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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.
From Wall Street to Hong Kong:The Value of Dual Listing for China Concept Stocks
Zhuo Chen, Grace Xing Hu, Ziqiong Xi, Xiaoquan Zhu, Mar 22, 2023The recent cross-border regulation tensions between the US and China have exposed many US-listed China Concepts Stocks to substantial delisting risks, forcing them to pursue dual listings on the Hong Kong Stock Exchange.
The Impact of Migration Controls on Urban Fiscal Policies and the Intergenerational Transmission of Human Capital in China
Holger Sieg, Chamna Yoon, Jipeng Zhang, Oct 07, 2020The study explores the impact of migration controls on urban fiscal policies and the intergenerational transmission of human capital accumulation in China. It shows that migrants provide large positive fiscal externalities to major cities. The study evaluates the feasibility and effectiveness of alternative migration policies that offer the potential of decreasing inequality within China, while at the same time promoting growth via increasing the aggregate level of human capital in the economy.
Does ESG Travel around the World? Evidence from Multinational Firms in China
Dongxu Li, Xiaoxue Hu, Oct 20, 2021Using a sample of 3,770 Chinese listed firms during 2015–2020, we find that firms’ ESG ratings increase with foreign sales ratios. The higher-rated multinationals have more foreign subsidiaries located in countries with better ESG conditions, and their equity shares are held to a greater extent by institutional investors, especially by foreign institutions. The multinationals’ higher ESG ratings can be justified by...
Clean Air as an Experience Good in Urban China
Matthew E. Kahn, Weizeng Sun, Siqi Zheng, Oct 14, 2020If clean air is a valued experience good, then the short-term reduction in pollution in the spring of 2020 due to the COVID-19 shutdown could have persistent medium-term effects on reducing urban pollution levels as cities adopt new “blue sky” regulations to maintain recent pollution progress. Using data from 144 cities in China, we find that the largest experience good effect should take place for cities featuring a high pollution-sensitive population and where air quality has sharply improved during the pandemic. The residents...
