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Articles 1 - 24 of 24
Full-Text Articles in Social and Behavioral Sciences
Using Satellite-Observed Geospatial Inundation Data To Identify The Impacts Of Flood On Firm-Level Performances: The Case Of China During 2000–2009, Pao-Li Chang, Fan Zheng
Using Satellite-Observed Geospatial Inundation Data To Identify The Impacts Of Flood On Firm-Level Performances: The Case Of China During 2000–2009, Pao-Li Chang, Fan Zheng
Research Collection School Of Economics
Among the first in the literature, this paper combines high-resolution satelliteobserved inundation maps with geocoded firm-level data to identify the flood exposure at the firm level. We apply the methodology to study the impact of floods on microlevel firm performances in China for the period 2000–2009. Being hit by a flood is associated with an annual loss of output and productivity of around 6% and 5%, respectively, which persists in the long run. The effects are heterogeneous across types of firms and locations of the floods. Firms that are tangible-asset intensive are more negatively affected by the flood events. Meanwhile, …
The Exchange Rate System Reform In China: Some Important Results, Paul S. L. Yip, Yiu Kuen Tse, Yingjie Dong
The Exchange Rate System Reform In China: Some Important Results, Paul S. L. Yip, Yiu Kuen Tse, Yingjie Dong
Research Collection School Of Economics
We provide a review and empirical study on the exchange rate system reform in China. In the initial stage of the reform the Chinese central bank PBoC's implicit promise of gradual appreciation helped to contain the appreciation rate and volatility of the renminbi. Subsequently, under US pressure for faster appreciation and hence the PBoC's moderate violation of the implicit promise, there was a significant rise in the appreciation rate and the volatility of the renminbi. The moderate violation deteriorated further, forming a vicious cycle of speculative flows and faster exchange rate changes. Upon the onset of the global financial crisis …
Attenuation Of Agglomeration Economies: Evidence From The Universe Of Chinese Manufacturing Firms, Li Jing, Liyao Li, Shimeng Liu
Attenuation Of Agglomeration Economies: Evidence From The Universe Of Chinese Manufacturing Firms, Li Jing, Liyao Li, Shimeng Liu
Research Collection School Of Economics
This paper quantifies industry-specific spatial attenuation of agglomeration economies by taking advantage of unique geocoded administrative data on the universe of Chinese manufacturing firms. The estimates of industry-level attenuation speed further allow us to systematically assess the goodness of fit of various spatial decay functional forms and to evaluate the micro-foundations that govern the decay patterns across industries. We obtain three main findings. First, agglomeration spillovers attenuate by about 90 percent on average from 0-1 km to 1-5 km in China, with large heterogeneity in the extent of attenuation ranging from 73 percent to 116 percent across industries. Second, the …
Singapore In The Global Value Chains, Pao-Li Chang, Tran Bao Phuong Nguyen
Singapore In The Global Value Chains, Pao-Li Chang, Tran Bao Phuong Nguyen
Research Collection School Of Economics
This chapter analyses the participation of Singapore in the global value chains (GVC): how much of its gross exports are GVC-related trade; how downstream it is; and which countries are its key upstream and downstream trade partners. The analysis is carried out both at the country aggregate level and at the sector level. New formulas are proposed in the gross export decomposition framework of Koopman, Wang and Wei (2014) and Borin and Mancini (2017), to characterise a country/industry’s downstreamness in the GVC and the importance of each trade partner in its backward/forward linkages. Singapore started off with a very high …
Government Management Capacities And The Containment Of Covid-19: A Repeated Cross-Sectional Study Across Chinese Cities, Wenchao Li, Jing Li, Junjian Yi
Government Management Capacities And The Containment Of Covid-19: A Repeated Cross-Sectional Study Across Chinese Cities, Wenchao Li, Jing Li, Junjian Yi
Research Collection School Of Economics
Objectives: Better understanding of the dynamics of the COVID-19 (2019 novel coronavirus disease) pandemic to curb its spread is now a global imperative. While travel restrictions and control measures have been shown to limit the spread of the disease, the effectiveness of the enforcement of those measures should depend on the strength of the government. Whether, and how, the government plays a role in fighting the disease, however, has not been investigated. Here, we show that government management capacities are critical to the containment of the disease. Setting: We conducted a statistical analysis based on cross-city comparisons within China. China …
Change In Outbreak Epicentre And Its Impact On The Importation Risks Of Covid-19 Progression: A Modelling Study, Oyelola A. Adegboye, Adeshina I. Adekunle, Anton Pak, Ezra Gayawan, Denis H. Y. Leung, Diana P. Rojas, Emma S. Mcbryde, Damon P. Eisen
Change In Outbreak Epicentre And Its Impact On The Importation Risks Of Covid-19 Progression: A Modelling Study, Oyelola A. Adegboye, Adeshina I. Adekunle, Anton Pak, Ezra Gayawan, Denis H. Y. Leung, Diana P. Rojas, Emma S. Mcbryde, Damon P. Eisen
Research Collection School Of Economics
Background: The outbreak of Severe Acute Respiratory Syndrome Coronavirus-2 (SARS-CoV-2) that was first detected in the city of Wuhan, China has now spread to every inhabitable continent, but now the attention has shifted from China to other epicentres. This study explored early assessment of the influence of spatial proximities and travel patterns from Italy on the further spread of SARS-CoV-2 worldwide. Methods: Using data on the number of confirmed cases of COVID-19 and air travel data between countries, we applied a stochastic meta-population model to estimate the global spread of COVID-19. Pearson's correlation, semi-variogram, and Moran's Index were used to …
Public Health Insurance And Pharmaceutical Innovation: Evidence From China, Xuan Zhang, Huihua Nie
Public Health Insurance And Pharmaceutical Innovation: Evidence From China, Xuan Zhang, Huihua Nie
Research Collection School Of Economics
Developing countries are characterized by low levels of pharmaceutical innovation. A likely reason is their small market size, which is not because of the population size but because of low levels of income and lack of health insurance coverage. This study exploits a natural experiment from the implementation of a public health insurance program for rural residents in China (New Cooperative Medical Scheme [NCMS]) to examine whether the pharmaceutical industry increases innovation regarding diseases covered by the NCMS that are prevalent in rural areas. We examine the 1993–2009 patent data to gauge pharmaceutical innovation in China. Diseases with a 10% …
Firm Productivity And The Variety Of Inputs And Outputs: Evidence From Chinese Trade Data, Ken Onishi, Jianhuan Xu, Guang Yang
Firm Productivity And The Variety Of Inputs And Outputs: Evidence From Chinese Trade Data, Ken Onishi, Jianhuan Xu, Guang Yang
Research Collection School Of Economics
This paper studies how the trade liberalization in China changes the firm productivity. We develop a framework to estimate revenue productivity (TFPR) and real productivity (TFPQ) with multi-product firms. We find that the aggregate TFPR increases 30\% from 2002-2007 and TFPQ increases 22\%, suggesting that the observed TFPR increase is mainly driven by real productivity change rather than the markup change. We further decompose the change of productivity into three channels: (1) access to foreign inputs; (2) technology upgrade; (3) resource re-allocation within the firm. We find the most significant channel is the last one, which explains half of the …
Foreign Direct Investment And Industrial Agglomeration: Evidence From China, Wen-Tai Hsu, Yi Lu, Xuan Luo, Lianming Zhu
Foreign Direct Investment And Industrial Agglomeration: Evidence From China, Wen-Tai Hsu, Yi Lu, Xuan Luo, Lianming Zhu
Research Collection School Of Economics
This paper studies the effect of foreign direct investment (FDI) on industrial ag-glomeration. Using the differential effects of FDI deregulation in 2002 in China on different industries, we find that FDI actually affects industrial agglomeration neg-atively. As FDI brings technological spillovers and various agglomeration benefits, other forces must be at work to drive our empirical finding. We propose a simple theory that FDI may discourage industrial agglomeration due to fiercer competition pressure. We find various evidence on this competition mechanism. We also examine an alternative theory based on spatial political competition, but find no evidence sup-porting it. On industrial growth, …
Welfare Consequences Of Access To Health Insurance For Rural Households: Evidence From The New Cooperative Medical Scheme In China, Jessica Ya Sun
Welfare Consequences Of Access To Health Insurance For Rural Households: Evidence From The New Cooperative Medical Scheme In China, Jessica Ya Sun
Research Collection School Of Economics
This study evaluates the welfare benefits of the New Cooperative Medical Scheme (NCMS), the main public health insurance plan for the rural population in China. The findings show that the value of the NCMS to recipients is slightly lower than the government's costs of implementation, ranging from 0.79 to 0.97 per RMB of the resource cost of the NCMS. The estimated moral hazard costs are low compared with the total benefits. It is also estimated that the benefits originating from the NCMS's insurance function only constitute 20% of the total benefits, suggesting a need for higher generosity levels among rural …
Does Foreign Direct Investment Lead To Industrial Agglomeration?, Wen-Tai Hsu, Yi Lu, Xuan Luo, Lianming Zhu
Does Foreign Direct Investment Lead To Industrial Agglomeration?, Wen-Tai Hsu, Yi Lu, Xuan Luo, Lianming Zhu
Research Collection School Of Economics
This paper studies the effect of foreign direct investment (FDI) on industrial agglomeration. Using the differential effects of FDI deregulation in 2002 in China on different industries, we find that FDI actually affects industrial agglomeration negatively. This result is somewhat counter-intuitive, as the conventional wisdom tends to suggest that FDI attracts domestic firms to cluster for various agglomeration benefits, in particular technology spillovers. To reconcile our empirical findings and the conventional wisdom, we develop a theory of FDI and agglomeration based on two counter-veiling forces. Technology diffusion from FDI attracts domestic firms to cluster, but fiercer competition drives firms away. …
Love, Money, And Parental Goods: Does Parental Matchmaking Matter?, Fali Huang, Ginger Zhe Xu, Lixin Colin Xu
Love, Money, And Parental Goods: Does Parental Matchmaking Matter?, Fali Huang, Ginger Zhe Xu, Lixin Colin Xu
Research Collection School Of Economics
While parental matchmaking has been widespread throughout history and across countries, we know little about the relationship between parental matchmaking and marriage outcomes. Does parental involvement in matchmaking help ensure their needs are better taken care of by married children? This paper finds supportive evidence using a survey of Chinese couples. In particular, parental involvement in matchmaking is associated with having a more submissive wife, a greater number of children, a higher likelihood of having any male children, and a stronger belief of the husband in providing old age support to his parents. These benefits, however, are achieved at the …
Determinants Of Urban Land Supply In China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu
Determinants Of Urban Land Supply In China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu
Research Collection School Of Economics
This paper explores two political factors for their potential effects on urban land supply in China: corruption, and competition for promotion. We find that standard urban economic predictions hold in the sense that both population and income increases are strongly significant determinants for the increase in urban land supply. Conditional on these demand-side factors, we find that the usage of two-stage auctions (as a proxy for corruption) is highly correlated with the increase in land supply. The corruption effects are strongest for commercial land, followed by residential land and then industrial land. To shed light on the competition motives among …
Determinants Of Urban Land Supply In People's Republic Of China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu
Determinants Of Urban Land Supply In People's Republic Of China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu
Research Collection School Of Economics
This paper explores whether and how corruption and competition-for-promotion motives affect urban land supply in the People's Republic of China. Conditional on demand-side factors, we find that corruption is highly correlated with an increase in land supply. The corruption effects are strongest for commercial land, followed by residential land, and then industrial land. To shed light on the competition motives among prefectural leaders, we examine how the number of years in office affects land supply and distinguish among different hypotheses. Our empirical results show robust rising trends in land sales. These results are consistent with the hypothesis that among prefectural …
China's Yuan: Asia's Future Anchor Currency?, Hwee Kwan Chow
China's Yuan: Asia's Future Anchor Currency?, Hwee Kwan Chow
Research Collection School Of Economics
The yuan is becoming more widely used in pricing and settling intra-regional trade and investment. Asian currencies' movements are likely to shift more in tandem with the yuan, leading to it becoming one of Asia's lead currencies. Singapore is now the world's second-most- important offshore yuan trading hub after Hong Kong.
Reputation Building Through Failure, Huan Wang, Yi Zhang
Reputation Building Through Failure, Huan Wang, Yi Zhang
Research Collection School Of Economics
In China, many entrepreneurs receive strong supports each time their business fails. This contradicts existing literature and differs from rare revival elsewhere. The major explanation lies in China’s unfriendly and unstable policy environments, due to which business failure per se cannot discern competence. Therefore, entrepreneurs failing because of policy shocks have the incentive for extra efforts to build reputation of competence and trustworthiness. This mechanism prepares a pool of seasoned entrepreneurs who can help alleviate damages of not only policy shocks, but also such system shocks as business cycle and sector upgrading, and therefore makes the economy more adaptable.
Exchange Rates And Export Structure, Wen-Tai Hsu, Yi Lu, Yingke Zhou
Exchange Rates And Export Structure, Wen-Tai Hsu, Yi Lu, Yingke Zhou
Research Collection School Of Economics
This paper studies whether changes in the exchange rate affect a country’s export structure, using an arguably exogenous sudden appreciation of renminbi on July 21, 2005 as the main source of identification. Employing combined regression discontinuity and difference-in-differences approach, we show that China’s export structure became more similar to that of the developed countries after the currency appreciation. We also find that the majority of the appreciation effect comes from the inter-firm resource reallocation rather than the inter-region or intra-firm resource reallocation.
Is The Renminbi East Asia’S Dominant Reference Currency? A Reconsideration, Hwee Kwan Chow
Is The Renminbi East Asia’S Dominant Reference Currency? A Reconsideration, Hwee Kwan Chow
Research Collection School Of Economics
Recent empirical studies show that the Chinese currency renminbi is either becoming or has become a dominant reference currency in East Asia. This paper reviews the evidence with daily exchange rate data from seven East Asian economies namely, Indonesia, Korea, Malaysia, the Philippines, Singapore, Thailand and Taiwan. We consider the likely problems and pitfalls associated with the application of Frankel-Wei regressions to determine the weights of the US dollar and the renminbi in the implicit currency baskets. We show empirically the estimation of currency weights using non-orthogonalised renminbi movements could suffer from imprecision and/or inconsistency. To circumvent the simultaneity bias …
Love And Money By Parental Match-Making: Evidence From Urban Couples In China, Fali Huang, Ginger Jin, Lixin Collin Xu
Love And Money By Parental Match-Making: Evidence From Urban Couples In China, Fali Huang, Ginger Jin, Lixin Collin Xu
Research Collection School Of Economics
Parental involvement in marriage matchmaking may distort the optimal spouse choice because parents are willing to substitute love for money. The rationale is that the joint income of married children can be shared among extended family members more easily than mutual attraction felt by the couple themselves, and as a result, the best spouse candidate in the parents' eyes can differ from what is optimal to the individual, even though parents are altruistic and care dearly about their children's welfare. We find supporting evidence for this prediction using a unique sample of urban couples in China in the early 1990s.
Economic Transition, Higher Education And Worker Productivity In China, Belton Fleisher, Yifan Yu, Haizheng Li, Seonghoon Kim
Economic Transition, Higher Education And Worker Productivity In China, Belton Fleisher, Yifan Yu, Haizheng Li, Seonghoon Kim
Research Collection School Of Economics
We investigate the role of education on worker productivity and firms' total factor productivity using a panel of firm-level data from China. We estimate the returns to education by calculating the marginal productivity of workers of different education levels based on estimates of the firm-level production function. We also estimate how the education level of workers and CEO contributes to firms' total factor productivity. Estimated marginal products are much higher than wages, and the gap is larger for highly educated workers. Our estimate shows that an additional year of schooling raises marginal product by 30.1%, and that CEO's education increases …
Forecasting The Car Penetration Rate (Cpr) In China: A Nonparametric Approach, Sainan Jin, Liangjun Su
Forecasting The Car Penetration Rate (Cpr) In China: A Nonparametric Approach, Sainan Jin, Liangjun Su
Research Collection School Of Economics
With strong economic growth, the auto industry has made great breakthroughs in recent years and has become a backbone industry in China, while cars play an increasingly important role, and are now the principal part of the auto industry. Both China's government and academic circles take strong interest in the prediction of CPR (i.e. car penetration rate or cars per thousand people), which will be the main guidance for the future industry policy. We summarize the existing problems in recent research and propose to use nonparametric methods to estimate the CPR and its elasticity with respect to GDP per capita …
Business Output And Business Experience: Evidence From China's Nongovernmental Businesses, Liangjun Su
Business Output And Business Experience: Evidence From China's Nongovernmental Businesses, Liangjun Su
Research Collection School Of Economics
We study the application of the Solow growth model in China's non-governmental businesses and propose a reasonable modification for it. Our analysis indicates that business experience is closely tied to the output of China's non-governmental businesses. Our major findings include: (1) the business experience has little overall impact on the elasticity of output with respect to labour; (2) the business experience has a large impact on the elasticity of output with respect to capital and the elasticity increases as the business experience increases; (3) the adjusted Solow residual that reflects technological progress exhibits a negative relationship with the business experience, …
An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse
An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse
Research Collection School Of Economics
Research in the literature shows that initial public offerings (IPOs) of common stocks are systematically priced at a discount to their subsequent initial trading price. The large underpricing magnitude in the Chinese IPO market has attracted much attention. We consider three hypotheses that may explain the IPO underpricing in China. These are the winner's curse hypothesis, the ex ante uncertainty hypothesis and the signaling hypothesis. Among these hypotheses, the winner's curse hypothesis has not been tested in the Chinese market. Using IPO data for online fixed-price offerings from November 1995 to December 1998, our results show that the winner's curse …
An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse
An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse
Research Collection School Of Economics
Research in the literature shows that initial public offerings (IPOs) of common stocks are systematically priced at a discount to their subsequent initial trading price. The large underpricing magnitude in the Chinese IPO market has attracted much attention. We consider three hypotheses that may explain the IPO underpricing in China. These are the winner's curse hypothesis, the ex ante uncertainty hypothesis and the signaling hypothesis. Among these hypotheses, the winner's curse hypothesis has not been tested in the Chinese market. Using IPO data for online fixed-price offerings from November 1995 to December 1998, our results show that the winner's curse …