{"title":"Trade shock, refugee, and the rise of right-wing populism: Evidence from European Parliament elections","authors":"Yuchen Lin , Tianyang Xi","doi":"10.1016/j.ceqi.2022.05.005","DOIUrl":"10.1016/j.ceqi.2022.05.005","url":null,"abstract":"<div><p>Recent years have witnessed the rising support for right-wing populism in European politics. We rely on the outcomes of the 2014 European Parliament elections to empirically examine the economic and cultural mechanisms that fuel this trend. Using import competition to measure economic shocks and regional-level refugee shocks, we find that regions exposed to more intense trade shocks are more likely to vote for right-wing parties. We further show the increasing support for economically far-right parties is mainly caused by trade shocks, and the electoral support for culturally far-right parties stems mainly from refugee shocks.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 2","pages":"Pages 124-137"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000211/pdfft?md5=ed34598084d82094b51622f53083f265&pid=1-s2.0-S2666933122000211-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77316718","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}
{"title":"Targeting more effective industrial policies: Evidence from massive media data on R&D manipulation","authors":"Guochao Yang , Lina Zhang","doi":"10.1016/j.ceqi.2022.05.002","DOIUrl":"10.1016/j.ceqi.2022.05.002","url":null,"abstract":"<div><p>R&D manipulation prevails in firms' application for high-tech enterprise certification. This paper provides evidence on how media coverage significantly inhibits firms' R&D manipulation behaviour by increasing citizens' concerns. Among all the media reports, original reports and in-depth reports serve the strongest purpose in alleviating R&D manipulation. Among all types of media, online media and authoritative media play a stronger role. We also find a more pronounced supervision role of media for enterprises that are owned by private entities, covered by more analysts, administrated by more capable governments or located in regions with a higher marketization level. We also provide evidence on the enhancement of firms’ R&D performance due to media coverage.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 2","pages":"Pages 138-150"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000181/pdfft?md5=376ec0cb6e45817301231a98ac791188&pid=1-s2.0-S2666933122000181-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81346702","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}
{"title":"Financial repression, SOE reform and fiscal-monetary policy coordination","authors":"Huabin Wu , Zhenyang Xu , Ping Yan","doi":"10.1016/j.ceqi.2022.06.001","DOIUrl":"10.1016/j.ceqi.2022.06.001","url":null,"abstract":"<div><p>We build a dynamic stochastic general equilibrium (DSGE) model with financial repression and conduct estimation and simulation with it using aggregate data. We discuss the interaction and optimal combination of fiscal and monetary policies when the model features SOE monopoly and financial repression. We find that under current situation, fiscal policy should play a bigger role in stabilizing output, while monetary policy ought to pay more attention to combatting inflation. Although private firms' limited access to credit can be attributed to financial repression and SOE monopoly, financial repression is a second-best policy, in that it promotes SOE's output via cheap credit when SOEs behave like monopolists. This offsets the efficiency loss associated with monopoly. Moreover, our policy experiments show that the optimal fiscal policy can respond less to output fluctuations, when SOE reforms dampen the significance of financial repression.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 2","pages":"Pages 151-163"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000223/pdfft?md5=d2046c9cdf8c5b81e2fefe27f45d222b&pid=1-s2.0-S2666933122000223-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75836107","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}
{"title":"Aid and conflict: Evidence from Chinese aid","authors":"Jianan Li , Xiaoning Long , Qi Jiang","doi":"10.1016/j.ceqi.2022.05.004","DOIUrl":"10.1016/j.ceqi.2022.05.004","url":null,"abstract":"<div><p>Using data from AidData and the conflict report from Uppsala Conflict Data Program (UCDP) from 2000 to 2014, we find that China's other official flows (OOF) aid can significantly reduce the frequency of conflicts. To deal with the endogeneity, we use China's competitive capacity as the instrumental variable. Our results are robust when considering the possible sample selection bias and different types of international aid. We find that increasing the local infrastructure investment and employment is the main mechanism, which increases the opportunity cost of engaging in conflicts. Our results provide evidence on the effectiveness of China's aid mode and the importance of infrastructure investment in developing countries.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 2","pages":"Pages 111-123"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266693312200020X/pdfft?md5=7a10d48c306f2ecccd9866e03151b0c9&pid=1-s2.0-S266693312200020X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91148675","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}
{"title":"The effect of state capital injection on private firms’ performance: Evidence from Chinese industrial firms","authors":"Yan Dong, Peizhong Liu","doi":"10.1016/j.ceqi.2022.05.001","DOIUrl":"10.1016/j.ceqi.2022.05.001","url":null,"abstract":"<div><p>Based on Chinese industrial firms’ data, this study found that state capital injection weakened the technological progress and management efficiency of private firms, which led to a reduction in enterprises’ total factor productivity. State capital injection also increased the labor cost and investment in fixed assets, and lowered the profitability of firms. Furthermore, the state capital did not have a significant negative impact on firms in technology-intensive and monopoly industries. This study has shed some lights on the reform of the state-owned assets management system and the development of a mixed ownership economy.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 2","pages":"Pages 85-97"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266693312200017X/pdfft?md5=547dd6be9c340308da831abc0875d107&pid=1-s2.0-S266693312200017X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81253400","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}
{"title":"How transportation infrastructure affects firm Productivity?Evidence from China","authors":"Ming Xu , Yuan Feng","doi":"10.1016/j.ceqi.2022.02.001","DOIUrl":"10.1016/j.ceqi.2022.02.001","url":null,"abstract":"<div><p>The national trunk highway system (NTHS), consisting of five vertical and seven horizontal national trunk highways, is taken as a natural experiment to study the impact of transportation infrastructure on firm productivity. It is found that the NTHS has led to the agglomeration of production resources of county-level enterprises along the system to large cities, and the degree of agglomeration has industry-level heterogeneity. Although the NTHS has promoted the division of labor among county-level enterprises, it is difficult for these enterprises to compete with those in big cities and share efficiency and economic benefits from the deepening of the division of labor.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 1","pages":"Pages 55-69"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000028/pdfft?md5=1f5d09e438f2fc5e82d130b02fc7e449&pid=1-s2.0-S2666933122000028-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73401594","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}
{"title":"Regulatory arbitrage, bank opacity and risk taking in Chinese shadow banking from the perspective of wealth management products","authors":"Yeni Huang , Bian Zhou , Liya Liu","doi":"10.1016/j.ceqi.2021.12.001","DOIUrl":"10.1016/j.ceqi.2021.12.001","url":null,"abstract":"<div><p>We set up a general equilibrium model of Chinese wealth management products (WMPs), which are deeply rooted in traditional Chinese commercial banks. According to this model, we proposed two hypotheses, namely, the regulatory arbitrage and information asymmetry hypotheses. We tested the hypotheses by using data on Chinese WMPs during the 2006–2015 period. We found that regulatory arbitrage was the main driver of WMPs’ rapid expansion. The greater the pressure from regulation was, the greater the incentive for commercial banks to issue off-balance sheet WMPs and take risks. When the regulatory standard became strict or loose, the effect of regulatory arbitrage on marginal risk-taking behavior became reinforced or reduced, respectively. We also argue that transparency can moderate drive-up behavior. Some relevant suggestions are provided for solving the problems of overexpansion and risk-taking behavior according to the results.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 1","pages":"Pages 1-14"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933121000526/pdfft?md5=1ccbdaf2f454e997f25f906920f1b6af&pid=1-s2.0-S2666933121000526-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72648543","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}
{"title":"Innovation spillovers in production networks: Evidence from the establishment of national high-tech zones","authors":"Shenglan Chen , Xiaoling Liu","doi":"10.1016/j.ceqi.2022.03.001","DOIUrl":"10.1016/j.ceqi.2022.03.001","url":null,"abstract":"<div><p>Based on a novel dataset constructed with the supplier-consumer paired sample, this paper uses a difference-in-differences approach to evaluate the impact of national high-tech zones on firm performance. We find that the supplier's sales growth rate increased by about 61.35% after the approval of the national high-tech zone in the place where its largest customer was located. This spillover effect transmitted from the consumer to the supplier could be due to either knowledge spillover or demand expansion. Further study finds that the innovation spillover effect is stronger when the consumer company has a higher switching cost, when the supplier company has a stronger absorption capacity, and when the relationship between the supplier and the consumer is closer. Our paper suggests that the innovation policy effect would be amplified through the supply chain network.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 1","pages":"Pages 42-54"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000041/pdfft?md5=43e5993b4b576c0d4f45c16823c34545&pid=1-s2.0-S2666933122000041-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83698125","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}
Rukai Gong , Wenchun Wang , Zhao Rong , Rudai Yang
{"title":"Real estate expansion and manufacturing wage increase in China: From the perspective of labor reallocation","authors":"Rukai Gong , Wenchun Wang , Zhao Rong , Rudai Yang","doi":"10.1016/j.ceqi.2022.03.002","DOIUrl":"10.1016/j.ceqi.2022.03.002","url":null,"abstract":"<div><p>The massive expansion of China's real estate sector has raised manufacturing wage through the channel of reallocating low-skilled labor from manufacturing sectors to the real estate sector. Using data of manufacturing firms in 35 major cities from 2000–2007, we find that the expansion of the real estate sector resulted in higher manufacturing wage. Additionally, we find that this positive effect was more pronounced among labor-intensive firms, among non-SOEs, and among firms in cities with a low development level of the labor market. By investigating the occupation choice of rural-to-urban migrant workers, we find that real estate expansion made migrant workers less likely to choose manufacturing jobs while more likely to choose construction jobs, which further confirms the labor reallocation story.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 1","pages":"Pages 70-83"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000053/pdfft?md5=9cc2f7b73411ed2864a5b6b994e7fdf0&pid=1-s2.0-S2666933122000053-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84698710","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}
{"title":"Natural calamity and cultural formation: A study on Yellow River flooding region","authors":"Ruobing Liang","doi":"10.1016/j.ceqi.2022.01.001","DOIUrl":"10.1016/j.ceqi.2022.01.001","url":null,"abstract":"<div><p>Traditional culture is usually regarded as the response to environmental change. In this paper, we tried to investigate the impact of natural calamity on the cultural formation by a case study of Yellow River flooding region (YRFR). Using national population censuses and Chinese General Social Survey data and the regression discontinuity design, we estimated the influence of YRFR on the formation of cultures, including gender norms, religious beliefs, and trust. The results suggested that inner YRFR residents preferred boys than girls, believed in religions but repelled foreign religions, and lacked the trust in others in spite of their more trust on governmental organizations. Finally, we conducted robustness checks and discussed the possible influencing paths.</p></div>","PeriodicalId":100238,"journal":{"name":"China Economic Quarterly International","volume":"2 1","pages":"Pages 15-28"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666933122000016/pdfft?md5=2f69d71a581324cefd368ef2c53e2d3a&pid=1-s2.0-S2666933122000016-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90637037","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}