查看更多>>摘要：This research adopts an event study approach to investigate the impact of the European Union(EU)-China Comprehensive Agreement on Investment(CAI)negotiations on firm value.We emphasise two typical events during the process,i.e.the preliminary agreement and the suspension of the CAI,which result in completely distinct patterns of policy uncertainty for the EU and China.Using data from Chinese listed firms,we find that the Chinese stock market reacts positively to the preliminary agreement of the CAI but negatively to its suspension.A firm with global supply chains has better stock returns when exposed to the first event but no significant heterogeneity under the second event.We also find that these effects vary depending on the overseas experience of the CEO,firm ownership type,and whether the firm is in a high-tech industry.
查看更多>>摘要：We assess the impacts of the China-US trade war on the bidirectional trade and investment flows of China.We find that China's exports and imports both dropped sharply after the trade war began.In terms of investment flows,we find that China's greenfield investment in the US faltered in the face of the increasing trade friction,but the impact of the trade war on the US's greenfield investment in China is ambiguous.In addition,the trade friction only impeded the export volumes of China and had an insignificant impact on the export prices.In contrast,both the import volumes and prices for China decreased.
查看更多>>摘要：The study identifies the events of sudden stops(SS)for a sample of 250 countnes in the period from 1980 to 2018.Moreover,through a logit model,the predictive power of three policies-international reserves,external debts,and capital controls-in determining SS events is highlighted.These policies are utilised to undertake a spill-over risk analysis.It is revealed that before the SS period,the impact of spill-over at an early stage is insig-nificant for countries that have sufficient international reserves,low external debts,and the instigation of capital controls.Finally,the study examines the changes in the macroeconomic conditions before and after SS events.The results show a deterioration of the macroeconomic aggregates in the SS periods.
查看更多>>摘要：Due to high rejection rates and the costly and time-consuming application procedures,small and medium-sized firms may be discouraged from applying for a bank loan,thus resulting in the so-called self-rationing behaviour.Using the World Bank Enterprise Survey Data collected from 2,700 privately owned firms in China during 2011-2013,we document that there exist a significant number of small and medium-sized enterprises(SMEs)which have good performance and financing needs,but are discouraged from applying for a bank loan.We theoretically and empirically show that digital finance development can alleviate the self-rationing behaviour of SMEs.The mechanism analysis shows that,from the supply side,digital finance development enhances the probability of loan approval and the proportion of private firms'working capital financed by banks,and reduces the obstacle to accessing bank loans;while from the demand side,the development of digital finance improves financial inclusion and the financial literacy of firms.Our findings suggest that digital finance development improves loan efficiency and helps SMEs better access bank credits.
查看更多>>摘要：This study evaluates the inequalities of affordability in health care delivery for older adults in China,and explores the variables significantly affecting the affordability.Using the data from China Health and Retirement Longitudinal Study(CHARLS)and adapting the Andersen behavioural model,this study uses structural equation models(SEMs)with regression imputations to explore the direct and indirect effects of these variables for 1,720 respondents,which are cross-validated by the results from binary logistic regression models applying multiple imputations.SEM results indicate that the associations of age,education,and hukou with cost ratios are statistically significant.Specifically,the results of the logistic regression model show that older adults aged 60 and above pay less out of pocket than younger adults on health care services;respondents with higher levels of education and more types of insurance pay less out of pocket;and respondents with agricultural hukou and higher premiums pay more out of pocket.Future targeted efforts of policymakers should continue to focus on strengthening the affordability of access to health care services for older adults both in rural and urban areas by increasing the accessibility to and improving the efficiency of the health care system.
查看更多>>摘要：This paper studies how much the age structure dynamics contributed to China's economic growth between 1991 and 2019.We first propose a theoretical model to describe the impacts of age structure transitions on household consumption,savings,and economic growth.Then,we use China's country-level data between 1991 and 2019 to measure the economic growth rate driven by demographic dividends.Empirical results indicate that before the year 2011,age structure transitions in China led to the increase in both labour supply and the household savings rate,and positively contributed to the country's economic growth in most of the years starting from 1991.In specific,the average annual contribution rate was around 0.25％,with the highest rate being 1.25％in the year 2000.However,the demographic dividends vanished in 2012,since when the country has entered the period of demographic debt.
NETL
NSTL
万方数据