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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.
China’s Rebalancing and Gender Inequality
Mariya Brussevich, Era Dabla-Norris, Bin Grace Li, Jun 23, 2021This study documents women’s declining relative wages and labor force participation in China over the last two decades, in contrast with the predictions of the structural transformation literature, suggesting that rising service sector share is associated with narrowing gender gaps. We show that women’s labor supply elasticity to spouse’s wages increased dramatically between 1995 and 2013, which is consistent with a U-shaped relationship between economic development and women’s...
QR Code-Based Mobile Payments and Financial Inclusion
Thorsten Beck, Leonardo Gambacorta, Yiping Huang, Zhenhua Li, Han Qiu, Nov 09, 2022By means of a unique dataset of around half a million Chinese firms, we investigate the link between the use of a QR code-based mobile payment system and financial inclusion.
China’s New Nationwide CO2 Emissions Trading System: General Equilibrium Impacts
Lawrence H. Goulder, Xianling Long, Chenfei Qu, Da Zhang, Apr 17, 2024This article discussing the comprehensive impacts of China's newly introduced nationwide CO2 emissions trading system, with a focus on its interactions with environmental costs, the fiscal system, and the challenges faced in policy cost distribution.
Does China’s Place-Based Land Policy Lead to Spatial Misallocation?
Min Fang, Libin Han, Zibin Huang, Ming Lu, Li Zhang, Nov 17, 2021After 2003, the Chinese central government implemented an inland-favoring land supply policy that distributed more construction land quotas to underdeveloped non-eastern regions. We investigate the effect of the policy and find that it drastically increased land and housing prices in more-developed eastern regions, which consequently created substantial spatial misallocation of land and labor. The policy seems to reduce regional output gaps; however, it hurt...
