A Bridge on Economic Issues between China and the World
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US–China Tensions
John Rogers, Bo Sun, Chris Webster, Apr 28, 2021We construct a US–China Tensions index (UCT) and examine its economic transmission effects. The index spikes notably around the 2008 unrest in Tibet and the China military buildup, the 2018 arrest of a Huawei executive, and the 2018–2019 trade disputes. The index reaches its peak at the onset of the 2020 global pandemic. We interpret such tension as reflecting both the realization of new barriers between the two countries and the risk of existing barriers escalating. We show that heightened US–China Tension has adverse economic effects...
Resolving China’s Corporate Debt Problem
Wojciech S. Maliszewski, Serkan Arslanalp, John Caparusso, José M. Garrido, Si Guo, Joong Shik Kang, W. Raphael Lam, T. Daniel Law, Wei Liao, Nadia Rendak, Philippe Wingender, Jiangyan Yu, Longmei Zhang, Sep 06, 2017Corporate credit growth in China has been excessive. The debt problem should be addressed urgently with a comprehensive strategy, trading short-term economic pain for larger longer-term gain.
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.
Dollar Appreciation and Asian Economies
Zheng Liu, Mark M. Spiegel, Andrew Tai, Jun 20, 2017The sharp appreciation of the U.S. dollar between mid-2014 and mid-2015 raised concerns in the U.S. and its major trading partners. Zheng Liu, Mark Spiegel, and Andrew Tai from the San Francisco Fed evaluate the impact of dollar appreciation on economic conditions in the United States and its three major Asian trading partners: South Korea, Japan, and China.
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...
