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Accounting for Urban China’s Rising Income Inequality: The Roles of the Labor Market, Human Capital, and Marriage Market Factors
Shuaizhang Feng, Gaojie Tang, Mar 27, 2019China has witnessed persistent increases in economic inequality since the early 1990s when the urban labor market began its transformation — from centrally-controlled to market-driven. Using the Urban Household Survey data, this paper (Feng and Tang, 2018) documents the trends...
Trends and Cycles in China’s Macroeconomy
Chun Chang, Kaiji Chen, Daniel F. Waggoner, Tao Zha, Jun 27, 2018China’s spectacular growth over the 2000s has slowed since 2013. The driving force behind the country’s growth was investment, so the key to understanding the slowdown lies in understanding what sustained investment in the past. This column shows how a preferential credit policy promoting heavy industrialisation explains the trends and cycles in China’s macroeconomy over the past two decades. This policy was not without negative consequences, particularly in terms of the distortions it introduced for business finance. Going forward, China needs to focus on creating the right incentives for banks to make loans to small productive businesses.
Bright Side of Government Credit: Evidence from a Superbank in China
Hong Ru, May 09, 2018This study traces the heterogeneous effects of government credit across different levels of the supply chain. I find that China Development Bank's industrial loans to state-owned enterprises crowd out private firms in the same industry but crowd in private firms in downstream industries. Moreover, China Development Bank's infrastructure loans crowd in private firms. It is important for policy makers to disentangle these opposing effects of government credit.
The Cost of China’s IPO Regulations on the Functional Efficiency of its Financial System
Charles M. C. Lee, Yuanyu Qu, Tao Shen, Nov 01, 2017In sharp contrast with the market-and-disclosure based system in the US, IPOs in China are subject to strict regulatory rationing and control. We investigate the pricing implications of China’s IPO regulations for its publicly listed companies. We find that these regulations will give rise to significant market frictions with economic consequences for the prices, returns, and even investment decisions of China’s publicly listed companies.
Regional Variation of GDP per Head within China, 1080–1850: Implications for the Great Divergence Debate
Stephen Broadberry, Hanhui Guan, Sep 28, 2022We provide the first regional breakdown of GDP per head for China from the Song dynasty to the Qing, so that regions of similar size can be compared between Europe and Asia to establish the timing of the Great Divergence of living standards.
