A Bridge on Economic Issues between China and the World
Facebook 
Twitter 
Instagram
WeChat 
Email Most Popular
An Empirical Overview of Chinese Capital Market
Grace Xing Hu, Jun Pan, Jiang Wang, Jun 29, 2022We provide an empirical review of the Chinese capital market, focusing on the basic return and risk characteristics of its major asset classes, as well as a comparison to the US market. All major asset classes in China have significant higher volatilities than their counterparts in the US market, but they do not always yield larger returns. Small-company stocks, short-, medium-, and long-term treasury bonds outperform their US counterparts, while large stocks underperform and long-term enterprise bonds yield similar returns.
The Productivity Consequences of Pollution-Induced Migration in China
Gaurav Khanna, Wenquan Liang, Ahmed Mushfiq Mobarak, Ran Song, Apr 07, 2021Severe air pollution induces workers to move from productive to unproductive regions, reducing their contribution to the aggregate productivity in China. In this paper, we quantify the productivity and welfare consequences of this important new pattern of migration. We find that the productivity losses from pollution through the indirect migration channel are approximately as much as the direct health costs of pollution.
The Real Effects of the Chinese Stock Market
Itay Goldstein, Bibo Liu, Liyan Yang, Sep 29, 2021In a 2019 survey jointly administered by the China Securities Regulatory Commission (CSRC) and the PBC School of Finance at Tsinghua University (Tsinghua PBCSF), more than 90% of Chinese public firms report that they closely monitor the stock market for the purposes of learning information to guide real investment decisions and of accessing external financing. These findings provide direct evidence for the wide existence of market feedback via a learning channel and a financing channel, suggesting that the Chinese stock market is not just a side show, but instead, affects the real economy.
Impacts of Monetary-Fiscal Policy Interaction
Kaiji Chen, Haoyu Gao, Patrick Higgins, Daniel F. Waggoner, Tao Zha, Dec 02, 2020China’s 2009 stimulus presents an ideal case for exploring the impacts of monetary-fiscal interaction on credit allocation and investment. During this stimulus period, monetary stimulus itself did not favor SOEs over non-SOEs in credit access. Fiscal expansion, however, enhanced the monetary transmission to bank credit that was allocated to local government financing vehicles...
Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?
Zhiguo He, Bibo Liu, Feifei Zhu, Jun 01, 2022Our recent study analyzes the use of share pledging funds in the context of China. Survey evidence shows that a majority of the largest shareholders (67.3%) used pledging funds outside their listed firms, including financing their entrepreneurial activities.
