A Bridge on Economic Issues between China and the World
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How House Prices Affected China’s Birth Rate Decline
Ziqian Liu, Yu Zhang, Nov 13, 2024The article discusses how house prices have affected China's birth rate and explores the implications for the country's housing market and demographic future.
Evidence of Precautionary Savings in China
Hui He, Feng Huang, Zheng Liu, Dongming Zhu, Sep 05, 2018China’s household savings rate has been persistently high since the early 1980s despite rapid economic growth and contrary to the predictions of the standard consumption theory. Since China has undergone large structural changes in its transition to a market economy, precautionary savings seem to be a plausible contributing factor to the high savings rate. We use China’s large-scale reform of State-owned Enterprises (SOEs) in the late 1990s as a natural experiment to identify exogenous changes in income uncertainty. We estimate that precautionary savings account for about 40 percent of SOE households’ wealth accumulation from 1995 to 2002.
Chinese Corporate Credit Ratings: Comparing Global and Domestic Agencies
Xianfeng Jiang, Frank Packer, Dec 06, 2017When comparing the credit ratings of domestic and global agencies on Chinese corporations, because of the differences in ratings scales, it is best to focus on the domestic and global agency orderings of relative credit risk. Testing for differences in the determinants of ratings, we find that asset size is weighed more heavily as a positive factor by domestic agencies, while profitability and state-ownership are weighed more positively by global rating agencies, which also weigh leverage more heavily as a negative factor. In spite of these differences, both domestic and global ratings appear to be priced into the market values of rated bonds.
Black Markets for License Plates in Chinese Megacities
Oystein Daljord, Mandy Hu, Guillaume Pouliot, Junji Xiao, Jan 29, 2020Chinese megacities ration new car sales by capping the number of license plates they issue that permit driving within city limits. Concerns regarding the fairness of this policy have led city governments to use lotteries to allocate either all or a share of the license plates. Lotteries create gains from trade that have stimulated black markets for license plates in such cities...
The Rise and Fall of Imperial China
Yuhua Wang, Dec 21, 2022Why do some states stay intact for centuries, while others fall relatively soon after they are founded?
