中国经济评论最新文献

Anti-dumping duties, export price adjustment, and firm ownership: Evidence from Chinese aluminum exporters

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-28 DOI: 10.1016/j.chieco.2025.102394

Li Su , Yanfei Wang , Mengyuan Zhang , Wei Lin

引用次数: 0

How services liberalization shapes functional specialization in developing countries?

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-24 DOI: 10.1016/j.chieco.2025.102398

Feifei Wu , Lei Liu , Bo Gao , Yanrui Wu

{"title":"How services liberalization shapes functional specialization in developing countries?","authors":"Feifei Wu , Lei Liu , Bo Gao , Yanrui Wu","doi":"10.1016/j.chieco.2025.102398","DOIUrl":"10.1016/j.chieco.2025.102398","url":null,"abstract":"<div><div>How does services liberalization in developing countries shape their functional specialization, i.e. does it cause relatively more domestic value added in exports attributed to fabrication (and to R&D)? This paper empirically shows that services liberalization primarily reinforces specialization in fabrication. We find that the mechanism is the reduction in the cost of services used as the input of manufacturing sectors after services liberalization. We also document the impact is mainly driven by services liberalization in sectors of business and telecommunication and more prominent in sectors characterized by low labor cost, low labor productivity, and low technology levels and in developing countries located in the European production network. Moreover, we show that services liberalization has no discernible impact on specialization in R&D within developing countries. Our results suggest that developing countries, opening up their domestic services market, are seemingly incapable of upgrading functional specialization towards R&D from fabrication, but become more deeply entrenched in fabrication within the global production network.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"91 ","pages":"Article 102398"},"PeriodicalIF":5.2,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143746523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Fintech, technological innovation and regional economic growth: Theoretical modeling and empirical evidence

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-24 DOI: 10.1016/j.chieco.2025.102397

Xirong Huang , Jichang Dong , Xiuting Li

{"title":"Fintech, technological innovation and regional economic growth: Theoretical modeling and empirical evidence","authors":"Xirong Huang , Jichang Dong , Xiuting Li","doi":"10.1016/j.chieco.2025.102397","DOIUrl":"10.1016/j.chieco.2025.102397","url":null,"abstract":"<div><div>This study aims to investigate the role of fintech in stimulating innovation and promoting regional economic growth. A Multi-Sector Endogenous Growth Model (MEGM) is constructed by incorporating fintech while internalizing technological progress and human capital accumulation within the framework of creative destruction. Based on this model, we theoretically analyze how fintech influences innovation and regional economic growth, followed by empirical testing using panel data from 246 prefecture-level cities in China during the period from 2012 to 2020. Furthermore, we contextualize these findings within China's fintech development landscape, trends in technological innovation, and patterns of regional economic growth. The results demonstrate that fintech exerts a significant incentive effect on regional innovation and effectively promotes economic growth. Heterogeneity analysis based on cities' endowments reveals that the impact of fintech is more pronounced in financially developed cities, those with high digital endowments, as well as in first- and second-tier cities. The analyses presented herein elucidate how fintech facilitates technology-driven regional economic growth in China, providing valuable insights for fostering innovation-driven development through fintech.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"91 ","pages":"Article 102397"},"PeriodicalIF":5.2,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143739434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Quantifying change: The impact of digital financial inclusion across income quantiles in China 量化变化：数字普惠金融对中国不同收入阶层的影响

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-24 DOI: 10.1016/j.chieco.2025.102399

Huanjun Zhu , Jialiang Zhu , Yulin Zhu

引用次数: 0

Did FinTech steal the cheese of banks? Evidence from Chinese firm exports

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-20 DOI: 10.1016/j.chieco.2025.102392

Ling Feng , Zhiyuan Li , Yixuan Liu , Yahong Zhou

{"title":"Did FinTech steal the cheese of banks? Evidence from Chinese firm exports","authors":"Ling Feng , Zhiyuan Li , Yixuan Liu , Yahong Zhou","doi":"10.1016/j.chieco.2025.102392","DOIUrl":"10.1016/j.chieco.2025.102392","url":null,"abstract":"<div><div>The emergence and rapid growth of FinTech platforms may pose a potential threat to the traditional banking sector. In particular, the deposit draining or direct funds diversion of FinTech platforms may reduce bank loan supply to traditionally advantageous borrowers like exporters in the banking credit market. We investigate this potential threat by examining the impacts of FinTech emergence in China on its firm exports. We first construct a simple theoretical model, which shows that when FinTech emergence reduces bank loan supply, it will depress the exports of financially constrained firms, especially those heavily reliant on bank financing. Empirically, we find that the FinTech emergence in China was associated with reduced Chinese firm exports, particularly for firms with severe financial constraints, heavy reliance on bank loans and greater liquidity needs, but may be beneficial by providing alternative funding sources for sectors with greater financial vulnerability. The paper suggests that while FinTech challenges traditional bank loan supply and harms the advantageous borrowers in the bank credit market, it compensates those less reached by the banking sector, exhibiting characteristics of inclusive finance.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"91 ","pages":"Article 102392"},"PeriodicalIF":5.2,"publicationDate":"2025-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143724409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

How does monetary policy shock affect banks' loan loss provisioning behavior? Evidence from Chinese commercial banks

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-18 DOI: 10.1016/j.chieco.2025.102395

Yong Ma , Huanqi Lan

{"title":"How does monetary policy shock affect banks' loan loss provisioning behavior? Evidence from Chinese commercial banks","authors":"Yong Ma , Huanqi Lan","doi":"10.1016/j.chieco.2025.102395","DOIUrl":"10.1016/j.chieco.2025.102395","url":null,"abstract":"<div><div>This study examines the impact of monetary policy shocks on banks' loan loss provisioning behavior using panel data from Chinese commercial banks. We find robust evidence that a positive monetary policy shock negatively affects banks' loan loss provisions (LLPs), as banks adjust LLPs to enhance reported earnings and conceal risks during periods of monetary tightening. Further analysis reveals that banks with higher risk profiles or weaker risk resilience exhibit larger reductions in LLPs in response to monetary policy shocks. Additionally, stricter macroprudential policies and higher regulatory quality encourage banks to maintain higher levels of LLPs. We also find that during periods of credit contraction, banks are less likely to reduce LLPs to bolster future earnings, as doing so poses greater risks. The findings underscore the importance of maintaining transparent and stable monetary policy to prevent distortions in banks' loan loss provisioning behavior and highlight the need for effective regulations to ensure that banks remain healthy and maintain adequate LLPs, particularly during economic and financial downturns.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"91 ","pages":"Article 102395"},"PeriodicalIF":5.2,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143682380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

How trade drives fluctuations in macroeconomics in China – A multi-level dynamic factor approach

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-17 DOI: 10.1016/j.chieco.2025.102393

Jianghuai Hou , Fang Wang , Ji Zhang

{"title":"How trade drives fluctuations in macroeconomics in China – A multi-level dynamic factor approach","authors":"Jianghuai Hou , Fang Wang , Ji Zhang","doi":"10.1016/j.chieco.2025.102393","DOIUrl":"10.1016/j.chieco.2025.102393","url":null,"abstract":"<div><div>Investigating how international trade with different regions and in different indus- tries affects the macroeconomy is crucial for policymaking and economic forecasting, particularly in the context of trade frictions. Using a dynamic hierarchical factor model (DHFM) and factor-augmented vector autoregression (FAVAR) model, we extract factors from extensive trade data to explore their impacts on and interactions with the macroeconomy.</div><div>Our findings reveal three key aspects. First, a positive shock to the overall trade factor generates positive macroeconomic effects, though with notable regional varia- tions. The OECD factor triggers inflationary pressures and monetary tightening in both China and the US, whereas the ASEAN factor leads to policy divergence—China opts for monetary easing against US tightening—accompanied by improved foreign direct investment (FDI) inflows and stock market performance. Second, in the in- dustry dimension, positive shocks to the medium-tech and high-tech manufacturing sector demonstrate sustained industrial growth and positive FDI trends, despite some financial market uncertainties. Third, regarding policy interactions, we find a contrac- tionary US monetary policy shock significantly impacts China's trade and macroeco- nomic cycles,whereas a contractionary Chinese monetary policy shock shows relatively ambiguous effects.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"91 ","pages":"Article 102393"},"PeriodicalIF":5.2,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143682381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Moving out of agriculture: How trade liberalization affects agricultural productivity in China

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-13 DOI: 10.1016/j.chieco.2025.102388

Zhendong Ma , Di Wang , Fan Feng , Tianhui Zhao

{"title":"Moving out of agriculture: How trade liberalization affects agricultural productivity in China","authors":"Zhendong Ma , Di Wang , Fan Feng , Tianhui Zhao","doi":"10.1016/j.chieco.2025.102388","DOIUrl":"10.1016/j.chieco.2025.102388","url":null,"abstract":"<div><div>The literature on structural economic transformation often overlooks how structural changes affect agricultural development. This paper addresses that gap by examining the impact of the U.S. granting China permanent normal trade relations (PNTR) and China's subsequent WTO accession in 2002 on agricultural productivity. Using panel data from the National Fixed-Point Survey, a difference-in-differences analysis reveals that one standard deviation reduction in tariff uncertainty has led to a 7 % to 9 % decline in agricultural productivity, as measured by yields and total factor productivity. One mechanism is that the trade shock results in a notable decline in the number and share of agricultural laborers with higher human capital: those with higher physical strength, of prime working age, and more educated. The shift in human capital between economic sectors helps reconcile the discrepancy between this paper and literature on factor misallocation and productivity, which posits that reallocating excess labor from agriculture should improve productivity. <em>JEL Classification:</em> F14, F16, O13, O17.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"91 ","pages":"Article 102388"},"PeriodicalIF":5.2,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143724535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Understanding the distributional effects of income uncertainty shocks

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-13 DOI: 10.1016/j.chieco.2025.102377

Zhiwei Xu , Jianpo Xue , Zhewei Zhang

引用次数: 0

The impact of air pollution on crowdfunding donations for critical illnesses: Evidence from China

IF 5.2 1区经济学

中国经济评论 Pub Date : 2025-03-11 DOI: 10.1016/j.chieco.2025.102391

Sheng Hua , Huina Liu , Zheng Ji , Han Liang

引用次数: 0