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Conference Paper
Strategies for growth : general discussion

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Foreign direct investment in China: a spatial econometric study

Foreign direct investment (FDI) began to flow into China with advent of reforms in 1978. Following a period of relatively slow growth, FDI inflows to China picked up after 1990, as China surpassed every other nation but the United States in attracting foreign investment. In particular, coastal regions of China have received the bulk of FDI inflows to the country. In this paper, we use province-level data to explain the pattern of FDI location across China. We build upon previous research, introducing new potential determinants, using more recent FDI data, and incorporating spatial econometric ...
Working Papers , Paper 1999-001

Working Paper
Reserves and Risk: Evidence from China

We consider if the Chinese accumulation of reserves is associated with unintended consequences in the form of increased private sector risk taking. Using sovereign credit default swap spreads and stock index prices as indicators of risk taking, we provide evidence to suggest that as reserve holdings increase, so does the willingness of the private sector to take on more risk. This is an important finding that adds credence to the suggestion that insurance through costly reserves, to be used in the event of a crisis, may lead to private sector actions that in and of themselves make it more ...
Globalization Institute Working Papers , Paper 387

Conference Paper
The unconventional Chinese monetary policy in the global context.

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
The Impact of Foreign Slowdown on the U.S. Economy: An Open Economy DSGE Perspective

Over the course of 2018, economic activity in major advanced foreign economies and emerging markets—including the Euro area and China—decelerated noticeably. In parallel, foreign growth projections for 2019 and 2020 were revised down, signaling potentially large headwinds for the U.S economy over the medium term. In this article, we use a multi-country simulation model to quantify economic spillovers to the United States from a slowdown originating in the Euro area. Next, we compare these results with spillovers from a slowdown originating in China. We find that spillovers to the U.S. ...
Economic Policy Review , Volume 26 , Issue 4 , Pages 98-111

Working Paper
Puzzles in the Chinese stock market

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

Working Paper
Love and hate: state and non-state firms in transition economies

Pacific Basin Working Paper Series , Paper 93-10

Working Paper
Beyond Kuznets: persistent regional inequality in China

Regional inequality in China appears to be persistent and even growing in the past two decades. We study potential offsetting factors and interprovincial migration to shed light on the sources of this persistence. We find that some of the inequality could be attributed to differences in quality of labor, industry composition, and geographical location of provinces. We also demonstrate that interprovincial migration, while driven in part by wage differences across provinces, does not offset these differences. Finally, we find that interprovincial redistribution did not help offset regional ...
Working Paper Series , Paper 2009-07

Working Paper
Demographic Aging, Industrial Policy, and Chinese Economic Growth

We examine the role of demographics and changing industrial policies in ac- counting for the rapid rise in household savings and in per capita output growth in China since the mid-1970s. The demographic changes come from reductions in the fertility rate and increases in the life expectancy, while the industrial policies take many forms. These policies cause important structural changes; first benefiting private labor-intensive firms by incentivizing them to increase their share of employment, and later on benefiting capital-intensive firms resulting in an increasing share of capital devoted ...
Working Papers , Paper 19-21

Journal Article
Asian nations driving world oil prices

The rapid growth in China and India has led to an increase in demand for oil, which, in turn, has driven up prices. After adjusting for inflation, a barrel of oil today costs about what it did during the 1979 oil shock.
The Regional Economist , Issue Apr , Pages 12-13



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