A Bridge on Economic Issues between China and the World
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Gaokao, Ability, and Occupation Choice
Chong-En Bai, Ruixue Jia, Hongbin Li, Xin Wang, Jul 28, 2021In China, the college entrance exam score is predictive for both firm success and wage-job success in the future, yet higher-score individuals are less likely to create firms.
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.
Subways and Road Congestion
Yizhen Gu, Chang Jiang, Junfu Zhang, Ben Zou, May 06, 2020In our recent work (Gu et al., 2019), we combine a difference-in-differences approach with a novel road speed dataset from Baidu Maps to provide evidence on the effect of subways on road congestion. We explore heterogeneous effects with respect to road characteristics. Guided by a conceptual framework of transportation mode choices, we shed light on the welfare impact of subways, using Beijing as an example.
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.
