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Shadow Banking: China’s Dual-Track Interest Rate Liberalization
Hao Wang, Honglin Wang, Lisheng Wang, Hao Zhou, Jul 26, 2017Professors Hao Wang and Hao Zhou, both of Tsinghua University, Honglin Wang formerly of Hong Kong Institute for Monetary Research (HKIMR) and Lisheng Wang of Chinese University of Hong Kong, argue that the shadow banking explosion in China may constitute a dual-track reform mechanism to liberalize the country's rigid interest rate policy.
Industry/Policy View Taxation Trends and Challenges in a Digital Economy — Implications for the People’s Republic of China
Akiko Terada-Hagiwara, Sep 11, 2019The digital economy is growing rapidly across the globe and, among developing countries, the PRC is a leader. Despite its promise, the global digital economy also poses many challenges, including tax base erosion and profit shifting. Given the initial efforts by the PRC to address these challenges, this post recommends that the country continues...
Evaluating the Burden of a U.S.-China Trade War
Meixin Guo, Lin Lu, Liugang Sheng, Miaojie Yu, Apr 25, 2018Trade disputes between the United States and China greatly intensified recently as the two countries announced a 25 percent tariff hike on $50 billion worth of products imported from each other, raising the risk of a trade war between the two giant trading economies. Based on a standard multi-sector, multi-country general equilibrium trade model with input-output linkages, we evaluate the cost of a trade war in which the United States and China both increase their tariffs to 45% for all imports from each other. We find that the United States would be more likely to be the bigger loser and that the cost for China would be moderate.
Equilibrium Consequences of Corruption on Firms: Evidence from China’s Anti-Corruption Campaign
Haoyuan Ding, Hanming Fang, Shu Lin, Kang Shi, Aug 23, 2017The announcement on May 17, 2013 that CPC’s Central Commission for Discipline Inspection (CCDI) would start to conduct several rounds of inspections of provincial governments, may serve as a rare natural experiment to examine the equilibrium consequences of corruption on firms. Professors Haoyuan Ding of Shanghai University of Finance and Economics, Hanming Fang of the University of Pennsylvania, and Shu Lin and Kang Shi, both of The Chinese University of Hong Kong exploit event studies to show that the stock market overall reacted positively to the CCDI announcement, and they also show that there is interesting heterogeneity across firms in their reactions to the news. They argue that the CCDI announcement on May 17, 2013 has likely triggered an expectation of norms change of bureaucratic behavior.
The Impact of Rural-Urban Migration on House Prices in China
Carlos Garriga, Aaron Hedlund, Yang Tang, Ping Wang, Jan 27, 2021Rural-urban migration is an integral part of the dynamic process of structural transformation. The interplay between population inflows and house prices depends on various geographical differences in the economic and policy climate. In the case of China, we highlight particularly the roles played by location-specific hukou restrictions and local land supply.
