference-in-differences model and a triple differences model based on the trade liberalization of China to alleviate endogeneity concerns, and finally come to a same conclusion. Further analysis reveals that trade openness triggers human capital reallocation by ameliorating business environment and raising the returns on human capital that is allocated to private sector.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 4","pages":"Pages 252-264"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000478/pdfft?md5=40dc742b45eb6e57391a2312becf3237&pid=1-s2.0-S2666933122000478-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72288644","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
Digital financial inclusion and household risk sharing: Evidence from China's digital finance revolution 数字普惠金融与家庭风险分担:来自中国数字金融革命的证据
China Economic Quarterly International Pub Date : 2022-12-01 DOI: 10.1016/j.ceqi.2022.11.006
Xun Wang, Xue Wang
{"title":"Digital financial inclusion and household risk sharing: Evidence from China's digital finance revolution","authors":"Xun Wang, Xue Wang","doi":"10.1016/j.ceqi.2022.11.006","DOIUrl":"https://doi.org/10.1016/j.ceqi.2022.11.006","url":null,"abstract":"","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86269869","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: 3
Education resource reallocation and innovation: Evidence from university mergers in China 教育资源配置与创新：来自中国高校合并的证据
China Economic Quarterly International Pub Date : 2022-12-01 DOI: 10.1016/j.ceqi.2022.11.003
Libin Han , Hongwei Xu , Yuejun Zhong
{"title":"Education resource reallocation and innovation: Evidence from university mergers in China","authors":"Libin Han ,&nbsp;Hongwei Xu ,&nbsp;Yuejun Zhong","doi":"10.1016/j.ceqi.2022.11.003","DOIUrl":"https://doi.org/10.1016/j.ceqi.2022.11.003","url":null,"abstract":"<div><p>Based on the university mergers policy in China that began in the 1990s, this paper uses a DID regression model to study the impact of higher education resource reallocation on university R&amp;D. It reveals that the university mergers have significantly increased the output of R&amp;D, and the conclusion is consistent in a series of robustness tests. The mechanism analysis results show that the university mergers can affect the R&amp;D by increasing the scientific research funding input in universities, improving the discipline development, and increasing the ability of basic R&amp;D. Heterogeneity test results show that the complementary mergers have a greater impact on R&amp;D in universities. These findings reveal an important mechanism that is conducive to deepening the reform of higher education and catching up with the first-class universities and disciplines.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 4","pages":"Pages 265-277"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000508/pdfft?md5=c397353672c340032f0f00b41e9f95a8&pid=1-s2.0-S2666933122000508-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72288643","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
Labor protection and private firms’ exports 劳动保护与私营企业出口
China Economic Quarterly International Pub Date : 2022-12-01 DOI: 10.1016/j.ceqi.2022.11.004
Ruixiang Xiong , Qian Wan
{"title":"Labor protection and private firms’ exports","authors":"Ruixiang Xiong ,&nbsp;Qian Wan","doi":"10.1016/j.ceqi.2022.11.004","DOIUrl":"https://doi.org/10.1016/j.ceqi.2022.11.004","url":null,"abstract":"<div><p>Using several micro-datasets and the difference-in-differences (DID) method, we attempt to study the effects of labor protection on private firms’ exports. We find that labor protection has enormous negative impacts on the exports of private firms. The impacts are more pronounced in cities with higher minimum wages and in more labor-intensive firms. The mechanism analysis shows that labor protection reduces the productivity of private firms and long-term employment. The findings suggest that governments need to implement supplementary measures to reduce the negative effects of labor cost increases induced by the Labor Contract Law.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 4","pages":"Pages 278-289"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266693312200051X/pdfft?md5=3469369c00f748ee472a329f16b09a1f&pid=1-s2.0-S266693312200051X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72259124","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
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