A Bridge on Economic Issues between China and the World
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Industry/Policy View Banking Across Borders: Are Chinese Banks Different?
Eugenio Cerutti, Cathérine Koch, Swapan-Kumar Pradhan, Feb 24, 2021Chinese banks have become the largest cross-border lenders to emerging markets and developing economies (EMDEs). Despite their different ownership structure, their type of global reach resembles that of advanced economies’ (AE) banks, with distance to their borrowing EMDEs less of a barrier than that of other EMDE banks and more like U.S. or European banks. While bilateral trade, FDI, and portfolio investment...
Do Innovation Subsidies Make Chinese Firms More Innovative?
Hong Cheng, Hanbing Fan, Takeo Hoshi, Dezhuang Hu, Apr 24, 2019The Chinese government has been using various subsidies to encourage innovations by Chinese firms. We examine the allocation and impacts of innovation subsidies, using the data from the China Employer Employee Survey (CEES). We find that the innovation subsidies are preferentially allocated to state-owned firms and politically connected firms...
Stabilizing China’s Housing Market
Richard Koss, Xinrui Shi, Jul 25, 2018The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These characteristics include the setting of land supply and prices by the government, among many others. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.
Dollar Appreciation and Asian Economies
Zheng Liu, Mark M. Spiegel, Andrew Tai, Jun 20, 2017The sharp appreciation of the U.S. dollar between mid-2014 and mid-2015 raised concerns in the U.S. and its major trading partners. Zheng Liu, Mark Spiegel, and Andrew Tai from the San Francisco Fed evaluate the impact of dollar appreciation on economic conditions in the United States and its three major Asian trading partners: South Korea, Japan, and China.
How Does the Interaction between China’s Monetary and Regulatory Policies Impact Shadow Banking and Total Bank Credit?
Kaiji Chen, Jue Ren, Tao Zha, Jul 12, 2017Following the four Trillion RMB fiscal stimulus in 2009, People's Bank of China tightened up its M2 supply. Kaiji Chen, Jue Ren and Zha Tao from Emory University and Federal Reserve Bank of Atlanta explored how the banks reacted to the tightening of M2 supply by expanding shadow banking activities, and how the rapid growth of shadow banking in turn hampers the effectiveness of monetary policy.
