查看更多>>摘要：Income mobility is a key issue for understanding the process of economic growth and distributional change.Some economists have used the concept of"pro-poor growth"to examine,with individual-level panel data,whether the poor benefit more than the rich from economic growth by tracking the extent of income mobility among different population subgroups.There is also literature in macroeconomics on the measurement of convergence.This paper introduces population-weighted relative and absolute indices of mobility,convergence,and pro-poor growth;it also distinguishes between anonymous and nonanonymous approaches to these issues.The empirical analysis is based on Chinese panel data for the period 2010-2018.In both absolute and relative terms,income growth in China was greater for individuals with an initially lower income but only for lower income deciles in relative terms.There was also an overall increase in individual welfare from anonymous and nonanonymous perspectives,which was higher among younger individuals.The welfare of the poor did not increase more than that of the nonpoor These results shed'light on the evolution of income distribution in China during the past decade's rapid economic growth.
查看更多>>摘要：We investigate the causal relationship between foreign ownership and international trade performance by comparing foreign-acquired firms with similar domestic-acquired firms in China with regard to changes in their post-acquisition international trade performance.Our findings indicate that foreign ownership significantly enhanced the probability of both exporting and importing,and strongly increased trade value.Foreign ownership took effect from the year of the acquisition and persisted for at least 2 years.It stimulated both processing trade and ordinary trade,and expanded products and trading partners.Post-acquisition trade performance also exhibited heterogeneity based on the different pre-acquisition and post-acquisition ownership.As for the underlying mechanisms,we show that firms experienced significant output expansion,increased export dependence,and easedfinancial constraints after foreign acquisition.
查看更多>>摘要：Post-disaster aid is widely regarded as important in helping local recovery and development.This paper examines the effectiveness of post-disaster aid on exports,which are a driving factor of economic development.It reports a natural experiment in China-the case of post-disaster aid following the Wenchuan earthquake in 2008-to examine how donors'experiences affected the exports of manufacturing firms in disaster-stricken counties.The export experience of the donor was important.Aid coming from donors with more export experience was more beneficial to the exports offirms in recipient counties than aid from less experienced donors."Learning from the donor"is a potential channel through which this effect occurred.That is,firms in recipient counties learned from donors'export experience by exporting more products similar to those of donors,exporting more to the destination countries of donors,and participating in the donors'supply-chain networks by exporting more of the donors'exports.Such"learning from the donor"effects show that knowledge spillover can occur between spatially distant parties,which complements the literature.
查看更多>>摘要：Existing research on the measurement of the valuation effect mainly follows the residual method proposed by Lane and Milesi-Ferretti(2001).This cannot be used to perform structural decomposition.We propose an aggregation approach rather than the residual method to measure structurally the investment flow and valuation effect of China's external assets.The results indicate that the valuation effect of China's external assets has been highly volatile and it was negative during the pandemic period.The structural decomposition shows that portfolio investment and direct investment made the main contributions to the valuation effect.The impact of exchange rates on the valuation effect has generally been higher than that of asset price in terms of direct investment and total external assets but the opposite has been true for portfolio investment.China's outward investments are currently more inclined to Asian countries and a few European countries but inflows to China still mainly come from developed countries.
查看更多>>摘要：This study assesses the effect of human capital expansion on China's export product quality.It employs the difference-in-differences(DID)framework based on a quasi-natural experiment investigating the 1999 higher education enrollment expansion as the exogenous policy shock.The empirical results confirm that human capital expansion appreciably improved the quality of China's export products.Human capital expansion promoted the transformation and upgrading of old products and the development of new products in term of intensive margin;it strengthened the endowment advantages of incumbent high-quality export enterprises while preventing low-quality enterprises from entering the market through price competition on the extensive margin.This prevented quality decline.Further,the study reveals that the improvement effect driven by human capital came from both innovation-induced and managerial efficiency improvement channels and was more prominent for large or foreign-funded enterprises in the eastern region.Our findings highlight the role of human capital in China's remarkable export performance from an endogenous growth perspective.
查看更多>>摘要：This paper discusses ways in which negative economic shocks captured by natural disasters can shape internal labor migration in China.The impact of negative economic shocks on migration depends on the combination of two opposite driving forces:(i)negative economic shocks can make staying in the affected area less profitable,thus enhancing returns to migration;(ii)the shocks can make it more difficult to migrate out,thus inducing a higher fixed cost of migration.Based on a nationwide dataset of China,this paper shows that when natural disasters were not severe,they caused migration out of rural areas.With sufficiently severe damage,however,the negative effect of natural disasters could be mitigated by villages'prior migrant networks.Specifically,with a severe shock,only clan members were able to migrate in response to natural disasters and enjoyed the complementary effects of prior migrant networks,as they could receive more help from social capital.
查看更多>>摘要：This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corporate total leverage significantly.There was a decrease in short-term leverage,but long-term leverage showed no significant change.These results remained robust across a series of robustness checks.Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage.The reform also contributed to the mitigation of the asset-liability mismatch problem and the reduction of debt risk,while having no apparent impact on corporate investments.Finally,enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform.This study suggests how the VAT rate cut shaped corporate capital structure.It thus helps to explain the economic consequences of VAT rate shocks.
万方数据
维普