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Developing Credit Markets in Provinces Improves Innovation among Firms in the People’s Republic of China
Hua Shang, Quanyun Song, Yu Wu, Mar 28, 2018Our recent research finds that provincial credit market development, through improving credit allocation, enhances firms’ product innovation incentives and outcomes in the People’s Republic of China. We further show that firms’ credit constraints and performance are two channels through which credit market development affects the innovative capacities of firms. We suggest that in order to further promote firms’ innovations, China should encourage financial institutions to actively screen those firms who have good performance but face credit constraints.
Monetary Policy in China: A Trade-Off Between Transmission and Stability?
Kaiji Chen, Yiqing Xiao, Tao Zha, Sep 24, 2025We explore how China’s shift toward interest-rate-based monetary policy faces an inherent trade-off. When non-state banks turn to wholesale funding, monetary policy easing is transmitted more effectively to productive firms, but the banking system also becomes more fragile in economic downturns. Our findings suggest that China’s regulators must strike a careful balance between achieving policy effectiveness and safeguarding financial stability.
A Biological Clock Explanation for the Gender Gap in Earnings: Import Competition Increases Female Fertility
Wolfgang Keller, Hâle Utar, Apr 15, 2020Rising import competition from emerging countries such as China, which are increasingly integrated in the global economy, have led to lower labor market opportunities in many high-income countries, especially for middle-class manufacturing workers (see Keller and Utar, 2019). This article shows that the implications of rising import competition go beyond the labor market and also affect family size and structure.
Improving Regulation for Innovation: Evidence from China’s Pharmaceutical Industry
Ruixue Jia, Xiao Ma, Jianan Yang, Yiran Zhang, Mar 06, 2024In 2015, China revamped its pharmaceutical regulations, drawing inspiration from the US, to accelerate drug approvals. Using data at the drug and firm levels during 2011–2021, this study reveals three key outcomes.
Empowered Young Women: Trade Liberalization and Women’s Family Decisions in China
Difei Ouyang, Weidi Yuan, Yuan Zi, Mar 08, 2023How do women’s marriage and fertility decisions respond to trade liberalization? This column finds that Chinese prefectures more exposed to the US granting of permanent normal trade relations to China have experienced a relative increase in the fraction of unmarried young women and young women without children.
