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Table of Contents Vol. 31, No. 1–6, 2023 目录 第 31 卷第 1-6 期，2023 年
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-01-29 DOI: 10.1111/cwe.12522
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引用次数: 0
Economic Development and Social Integration of Migrants in China 中国的经济发展与移民的社会融合
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-01-29 DOI: 10.1111/cwe.12514
Guangjun Shen, Chuanchuan Zhang
{"title":"Economic Development and Social Integration of Migrants in China","authors":"Guangjun Shen,&nbsp;Chuanchuan Zhang","doi":"10.1111/cwe.12514","DOIUrl":"https://doi.org/10.1111/cwe.12514","url":null,"abstract":"<p>Migrants often face challenges in social integration. Using a nationally representative sample of migrant workers and employing the epidemiological approach, this paper examines the determinants of social integration. It finds that, conditional on a set of individual features, the migrants from less-developed provinces have greater difficulty in integrating into local communities. These results still demonstrate robustness across alternative variables, samples, and various specifications. Mechanism analysis shows that educational and employment factors account for over 40 percent of the variance in social integration levels, suggesting their significant influence. Additionally, the analysis suggests that native bias against migrants, along with misunderstandings between them, may account for part of the remaining variation in social integration levels. Importantly, the ability to speak local dialects has been identified as a crucial factor that can significantly improve migrants' subjective experience of integrating into a new city. By identifying one specific cause of social integration, this paper provides information to individuals and governments and assists them to improve social integration.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 1","pages":"1-20"},"PeriodicalIF":3.1,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139655398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Import Policy Uncertainty and Innovation 进口政策的不确定性与创新
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-01-29 DOI: 10.1111/cwe.12520
Lingshan Chen, Yunong Li, Qian Xie, Mao Zhou
{"title":"Import Policy Uncertainty and Innovation","authors":"Lingshan Chen,&nbsp;Yunong Li,&nbsp;Qian Xie,&nbsp;Mao Zhou","doi":"10.1111/cwe.12520","DOIUrl":"https://doi.org/10.1111/cwe.12520","url":null,"abstract":"<p>The Chinese government has emphasized innovation as the primary driving force for economic development in the new era. This paper studies the effect of import policy uncertainty (IPU) on the innovation activity of Chinese manufacturing firms. It establishes a simple model to show that the presence of IPU encourages innovation and that a reduction in IPU discourages innovation. It distinguishes the almost unnoticed IPU reduction from tariff reduction on China's WTO accession and develops a novel difference-in-differences specification that identifies the negative effect of IPU reduction on innovation using updated data for Chinese manufacturing and patent filings. The result holds after a battery of identification assumptions and robustness checks are considered. The import channel explains about two thirds of the effect of IPU on innovation, but not all of the effect. Finally, this paper examines the effect across firms of different levels of productivity and ownership types and patents of different categories.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 1","pages":"197-230"},"PeriodicalIF":3.1,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139655448","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Effects of the Resident Basic Medical Insurance Reform on Household Consumption in China 居民基本医疗保险改革对中国家庭消费的影响
IF 3.1 2区 经济学
China & World Economy Pub Date : 2024-01-29 DOI: 10.1111/cwe.12517
Shuheng Yu, Xinxin Ma, Peng Zhan
{"title":"Effects of the Resident Basic Medical Insurance Reform on Household Consumption in China","authors":"Shuheng Yu,&nbsp;Xinxin Ma,&nbsp;Peng Zhan","doi":"10.1111/cwe.12517","DOIUrl":"https://doi.org/10.1111/cwe.12517","url":null,"abstract":"<p>This paper investigates the causal relationship between the Urban and Rural Resident Basic Medical Insurance (URRBMI) reform and household consumption in urban China using data from the Chinese Household Income Project survey and employing combination of the propensity score matching and difference-in-differences methods. The results yield three conclusions. First, the reform affected both the amount and share of household consumption. Specifically, the reform led to an increase in total household consumption, encompassing both medical and nonmedical expenditures. Among these, the proportion of medical consumption increased, while the proportion of nonmedical consumption reduced. Second, the impact of the URRBMI reform varied across consumption categories within nonmedical expenditure. Specifically, consumption for education and entertainment industries are positively impacted by the URRBMI reform in terms of both quantity and proportion. Third, low-income households benefit more from the URRBMI reform compared to middle- and high-income households. The main channels through which the URRBMI reform affects household consumption were the price effect and the crowding out effect on precautionary savings.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"32 1","pages":"96-129"},"PeriodicalIF":3.1,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139655402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Media Inclination and Outward Foreign Direct Investment: Evidence from Chinese Firms 媒体倾向与对外直接投资:来自中国企业的证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12511
Beibei Hu, Qiao Luan, Xue Meng, Kai Wang
{"title":"Media Inclination and Outward Foreign Direct Investment: Evidence from Chinese Firms","authors":"Beibei Hu,&nbsp;Qiao Luan,&nbsp;Xue Meng,&nbsp;Kai Wang","doi":"10.1111/cwe.12511","DOIUrl":"https://doi.org/10.1111/cwe.12511","url":null,"abstract":"<p>Media inclinations, whether favorable or biased, play a pivotal role in shaping public opinion. Sometimes, media coverage may unintentionally foster skepticism towards foreign firms, which could create challenges for those companies when they enter new markets. Based on a panel dataset from 2005 to 2020, this is one of the first studies to investigate empirically the impact of media opinion on outward foreign direct investment (OFDI) behaviors at the firm level. The media inclination index was constructed according to the varying inclinations of media from different countries in their reporting on each event. We examined the impact of media inclination on the investment value, frequency, and number of industries. This study has revealed the following insights: (i) Positive media coverage can stimulate the investment behavior of Chinese firms. (ii) The heterogeneity analysis indicates that the promotional effect of media reporting inclination on OFDI is more significant for state-owned firms from the investor's perspective and especially pronounced for firms in developing countries from the investee's perspective. (iii) Diplomatic visits and scientific research cooperation can amplify the positive impact of media opinions on the OFDI behaviors of Chinese firms.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"134-155"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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: 1
Can Monetary Policy Undo Asset-freezing Sanctions? 货币政策能解除资产冻结制裁吗?
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12508
Hengxu Song, Pengfei Wang
{"title":"Can Monetary Policy Undo Asset-freezing Sanctions?","authors":"Hengxu Song,&nbsp;Pengfei Wang","doi":"10.1111/cwe.12508","DOIUrl":"https://doi.org/10.1111/cwe.12508","url":null,"abstract":"<p>This article investigates the macroeconomic consequences of foreign asset-freezing sanctions, a tool utilized by several Western nations amid recent geopolitical tensions. Specifically, it examines the repercussions of such sanctions on open economies, finding that they may experience a sharp recession and currency crisis. To quantify the impact, we develop a new Keynesian dynamic stochastic general equilibrium model with financial frictions and an asset-freezing channel for an open economy. We also calibrate our model to capture the unique structures of the Russian economy. The quantitative analysis of the model demonstrates that an abrupt asset-freezing sanction would lead to large output losses and high inflation increases. Our counterfactual examination reveals that higher elasticity of import substitution and lower elasticity of export substitution could alleviate the impact of foreign sanctions, whereas more aggressive monetary policy may have positive but limited stabilization effects. Notably, the monetary authority must navigate a trade-off between stabilizing output and managing inflation resulting from the cash-in-advance channel.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"33-55"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138432387","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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: 1
The Role of Collateral in Sudden Stop Models 抵押品在急停模型中的作用
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12510
Bingbing Dong, Jieran Wu, Eric Young
{"title":"The Role of Collateral in Sudden Stop Models","authors":"Bingbing Dong,&nbsp;Jieran Wu,&nbsp;Eric Young","doi":"10.1111/cwe.12510","DOIUrl":"https://doi.org/10.1111/cwe.12510","url":null,"abstract":"<p>This paper examines the role of collateral in sudden stop models that feature occasionally binding constraints and endogenous growth. It shows how different assumptions regarding the nature and valuation of collateral alter the dynamics of crisis episodes and the welfare costs of pecuniary externalities. For example, in a model with land as collateral, valuing collateral at the “expected future price” leads to substantially weaker Fisherian deflation effects than the case with collateral valued at the “current price.” However, the average size of sudden stops in the two economies are similar because households endogenously avoid the region where large sudden stops would occur. The differences between different collateral valuations and the size of sudden stops are amplified when we abstract from endogenous growth. In another case, assuming collateral is income rather than land leads to smaller sudden stops as income is less volatile than asset prices. Finally, we show that some choices lead to constrained or conditionally efficient allocations whereas others generate inefficiencies, but these inefficiencies are small.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"79-110"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431725","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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: 1
Capital Account Liberalization and International Corporate Bond Issuance: Transaction-level Evidence from China 资本账户自由化与国际公司债券发行:来自中国的交易层面证据
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12512
Xiao Wang, Yongwen Luo, Ziyan Zhu
{"title":"Capital Account Liberalization and International Corporate Bond Issuance: Transaction-level Evidence from China","authors":"Xiao Wang,&nbsp;Yongwen Luo,&nbsp;Ziyan Zhu","doi":"10.1111/cwe.12512","DOIUrl":"https://doi.org/10.1111/cwe.12512","url":null,"abstract":"<p>This paper provides transaction-level evidence about the impact of capital account liberalization on firms' bond issuance in the international financial market. Using bond issuance data for firms headquartered in China between 2014 and 2018, we showed that domestic private firms issued more bonds abroad than foreign-invested enterprises after restrictions were largely relaxed, controlling for possible confounding shocks such as monetary policy, local credit market shocks, US interest rate, carry trade, and global uncertainty shocks measured by the Chicago Board Option Exchange's Volatility Index. We found that domestic firms did not increase the overall volume of bond issuance but just had a higher portion of international bond issuance. We also found that domestic firms with higher tangible asset ratios tended to issue more bonds abroad. Our results suggest that targeted liberalization policy could effectively stimulate firms to issue bonds abroad. Policymakers need to monitor closely firms that issue more bonds abroad and thus have greater exposure to global shocks, incorporate these financial risks into policy design, and safeguard financial stability more effectively.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"156-178"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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: 1
Guest Editors' Words 特邀编辑的话
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12507
Haoyuan Ding, Shu Lin, Xiaohu Wang, Zhiwei Xu
{"title":"Guest Editors' Words","authors":"Haoyuan Ding,&nbsp;Shu Lin,&nbsp;Xiaohu Wang,&nbsp;Zhiwei Xu","doi":"10.1111/cwe.12507","DOIUrl":"https://doi.org/10.1111/cwe.12507","url":null,"abstract":"","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"1-3"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Earnings Management of Chinese Listed Multinational Corporations 中国跨国上市公司的盈余管理
IF 3.1 2区 经济学
China & World Economy Pub Date : 2023-11-21 DOI: 10.1111/cwe.12513
Xingyu Lu, Tong Qi, Wenjing Xie
{"title":"Earnings Management of Chinese Listed Multinational Corporations","authors":"Xingyu Lu,&nbsp;Tong Qi,&nbsp;Wenjing Xie","doi":"10.1111/cwe.12513","DOIUrl":"https://doi.org/10.1111/cwe.12513","url":null,"abstract":"<p>This study evaluates the quality of accounting information provided by Chinese multinational corporations (MNCs) in relation to the issue of earnings management. Using a combined dataset of outward foreign direct investment and financial statements by Chinese firms publicly listed on A-share markets between 2012 and 2017, we investigate whether Chinese MNCs are more inclined to manage earnings. We discover that these firms exhibited significant earnings management behavior and typically adjusted their earnings downward. We demonstrate that these effects were more pronounced among private MNCs than state-owned firms, and in host countries with weaker institutional quality. Further research reveals that after delaying the confirmation of current earnings, Chinese MNCs received higher government subsidies, and this pattern was particularly prevalent among private MNCs. We find no evidence that Chinese MNCs manipulated earnings to avoid paying taxes.</p>","PeriodicalId":51603,"journal":{"name":"China & World Economy","volume":"31 6","pages":"179-206"},"PeriodicalIF":3.1,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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: 1
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