A Bridge on Economic Issues between China and the World
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China’s War on Pollution: A Review of Evidence from the First Five Years
Michael Greenstone, Guojun He, Shanjun Li, Eric Zou, Jun 30, 2021The decade from 2010 to 2019 marked a significant turning point in China’s approach to environmental regulation and pollution. This review article examines recent trends in air and water quality, with a focus on the five years following the Chinese government’s announcement of its “war on pollution” in 2014. It also summarizes the emerging literature that has taken advantage of recent improvements in data availability and accuracy to understand the social, economic, and health impacts of environmental pollution in China.
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.
China’s Growing Presence in Tax Havens: Implications for Policy and Research
Chris Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger, Jul 12, 2023Chinese firms are increasingly utilizing tax havens like the Cayman Islands, Bermuda, and the British Virgin Islands to raise large sums of capital from foreign investors, accounting for over 60% of total offshore equities by 2020.
An Empirical Overview of Chinese Capital Market
Grace Xing Hu, Jun Pan, Jiang Wang, Jun 29, 2022We provide an empirical review of the Chinese capital market, focusing on the basic return and risk characteristics of its major asset classes, as well as a comparison to the US market. All major asset classes in China have significant higher volatilities than their counterparts in the US market, but they do not always yield larger returns. Small-company stocks, short-, medium-, and long-term treasury bonds outperform their US counterparts, while large stocks underperform and long-term enterprise bonds yield similar returns.
BigTech Lending as a New Form of Financial Intermediation
Jon Frost, Leonardo Gambacorta, Yi Huang, Hyun Song Shin, Pablo Zbinden, Jun 19, 2019BigTech firms, i.e. large technology firms whose primary business is digital services, are entering finance. Their entry into finance started with payments. Increasingly, they have expanded beyond payments into the provision of credit, insurance, and toward savings products, either directly or in partnership with incumbent financial institutions...
