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Structural Change and the Stability of Aggregate Employment in China
Wen Yao, Xiaodong Zhu, Oct 27, 2021In developed countries, aggregate employment has a strong positive correlation with aggregate output, and it is almost as volatile as output. In China, the correlation of aggregate employment and output is close to zero, and the volatility of aggregate employment is very low. We argue that the key to understanding the stability of aggregate employment in China is labor reallocation between the agricultural and non-agricultural sectors, and that the declining relative demand...
Exporting out of Agriculture: The Effects of the China Shock in China
Jessica Leight, Jan 01, 2020This paper analyzes the effect of China's 2001 accession to the World Trade Organization on structural transformation at the local level, exploiting cross-sectional variation in tariff uncertainty faced by county economies pre-2001. Using a new panel of 1,800 Chinese counties from 1996 to 2013, we find that counties more exposed to the reduction in tariff uncertainty post-accession are characterized by increasing exports...
The Economic Impact of Distributing Financial Products on Third-Party Online Platforms
Claire Yurong Hong, Xiaomeng Lu, Jun Pan, Feb 26, 2020The emergence of third-party online platforms in intermediating financial products has been a new and exciting development in FinTech. We find that, in China post-platform, fund flows become markedly more sensitive to fund performance, and the net flow to the top 10 percent–performing funds more than triples their pre-platform level. In response, fund managers increase their risk taking to enhance...
Returnees and Innovation: Evidence from Chinese Publicly Listed Firms
Yibo Qiao, Andrea Ascani, Stefano Breschi, Andrea Morrison, May 28, 2025We investigate the relationship between high-skill returnees and innovation of Chinese publicly listed firms. To this aim, we construct a unique dataset of 2,499 firms over the period 2002–2016 by combining three different data sources (i.e. CNRDS, CSMAR, and LinkedIn). Our results show that different typologies of returnees (employees, technologists, and managers) with different experiences abroad (work versus study) may bring back different skills and impact differently on firm innovation.
Housing Wealth and Online Consumer Behavior: Evidence from the Xiong’an New Area in China
Hanming Fang, Long Wang, Yang Yang, Nov 16, 2022We provide new evidence on the causal effects of housing wealth on consumer behavior.
