A Bridge on Economic Issues between China and the World
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Brain Drain: The Impact of Air Pollution on Firm Performance
Shuyu Xue, Bohui Zhang, Xiaofeng Zhao, Feb 12, 2020By exploiting the exogenous variation in air pollution caused by China’s central heating policy, we find that air pollution reduces the accumulation of executive talent and high-quality employees. We also find that firms located in polluted areas have poorer performance, especially for firms with greater dependence on human capital.
Forecasting China’s Economic Growth
Patrick Higgins, Tao Zha, Karen Zhong, Jun 20, 2017As the second largest economy, China intrigues heated debates among policymakers and researchers alike on how fast its economy will grow in the future and how truthfully the official data reflect its actual economic growth. Patrick Higgins and Tao Zha from the Atlanta Fed and Karen Zhong from Shanghai Advanced Institute of Finance develop a replicable econometric model to shed light on these issues.
E-Commerce Integration and Economic Development: Evidence from China
Victor Couture, Benjamin Faber, Yizhen Gu, Lizhi Liu, Apr 11, 2018In our recent work (Couture et al., 2018), we combine an experiment that we implement across Chinese villages with a new collection of survey and administrative microdata to provide evidence on the potential of e-commerce integration to foster economic development in the countryside. We also explore the underlying channels and the distribution of the gains from e-commerce across households and villages.
Local Government Implicit Debt and the Pricing of LGFV Bonds
Laura Xiaolei Liu, Yuanzhen Lyu, Fan Yu, Jun 22, 2022To examine the implicit guarantee provided by Chinese local governments to local government financing vehicles (LGFV), we create a proxy for local governments’ implicit debt ratio and find it correlated with the credit spread of LGFV bonds.
A New Perspective on China’s Credit Boom
Kinda Hachem, Michael Zheng Song, Jun 20, 2017What caused the enormous credit boom in China? This column by Kinda Hachem and Michael Song offers an unexpected explanation of stricter liquidity regulations on banks leading to a credit boom through competition between small and big banks and their heavy use of shadow banking investment instruments.
