A Bridge on Economic Issues between China and the World
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The Data Privacy Paradox of Alipay Users
Long Chen, Yadong Huang, Shumiao Ouyang, Wei Xiong, Jul 07, 2021We find that there is no relationship between the self-stated privacy concerns of a sample of Alipay users and their number of data-sharing authorizations with third-party mini-programs on Alipay. We explain this data privacy paradox by a curious finding that users with stronger privacy concerns tend to benefit more from using mini-programs, which further suggests that consumers may develop data privacy concerns as a by-product of the process of using digital applications, not because such concerns are innate.
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...
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.
Physician-Induced Demand: Evidence from China’s Drug Price Zero-Markup Policy
Hanming Fang, Xiaoyan Lei, Julie Shi, Xuejie Yi, Aug 11, 2021We exploit the staggered rollout of China’s drug price zero-markup policy (ZMP) to study physician-induced demand in healthcare. Our results show that the drug expenses in the treatment hospitals dropped by 63 log points (47 percent) compared with those of the control group; however, the expenses for non-drug services were 28 log points (32 percent) higher in the treatment group than in the control group. Our results provide robust evidence for physician-induced demand.
Forecasting China’s Economic Growth
Patrick Higgins, Tao Zha, Karen Zhong, Jun 20, 2017As the second largest economy, China intrigues heated debates among policymakers and researchers alike on how fast its economy will grow in the future and how truthfully the official data reflect its actual economic growth. Patrick Higgins and Tao Zha from the Atlanta Fed and Karen Zhong from Shanghai Advanced Institute of Finance develop a replicable econometric model to shed light on these issues.
