Frontiers of Economics in China最新文献_第5页

Sustainability of Monetary-cum-Exchange Rate Policy in China 中国货币汇率政策的可持续性

IF 0.8 4区经济学

Frontiers of Economics in China Pub Date : 2020-01-17 DOI: 10.3868/S060-008-019-0024-2

Hiroya Akiba

引用次数: 0

Forecasting Chinese Corporate Bond Defaults: Comparative Study of Market- vs. Accounting-Based Models 中国公司债券违约预测:市场与会计模型的比较研究

IF 0.8 4区经济学

Frontiers of Economics in China Pub Date : 2020-01-17 DOI: 10.3868/S060-008-019-0022-8

M. Peng, D. Jiang, Yingjie Wang

{"title":"Forecasting Chinese Corporate Bond Defaults: Comparative Study of Market- vs. Accounting-Based Models","authors":"M. Peng, D. Jiang, Yingjie Wang","doi":"10.3868/S060-008-019-0022-8","DOIUrl":"https://doi.org/10.3868/S060-008-019-0022-8","url":null,"abstract":"This paper provides the first empirical study on bond defaults in the Chinese market. It overcomes the deficiencies of existing methods, which suffer from lack of actual default data for back testing. With newly available bond default data, we analyze the roles of market variables against accounting variables under various models. While we find that Merton's market-based structural model and KMV's Distance to Default exhibit languid discriminating power compared with hazard models that have carefully constructed predictors, other market variables carry significant information about bond defaults and could help improve on models with only the accounting variables. This implies that the collective intelligence of the market could somehow mitigate the distortion caused by misreported accounting information. Further, model performance can be significantly improved by adding predicting variables that link an individual financial measure to the broader market performance, such as the relative margin—a business environment proxy introduced in this study. We not only shed light on the default behavior of the Chinese bond market, but also provide a promising approach to improve the variable selection process.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"14 1","pages":"536-582"},"PeriodicalIF":0.8,"publicationDate":"2020-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46522607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Liquidity Shock, Credit Constraint and the Development of Private vs. State-Owned Enterprises 流动性冲击、信贷约束与民营企业与国有企业的发展

IF 0.8 4区经济学

Frontiers of Economics in China Pub Date : 2020-01-17 DOI: 10.3868/S060-008-019-0023-5

Qingzhu Shi, Chen Wang, Wei Wang

引用次数: 0

Project Matching and Overcapacity in China 项目匹配与中国产能过剩

IF 0.8 4区经济学

Frontiers of Economics in China Pub Date : 2020-01-17 DOI: 10.3868/S060-008-019-0025-9

Lixue Wu, Cheng Liu

引用次数: 0

Where Are We in the Economics of Industrial Policies 产业政策经济学中的我们在哪里

IF 0.8 4区经济学

Frontiers of Economics in China Pub Date : 2019-11-01 DOI: 10.3868/S060–008–019–0015–2

D. Rodrik

引用次数: 13

Effectiveness of Monetary Policy in China: Evidence from Factor-Augmented Vector Autoregression Model 中国货币政策有效性:来自因子增广向量自回归模型的证据

IF 0.8 4区经济学

Frontiers of Economics in China Pub Date : 2019-11-01 DOI: 10.3868/S060–008–019–0016–9

Yunpeng Sun, Jingjia Zhang

{"title":"Effectiveness of Monetary Policy in China: Evidence from Factor-Augmented Vector Autoregression Model","authors":"Yunpeng Sun, Jingjia Zhang","doi":"10.3868/S060–008–019–0016–9","DOIUrl":"https://doi.org/10.3868/S060–008–019–0016–9","url":null,"abstract":"Since 2002, the People's Bank of China has frequently used both quantity-based direct monetary instruments and price-based indirect monetary instruments to promote economic growth and stabilize price level. Specifically, this study estimates 13 three-variable factor-augmented vector autoregression (FAVAR) models to explore how two types of monetary instruments affect China's economy and price level. Overall, we find that monetary policy has positive effects on China's economy and price level. Second, this study clearly states that the effectiveness of China's monetary policy on the economy has depended on China's quantity-based direct monetary instruments since 2002. Third, the effectiveness of quantity-based direct monetary instruments on China's economy and price level is dependent on the significant and positive effects of quantity-based direct monetary instruments after the 2008 financial crisis. Fourth, the significant and positive effects of price-based indirect monetary instruments on China's economy and price level before 2008 cannot fundamentally change their current insignificant effects on China's economy and price level.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"14 1","pages":"336-370"},"PeriodicalIF":0.8,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43530326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Impacts of the Contributions of FDI and Remittances on the Economic Growth in Asia and Latin America: A Comparative Study 外国直接投资和汇款对亚洲和拉丁美洲经济增长的影响:比较研究

IF 0.8 4区经济学

Frontiers of Economics in China Pub Date : 2019-11-01 DOI: 10.3868/S060–008–019–0017–6

Leo H. Chan, Maritza Sotomayor, D. Lien

{"title":"Impacts of the Contributions of FDI and Remittances on the Economic Growth in Asia and Latin America: A Comparative Study","authors":"Leo H. Chan, Maritza Sotomayor, D. Lien","doi":"10.3868/S060–008–019–0017–6","DOIUrl":"https://doi.org/10.3868/S060–008–019–0017–6","url":null,"abstract":"Foreign direct investment (FDI) and foreign remittance have been the main sources of external capital inflows for many developing countries. FDI has been credited as the main driver of rapid economic growth in many Asian countries/regions in recent decades. However, this effect of FDI on long-run economic growth has not been observed in Latin American countries. Now, the question is whether FDI and an increase in foreign remittances in the past two decades have achieved expected positive results in terms of economic growth for emerging economies. This study uses a generalized method of moments (GMM) dynamic panel model to quantify the impacts of FDI and foreign remittances as sources of foreign capital for Asia and Latin America. Our findings suggest that FDI and remittances perform differently in different regions in terms of their impacts on GDP growth. Countries that have specific policies (i.e., industrial policy, domestic content requirement, and export production targets) for FDI are likely to derive more significant benefits from FDI and remittances. Developing countries that are emerging or lagging should learn from the countries with positive outcomes and implement similar policies.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"14 1","pages":"371-400"},"PeriodicalIF":0.8,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41774303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Kreps & Scheinkman with Product Differentiation Kreps & Scheinkman与产品差异化

IF 0.8 4区经济学

Frontiers of Economics in China Pub Date : 2019-07-17 DOI: 10.3868/S060-008-019-0011-4

Stephen Martin

引用次数: 1

Do BRICS Have Similar Disaggregated Trade Patterns with Different Regions 金砖国家在不同地区有相似的分类贸易模式吗

IF 0.8 4区经济学

Frontiers of Economics in China Pub Date : 2019-07-17 DOI: 10.3868/S060-008-019-0014-5

F. Jabalameli, E. Rasoulinezhad

引用次数: 0

An Agenda for Reforming Economic Theory 改革经济理论的议程