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Working Paper
If you try, you’ll get by: Chinese private firms’ efficiency gains from overcoming financial constraints
Long, Cheryl; Hale, Galina (2010)
It appears to be common knowledge that external financing in China is mostly limited to state-owned firms and is hard to obtain for smaller private firms. In this paper we first confirm this pattern for more recent data and then investigate ways in which private firms overcome their financing constraints. We find that private firms reduce their need for external funds through more efficient management of inventory levels and accounts receivable. We further show that the low levels of inventories and accounts receivable in Chinese private firms are not below efficient levels and are unlikely ...
Working Paper Series , Paper 2010-21

Working Paper
The New England-China relationship in 2005
Browne, Lynn E. (2005)
This essay provides an overview of current trade patterns between New England and China. It was prepared for a symposium sponsored by The Boston Athenaeum comparing New England?s present-day trade with China to the region?s prominence in the U.S.-China trade of the 19th century. The essay concludes that a special trade relationship between New England and China does not exist at the present time. Although New England?s exports to China are growing rapidly, they are not growing markedly faster than exports from the rest of the country, and China does not account for an unusually large fraction ...
New England Public Policy Center Working Paper , Paper 05-1

Working Paper
Capital controls and optimal Chinese monetary policy
Spiegel, Mark M.; Chang, Chun; Liu, Zheng (2013)
We examine optimal monetary policy under prevailing Chinese policies> ? including capital controls, nominal exchange rate targets, and costly sterilization of foreign capital inflows. China?s combination of capital controls and exchange rate pegs disrupts its monetary policy, precluding adjustments that could maintain macroeconomic stability following a set of shocks that mirror its experience during the global financial crisis. However, comparing different policy regimes in a consistent DSGE framework, we find that the bulk of welfare gains achieved under full liberalization can be obtained ...
Working Paper Series , Paper 2012-13

Discussion Paper
Global Supply Chain Pressure Index: The China Factor
Clark, Hunter L.; Benigno, Gianluca; Akinci, Ozge; Cross-Bermingham, William; Nourbash, Ethan (2023-01-06)
In a January 2022 post, we first presented the Global Supply Chain Pressure Index (GSCPI), a parsimonious global measure designed to capture supply chain disruptions using a range of indicators. In this post, we review GSCPI readings through December 2022, and then briefly discuss the drivers of recent moves in the index. While supply chain disruptions have significantly diminished over the course of 2022, the reversion of the index toward a normal historical range has paused over the past three months. Our analysis attributes the recent pause largely to the pandemic in China amid an easing ...
Liberty Street Economics , Paper 20230106

China’s Role in Global Innovation Is Changing
de Soyres, Francois; Santacreu, Ana Maria; Hunt, Ethan (2025-08-14)
This blog post looks at China’s transition from technology absorber to innovation leader and exporter of technologies in sectors dominated by advanced economies.
On the Economy

Discussion Paper
Who Pays the Tax on Imports from China?
Nattinger, Michael; Klitgaard, Thomas; Higgins, Matthew (2019-11-25)
Tariffs are a form of taxation. Indeed, before the 1920s, tariffs (or customs duties) were typically the largest source of funding for the U.S. government. Of little interest for decades, tariffs are again becoming relevant, given the substantial increase in the rates charged on imports from China. U.S. businesses and consumers are shielded from the higher tariffs to the extent that Chinese firms lower the dollar prices they charge. U.S. import price data, however, indicate that prices on goods from China have so far not fallen. As a result, U.S. wholesalers, retailers, manufacturers, and ...
Liberty Street Economics , Paper 20191125

Working Paper
Puzzles in the Chinese stock market
Rogers, John H.; Fernald, John G. (2000)
Many companies on China?s stock markets have separate, restricted classes of shares for domestic residents and foreigners. These shares are identical other than who can own them, but foreigners pay only about one-quarter the price paid by domestic residents. We argue that the generally higher level (and volatility) of domestic share prices is consistent with the simplest asset pricing model, assuming plausible differences-about 4 percentage-points-in expected rates of return by foreign and domestic investors. We attribute low Chinese expected returns to the limited alternative investments ...
Working Paper Series , Paper WP-00-13

Report
Openness and Growth: A Comparison of the Experiences of China and Mexico
Kehoe, Timothy J.; Xu, Xing (2025-08-21)
In the late 1980s, Mexico opened itself to international trade and foreign investment, followed in the early 1990s by China. China and Mexico are still the two countries characterized as middle-income by the World Bank with the highest levels of merchandise exports. Although their measures of openness have been comparable, these two countries have had sharply different economic performances: China has achieved spectacular growth, whereas Mexico’s growth has been disappointingly modest. In this article, we extend the analysis of Kehoe and Ruhl (2010) to account for the differences in these ...
Staff Report , Paper 673

Working Paper
Puzzles in the Chinese stock market
Rogers, John H.; Fernald, John G. (1998)
Many companies on China's stock markets have separate, restricted classes of shares for domestic residents and foreigners. Other than who can own them, these shares are identical, but foreigners pay only about one-quarter the price paid by domestic residents. We show that plausible differences--about 4 percentage-points--in expected rates of return by foreign and domestic investors can account for the generally higher level and volatility of prices for domestic shares relative to foreign shares. We attribute low Chinese expected returns to the limited alternative investments available in ...
International Finance Discussion Papers , Paper 619

Journal Article
Coronavirus Dampens China’s First-Quarter GDP
Nie, Jun; Lyu, Yifei (2020-04-06)
The novel coronavirus spread in China long before other countries, making China a potential early signal of the virus’s economic effects. Using a range of statistical models, we estimate that the coronavirus outbreak may have reduced China’s real GDP by an annualized rate of 32 percent, leading year-over-year growth to decline from 6 percent in 2019:Q4 to −3.8 percent in 2020:Q1.
Economic Bulletin , Issue April 6, 2020 , Pages 5

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