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FDI and Firm Productivity in Host Countries: The Role of Financial Constraints
Wontae Han, Jian Wang, Xiao Wang, Mar 03, 2021Using the Chinese firm-level data, we find that FDI firms may have even lower cutoff productivity than local firms, although FDI firms are still, on average, more productive than their local counterparts. In addition, these findings are more pronounced in financially more vulnerable sectors. We argue that easy access to international financial markets by FDI firms has played an important role in driving our empirical findings...
The Impact of Corporate Taxes on Firm Innovation: Evidence from the Corporate Tax Collection Reform in China
Jing Cai, Yuyu Chen, Xuan Wang, Dec 19, 2018We explore a tax reform on manufacturing firms in China in order to study the impact of taxes on firm innovation. The reform switched corporate income tax collection from a local to state tax bureau and reduced the effective tax rate by 10 percent. The reform only applied to firms established after January 2002, allowing us to use a regression...
Ownership and Productivity in Vertically Integrated Firms in China
Loren Brandt, Feitao Jiang, Yao Luo, Yingjun Su, May 27, 2020This paper studies differences in the internal configuration and productivity in vertically integrated steel facilities in China using equipment-level information on inputs and output for each of the main stages in the value chain. At the facility level, we do not find statistically significant differences in productivity by ownership. This conceals important differences in the value chain: private firms outperform in pig iron...
How Do Workers and Households Adjust to Robots?
Osea Giuntella, Yi Lu, Tianyi Wang, Apr 26, 2023We analyze the effects of exposure to industrial robots on labor markets and household behaviors, exploring longitudinal household data from the China Family Panel Studies.
Currency Carry Trade by Trucks: The Curious Case of China’s Massive Imports from Itself
Xuepeng Liu, Heiwai Tang, Zhi Wang, Shang-Jin Wei, Apr 13, 2022Capital controls are common in many developing countries. With capital controls, the standard financial market transactions needed for currency carry trade are hard to implement. Yet, as long as there is a big difference between domestic and foreign interest rates, the incentive to engage in currency carry trade is present.
