Macroeconomics Commons^™

China’S Economic Slowdown: How Does It Affect New Zealand’S Economy?, Haven Qin

CMC Senior Theses

This paper examines the impact of China’s economic slowdown on New Zealand’s economy, focusing on sector-specific linkages across real estate, the stock market, exports, and import prices. As a small open economy, New Zealand’s deep integration with global markets makes it particularly vulnerable to external shocks from its largest trading partner. Employing OLS regression models and monthly economic data, this study reveals the nuanced pathways through which China’s economic conditions influence New Zealand. Key findings include the sensitivity of New Zealand’s housing market to Chinese property investments and Chinese stock market performance, the influence of Chinese financial market performance on …

Economic Anomalies Following The Handover Of Hong Kong, Nathan Martin

Economics Undergraduate Honors Theses

This paper seeks to examine and provide a possible explanation for economic anomalies in Hong Kong following its handover to China. Hong Kong was on a 99-year lease to the United Kingdom from China before being handed back over July 1^st, 1997. Due to the “one country, two systems” policy espoused in the handover agreement that was to be implemented for fifty years, this event marks a rare natural experiment of a peaceful regime change without a significant change in governance. This paper seeks to understand the impact of the act of regime change on selected key macroeconomic …

Chinese Political Rhetoric And Ideology: Tension And Pretension, Israel Paredes

Honors Theses

This changing nature of the Chinese government’s ideology leads one to believe that its core beliefs are not dogmatic, despite the foundation for their ideology being rooted in specific societal and economic theories. Starting with Mao Zedong to modern day, the Chinese government officials will continue to support the original tenets (and, no doubt, future presidents’ additions to the tenets). However, the interpretation of their ideology over time is fluid and is used to support policies and actions during a political cycle. Chinese political leaders are unlikely to disagree with a past leaders, and will rather use their own interpretation …

Chinese Yuan Interest Rate Swap Yields, Tanweer Akram, Khawaja Mamun

WCBT Faculty Publications

This paper models the dynamics of Chinese yuan–denominated long-term interest rate swap yields. It shows that the short-term interest rate exerts a decisive influence on the long-term swap yield after controlling for various macrofinancial variables, such as core inflation, the growth of industrial production, the percent change in the equity price index, and the percentage change in the Chinese yuan exchange rate. The autoregressive distributed lag approach is applied to model the dynamics of the long-term swap yield. The findings reinforce and extend John Maynard Keynes’s conjecture that in advanced countries, as well as emerging market economies such as China, …

Global Trade Implications Of A Russia And Ukraine-Like Conflict Between China And Taiwan, Jay Morris

CMC Senior Theses

This paper examines the effects of global trade in general from a Russia-Ukraine-like conflict between China and Taiwan as well as the consequences to the worldwide semiconductor industry. A main component of these effects comes from two assumptions: trade between Taiwan and the rest of the world will cease when the conflict occurs and a group of geopolitically aligned and developed countries called the “Allies” will sanction China across a range of product categories. The main effect of the sanctions is the reduction in imports to China in key strategic goods that help in winning military battles and or promote …

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 …

Essays On The Housing Market In China And Some Evidence On Inflation Targeting, Yanchao Li

All Dissertations

The housing market in China enjoys great prosperity after a continuously rapid development for more than a decade. However, there are growing concerns about possible bubbles as the price continues to rise while ordinary workers cannot afford a house. The government of China has implemented different kinds of regulations to slow rapid price increases and stabilize the market since 2007. The first paper looks at the characteristics and determinants of housing prices in different tiers of cities in China over the period 2002–2017, and then the second paper examines the impact of different types of regulations on the real estate …

China: 1999 Asset Management Corporations, Lily S. Engbith

Journal of Financial Crises

Chinese financial authorities began to liberalize their economy in the 1970s, though it would take two more decades to realize a solution to the massive non-performing loan (NPL) problem faced by state-owned commercial banks (SOCBs). In order to remove and dispose of bad assets left over from the policy-lending era of the former command economy, the State Council created four public asset management corporations (AMCs) between April and October of 1999. The AMCs, under the administration of the Ministry of Finance, were responsible for the acquisition, management, and disposal of NPLs from their assigned state-owned commercial bank. In addition to …

Essays On Economic Uncertainty And Housing Market In China, Humenghe Zhao

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that covers topics in macroeconomics.

Chapter 1. Literature Survey of China’s Housing Market and Macroeconomic Uncertainty is a survey of the literature on the history and development of China’s housing market, its unique characteristics, the driving forces behind rising housing prices, and the empirical interactions among housing market, economic uncertainty and the macroeconomy in China.

Chapter 2. The Spatial Correlation of Regional Housing Prices and Economic Uncertainty in China

Rapid real estate development and house price growth in China have garnered significant attention in academia and policy circles. Investigation into highly differentiated but interrelated …

Gender Gaps In Labor Market Participation And Earnings In Post-Reform China, Xiao Saizi

Student Works (2020-2029)

Ensuring gender equity in the process of economic development is a key Sustainable Development Goal. Many governments have invested heavily in women’s education to address gender inequality in the labor market. However, gender gaps in labor force participation and earnings continue to persist even in developing countries that have experienced steady macroeconomic growth and graduated to upper middle income status. A case in point is China, the country with the largest labor force in the world, where gender gaps in labor force participation rates and earnings have widened during the transition from a centrally planned economy to a market-oriented one. …

The Effect Of The Second-Stage Anti-Corruption Campaign On Provincial Development In China, 2015-2017, Zhenyao Yuan

Master's Theses

China had experienced long-term economic growth since the reform in 1978. With the communism system shifts in the socialist market economy, the country's legal institution and administration are facing corruption's challenge. President Xi Jinping takes action against deep corruption in China after coming to power in 2013. To observe the impact of the second stage of the anti-corruption campaign on provincial economic development since the Fifth Plenary Session of the 18th Central Committee of the Communist Party of China in 2015 to the 19th National Congress of the Communist Party of China in 2017, this project downloads and extracts public …

Given Today's New Wave Of Protectionsim, Is Antitrust Law The Last Hope For Preserving A Free Global Economy Or Another Nail In Free Trade's Coffin?, Allison Murray

Loyola of Los Angeles International and Comparative Law Review

No abstract provided.

Three Essays On Exchange Rate And Capital Controls, Yaorong Lou

Theses and Dissertations--Economics

This dissertation consists of essays that study exchange rate pass-through, China’s de facto exchange rate regime, and China’s capital controls.

The first essay studies exchange rate pass-through (ERPT) by using a set of data from ten countries including four advanced economies and six Asian emerging markets. The price indices used in this essay include consumer price, producer price, import price and export price indices. While most literature only include the import price index, this essay also puts emphasis on the export price index. It investigates the asymmetry in the ERPT between depreciation and appreciation of domestic currency by using a …

The Political Impact Of Rising Trade Exposure: Evidence From 2000 - 2016 U.S. Presidential Elections, Xiaoyang Qian

CMC Senior Theses

In this paper we analyze the impact of global imports on regional labor markets, and how such impact translates to changes in voting patterns in the U.S. Presidential elections from 2000 to 2016. We find that imports from different U.S. trading partners influence voting patterns in different ways. In particular, we observe an anti-incumbent effect caused by import competition from OECD countries. Such an effect cannot be observed for imports from low-income countries. There is also evidence that suggests high exposure to import competition tends to drive voters toward the Democratic candidate, who typically proposes better social welfare programs and …

The Effects Of The One-Child Policy On Household Financial Decisions, Sylvia M. Xu

Honors Theses

The Chinese One-Child Policy, enacted in 1979, was an attempt to decrease the population growth rate following a period of massive social and political confusion and uncertainty. While the policy was beneficial to curbing the population growth in China, it also introduced unintentional consequences, including sex imbalance, and other demographic differences. The goal of this paper is to examine the economic behavior and financial decisions of son-families and daughter-families across different provinces and regions of China, which have varying levels of sex imbalance, as a result of a cultural preference for sons. These financial decisions include the household saving rate, …

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.

An Economic Analysis Of Housing Market Instability And Affordability In China, You Wang

Undergraduate Economic Review

Applying an intertemporal optimization model proposed by Aizenman and Marion (1991), this research quantifies instability in the Chinese housing market. Although the Chinese government established numerous real estate policies to ensure the stability of the housing market, the regression analyses indicate that housing policies had no significant impact on the stabilization of the Chinese housing market. Alternatively, macroeconomic factors are identified as significant explanatory variables to the instability of housing prices. In addition, this research computes the median multiple for major cities in China and provides an alternative means of investigating the abnormal housing price situation in China.

The Liberalization Of Shibor And The Economic Fundamentals Of House Price Growth In China, Michael J. Mavredakis

CMC Senior Theses

This paper uses data collected from the National Interbank Funding Center of China, the People’s Bank of China, the National Bureau of Statistics, and Bloomberg starting in October 2006 through 2013 to test the economic fundamental’s affecting the housing market in Shanghai, particularly interest rates. This study finds that the 6- month duration Shibor has a negative and significant correlation with house price growth in Shanghai when lagged 4 months. The analysis continues by examining other economic fundamentals affecting house price growth, finding growth in inflation, the money supply and Shanghai real estate investment to have significant, positive relationships with …

Shanghai As An International Financial Center - Aspiration, Reality And Implication, Raph Luo

Undergraduate Economic Review

China’s rapid economic development, especially in the financial sector, has ignited the discussion of the re-emergence of Shanghai as a leading international financial center (IFC). Much still remains to be done for Shanghai to catch up with established centers such as New York and London, including deepening its capital markets and opening itself up to cross-border capital flows. While Shanghai’s current financial development has been made possible largely by China’s past economic conditions and policies, recent reforms are also likely to guarantee Shanghai the position as a world-class onshore IFC in the near future. The rise of Shanghai will likely …

China And Brazil: Potential Allies Or Just Brics In The Wall?, Anthony Petros Spanakos

Department of Political Science and Law Faculty Scholarship and Creative Works

Brazil is an increasingly important actor in global governance and for China specifically. Sino-Brazilian relations have deepened considerably but they remain concentrated in areas of trade and investment. There is also considerable overlap in interests between the two countries in other areas, such as diplomatic and political relations. At the same time, China must manage carefully important differences that exist over the enlargement of the UN and the potential challenge to the Brazilian industry.

Why Brazil Has Not Grown: A Comparative Analysis Of Brazilian, Indian, And Chinese Economic Management, Fernando Ferrari-Filho, Anthony Petros Spanakos

Department of Political Science and Law Faculty Scholarship and Creative Works

This paper does not aim to dispute that Brazil would benefit from reforms in any or all of these areas. Rather, the paper offers a skeptical perspective on reform menus and proposes an alternative explanation for the faster growth of Brazil’s peers India and China2. The paper begins by introducing (section 1) the idea of the BRICs countries, to establish the basis for comparisons of most similar cases. It then surveys the results of a generation of Washington Consensus era growth (section 2). Although there is a considerable amount of divergence over what causes growth, it seems that something approaching …

Cultural Advantages In China: Tale Of Six Cities, Florentin Smarandache, Fu Yuhua, Victor Christianto

Branch Mathematics and Statistics Faculty and Staff Publications

Nowadays, plenty of factories from Europe and other developed countries have been relocated to this country, considering its tremendous economic scale and rapid growth rate during the past three decades. But most of what happens inside the China nowadays is deeply hidden from the outside world (“the foreigners” as China people would call). This fact is partly because most reports on China were written by the so‐called fly‐high experts who are busy completing their reports despite a busy schedule. Very few books or reports were written by people inside, or at least “foreigners” who spent a few years in China. …