A Bridge on Economic Issues between China and the World
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Industry/Policy View Banking Across Borders: Are Chinese Banks Different?
Eugenio Cerutti, Cathérine Koch, Swapan-Kumar Pradhan, Feb 24, 2021Chinese banks have become the largest cross-border lenders to emerging markets and developing economies (EMDEs). Despite their different ownership structure, their type of global reach resembles that of advanced economies’ (AE) banks, with distance to their borrowing EMDEs less of a barrier than that of other EMDE banks and more like U.S. or European banks. While bilateral trade, FDI, and portfolio investment...
The Dual Role of China’s Stock Market: Capital Allocator and Platform for Global Diversification
Jennifer N. Carpenter, Robert F. Whitelaw, Aug 09, 2017Professors Jennifer Carpenter and Robert Whitelaw, both of New York University’s Stern School of Business, discuss the roles of the China's stock market in improving the efficiency of capital allocation in China and in helping global investors achieve diversification.
Do Innovation Subsidies Make Chinese Firms More Innovative?
Hong Cheng, Hanbing Fan, Takeo Hoshi, Dezhuang Hu, Apr 24, 2019The Chinese government has been using various subsidies to encourage innovations by Chinese firms. We examine the allocation and impacts of innovation subsidies, using the data from the China Employer Employee Survey (CEES). We find that the innovation subsidies are preferentially allocated to state-owned firms and politically connected firms...
How Does the Interaction between China’s Monetary and Regulatory Policies Impact Shadow Banking and Total Bank Credit?
Kaiji Chen, Jue Ren, Tao Zha, Jul 12, 2017Following the four Trillion RMB fiscal stimulus in 2009, People's Bank of China tightened up its M2 supply. Kaiji Chen, Jue Ren and Zha Tao from Emory University and Federal Reserve Bank of Atlanta explored how the banks reacted to the tightening of M2 supply by expanding shadow banking activities, and how the rapid growth of shadow banking in turn hampers the effectiveness of monetary policy.
Household Finance in China
Russell Cooper, Guozhong Zhu, Sep 20, 2017We study household financial choices in China and compare them with those in the US. We estimate a structural model where the two countries differ in terms of preferences and institutional arrangements. In the structural estimation, we take into account the effects of important structural changes in the Chinese economy between 1990-2000.
