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The Chinese Saving Rate: Long-Term Care Risks, Family Insurance, and Demographics
Ayşe İmrohoroğlu, Kai Zhao, Sep 13, 2017In this paper, we show that a general equilibrium model that properly captures the risks in old age, the role of family insurance, changes in demographics, and the productivity growth rate is capable of generating changes in the national saving rate in China that mimic the data well. Our findings suggest that the combination of the risks faced by the elderly and the deterioration of family insurance due to the one-child policy may account for approximately half of the increase in the saving rate between 1980 and 2010. We also show that changes in total factor productivity growth account for the fluctuations in the saving rate during this period.
China’s Growing Presence in Tax Havens: Implications for Policy and Research
Chris Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger, Jul 12, 2023Chinese firms are increasingly utilizing tax havens like the Cayman Islands, Bermuda, and the British Virgin Islands to raise large sums of capital from foreign investors, accounting for over 60% of total offshore equities by 2020.
Combating Cross-Border Externalities
Shiyi Chen, Joshua Graff-Zivin, Huanhuan Wang, Jiaxin Xiong, Sep 21, 2022China implemented a pioneering policy in 2011, the Ecological Compensation Initiative (ECI), which establishes side payments between upstream and downstream provinces in the Xin’an River Basin.
Carry Trade with Chinese Characteristics
Yi Huang, Ugo Panizza, Richard Portes, Jun 13, 2018International borrowing by Chinese nationals has increased rapidly over the past 10 years. Some of this borrowing seems to be motivated by carry trade activities. Regulatory arbitrage may have played a role in this trend.
The Impact of Rural-Urban Migration on House Prices in China
Carlos Garriga, Aaron Hedlund, Yang Tang, Ping Wang, Jan 27, 2021Rural-urban migration is an integral part of the dynamic process of structural transformation. The interplay between population inflows and house prices depends on various geographical differences in the economic and policy climate. In the case of China, we highlight particularly the roles played by location-specific hukou restrictions and local land supply.
