Download or read book Three Essays on China s Foreign Trade written by Shunli Yao and published by . This book was released on 2000 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on International Trade in China written by Songhua Lin and published by . This book was released on 2002 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three essays on international trade development and the Chinese economy written by Puman Ouyang and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the International Economics of Communist China written by Charles Frederick Remer and published by . This book was released on 1959 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on China s Foreign Exchange Markets written by Yi David Wang and published by Stanford University. This book was released on 2011 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is a compilation of three essays I wrote during my investigation of China's foreign exchange markets. I list the abstract of each in the following paragraphs. Essay 1: Anomaly in China's Dollar--RMB Forward Market Newly-established data on onshore deliverable US dollar--RMB forwards and the Shanghai Interbank Offered Rate from October 2006 to April 2009 reveal significant violations of covered interest rate parity. This paper hypothesizes that these violations are caused by an increase in US dollar-to-RMB conversion restrictions. Given that Chinese monetary authorities want to prevent market participants from taking advantage of the predictable appreciation of the RMB, China's State Administration of Foreign Exchange has to tighten up the control on US dollar-to-RMB conversions. Under the tightened conversion restrictions, similar deviations will resurface in the forward market whenever hot money inflow increases. One way to avoid covered interest rate parity violations in the forward market is to decrease hot money inflow into China by maintaining a stable and credible exchange rate policy. Essay 2: Convertibility Restriction in China's Foreign Exchange Market and its Impact on Forward Pricing Different from the well established markets such as the dollar-Euro market, recent CIP deviations observed in the onshore dollar-RMB forward market were primarily caused by conversion restrictions in the spot market rather than changes in credit risk and/or liquidity constraint. This paper proposes a theoretical framework under which the Chinese authorities impose conversion restrictions in the spot market in an attempt to achieve capital flow balance, but face the tradeoff between achieving such balance and disturbing current account transactions. Consequently, the level of conversion restriction should increase with the amount of capital account transactions and decrease with the amount of current account transactions. Such conversion restriction in turn places a binding constraint on forward traders' ability to cover their forward positions, resulting in the observed CIP deviation. More particularly, the model predicts that onshore forward rate is equal to a weighted average of CIP-implied forward rate and the market's expectation of future spot rate, with the weight determined by the level of conversion restriction. As a secondary result, the model also implies that offshore non-deliverable forwards reflect the market's expectation of future spot rate. Empirical results are consistent with these predictions. Essay 3: The Global Credit Crisis and China's Exchange Rate The case for stabilizing China's exchange rate against the dollar is strong. Before 2005 when the yuan/dollar rate was credibly fixed, it helped anchor China's domestic price level. But gradual RMB appreciation from July 2005 to July 2008 created a "one-way-bet" that disordered China's financial markets in two respects: (1) no private capital outflows to finance China's huge trade surplus leading to an undue build up of official exchange reserves and erosion of monetary control, and (2) a breakdown of the forward exchange market in 2007-08 so that exporters could no longer get trade credit—probably worsening the severe slump in Chinese exports. But after July 2008, the credit crunch induced an unexpected unwinding of the dollar carry trade leading to a sharp appreciation in the dollar's effective exchange rate. The People's Bank of China (PBC) then stopped RMB appreciation against the dollar. China's forward exchange market was restored and monetary control regained. Now the PBC can better support the fiscal stimulus by promoting a parallel expansion of bank credit. But, since March 2009, the fall in the dollar (with the RMB tied to it) again threatens to undermine the yuan/dollar rate and China's monetary stability.
Download or read book Three Essays in International Trade and Investment written by Ting Gao and published by . This book was released on 1998 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the Empirical Relevance of International Trade Models written by Huimin Shi and published by . This book was released on 2012 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: My dissertation discusses the extensive and intensive margins of international trade. I investigate this topic using newly available Chinese Customs data and firm-level survey data from 2000 - 2006. These two datasets shed light on China, which is one of the biggest traders in the world, and allow me to test whether trade models motivated by the data of industrialized countries can explain Chinese trade.
Download or read book Three Essays on China s Economic Growth and Inequality written by Yuyu Wang and published by . This book was released on 2009 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on China s Foreign Exchange Markets written by Yi David Wang and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is a compilation of three essays I wrote during my investigation of China's foreign exchange markets. I list the abstract of each in the following paragraphs. Essay 1: Anomaly in China's Dollar--RMB Forward Market Newly-established data on onshore deliverable US dollar--RMB forwards and the Shanghai Interbank Offered Rate from October 2006 to April 2009 reveal significant violations of covered interest rate parity. This paper hypothesizes that these violations are caused by an increase in US dollar-to-RMB conversion restrictions. Given that Chinese monetary authorities want to prevent market participants from taking advantage of the predictable appreciation of the RMB, China's State Administration of Foreign Exchange has to tighten up the control on US dollar-to-RMB conversions. Under the tightened conversion restrictions, similar deviations will resurface in the forward market whenever hot money inflow increases. One way to avoid covered interest rate parity violations in the forward market is to decrease hot money inflow into China by maintaining a stable and credible exchange rate policy. Essay 2: Convertibility Restriction in China's Foreign Exchange Market and its Impact on Forward Pricing Different from the well established markets such as the dollar-Euro market, recent CIP deviations observed in the onshore dollar-RMB forward market were primarily caused by conversion restrictions in the spot market rather than changes in credit risk and/or liquidity constraint. This paper proposes a theoretical framework under which the Chinese authorities impose conversion restrictions in the spot market in an attempt to achieve capital flow balance, but face the tradeoff between achieving such balance and disturbing current account transactions. Consequently, the level of conversion restriction should increase with the amount of capital account transactions and decrease with the amount of current account transactions. Such conversion restriction in turn places a binding constraint on forward traders' ability to cover their forward positions, resulting in the observed CIP deviation. More particularly, the model predicts that onshore forward rate is equal to a weighted average of CIP-implied forward rate and the market's expectation of future spot rate, with the weight determined by the level of conversion restriction. As a secondary result, the model also implies that offshore non-deliverable forwards reflect the market's expectation of future spot rate. Empirical results are consistent with these predictions. Essay 3: The Global Credit Crisis and China's Exchange Rate The case for stabilizing China's exchange rate against the dollar is strong. Before 2005 when the yuan/dollar rate was credibly fixed, it helped anchor China's domestic price level. But gradual RMB appreciation from July 2005 to July 2008 created a "one-way-bet" that disordered China's financial markets in two respects: (1) no private capital outflows to finance China's huge trade surplus leading to an undue build up of official exchange reserves and erosion of monetary control, and (2) a breakdown of the forward exchange market in 2007-08 so that exporters could no longer get trade credit--probably worsening the severe slump in Chinese exports. But after July 2008, the credit crunch induced an unexpected unwinding of the dollar carry trade leading to a sharp appreciation in the dollar's effective exchange rate. The People's Bank of China (PBC) then stopped RMB appreciation against the dollar. China's forward exchange market was restored and monetary control regained. Now the PBC can better support the fiscal stimulus by promoting a parallel expansion of bank credit. But, since March 2009, the fall in the dollar (with the RMB tied to it) again threatens to undermine the yuan/dollar rate and China's monetary stability.
Download or read book Three Essays on Monetary Policy and Economic Growth in China written by Peng Wang and published by . This book was released on 2009 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on China s Embrace of Globalization written by Liugang Sheng and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays exploring the role of globalization in China's economic development. The first essay, coauthored with Dennis Yang in Chinese University of Hong Kong, studies the relationship of globalization and wage inequality in urban China. We develop a model to study the joint determination of the ownership structure of offshoring, skill upgrading, and wage inequality in developing countries. Because of the abundance in low-skilled labor and contractual frictions in the South, the skill intensity of intra-firm offshoring dominates that of arm's length offshoring. As a result, processing trade by foreign-owned firms has a greater effect on skill upgrading and skill premium in developing countries compared with that by joint ventures and indigenous firms. We test these theoretical implications with a natural experiment in which China lifted its restrictions on foreign ownership upon its accession to the WTO. We find that the processing export by foreign owned firms may contribute 75 percent to the rising of skill premium in urban China after 2000. In the second essay, Dennis and I continue to explore the role of institutional reforms in speeding up the product cycle in developing countries. Our model demonstrates that relaxing foreign ownership controls and improving contract enforcement can induce multinational companies to expand product varieties to host developing countries, and that a combination of the two reforms has an amplifying effect on product transfers. Empirically, we find that ownership liberalization and judicial quality played an important role in raising the extensive margin of processing exports in China for the period of 1997-2007. The third essay takes a novel approach to detect the latent currency portfolio of Chinese foreign reserves during 2000 and 2007. I decompose the monthly growth rate of reserves into the monthly rate of return, valuation effects of exchange rates, and monthly net purchase rate. The valuation effect reveals the value share of each currency. Bayesian inference is adopted to estimate the State-Space model with mixture Gaussian distributions. The results show that China significantly and dramatically diversified its reserves out of the U.S. dollar in 2002: the euro's value share increased from 5% to more than 20%. The analysis sheds light on Chinese government's portfolio management strategy of foreign reserves.
Download or read book Three Essays on Informational Barriers Coordination Failures and International Trade written by Vitor M. Trindade and published by . This book was released on 2000 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in International Economics written by Bo Chen and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first paper presents an inter-temporal job search model and argues that both emigration and return of Chinese may be strategically planned as an optimal life-cycle residential location sequence. Particularly, it offers an explanation for two interesting phenomena in the context of Chinese immigration: (1) a substantial increase in both emigrants and returnees; (2) Returnees exhibit varying levels of educational degrees. The model attributes these phenomena to three facts: (1) China has a dual labor market with a higher paying modern sector; (2) the benefits of globalization accrue mainly to modern sector workers and; (3) the information revolution in US attracts China's most productive intellectuals. The second and the third papers study the impact of trade variety on regional productivity for China and Canada respectively. The second paper studies the effects of Chinese provincial export variety growth on its technological improvement by applying a monopolistic competition model with endogenous technology. The panel data covers all 31 executive districts of mainland China from 1998 to 2005. The results show that export variety significantly affect productivity growth: it accounts for 44.1% of cross-province TFP differences and 36.6% of within-province TFP growth; a 10% increase in the export variety of all exporting industries leads to a 1.4% productivity increase in China (as a weighted province average). By adding import variety in the empirical model used in the second paper, the third paper consolidates the effects of both import and export variety growth on Canadian productivity. Using balanced provincial data from 1988 to 2006, I find that export variety and import variety respectively account for 10.41% and 1.57% of the variation in Canadian provincial productivity differences, and the net trade variety related effects account for 7.06%. Furthermore, the export and import variety respectively account for 9.92% and 6.95% of within-province productivity growth, and their total effects can account for 17.31%. Evaluated at the sample mean, a 10% increase in all trade varieties leads to a 0.90% increase in Canadian productivity, in which the export variety's contribution is 0.57% and the import variety's is 0.33%.
Download or read book China s Growth and Integration Into the World Economy written by Eswar Prasad and published by International Monetary Fund. This book was released on 2004-06-17 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s macroeconomy and economic structure. It also surveys the main policy challenges that will need to be addressed for China to maintain sustained high growth and continued global integration.
Download or read book China s Grand Strategy written by Andrew Scobell and published by Rand Corporation. This book was released on 2020-07-27 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: To explore what extended competition between the United States and China might entail out to 2050, the authors of this report identified and characterized China’s grand strategy, analyzed its component national strategies (diplomacy, economics, science and technology, and military affairs), and assessed how successful China might be at implementing these over the next three decades.
Download or read book The Long Game written by Rush Doshi and published by Oxford University Press. This book was released on 2021-06-11 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: For more than a century, no US adversary or coalition of adversaries - not Nazi Germany, Imperial Japan, or the Soviet Union - has ever reached sixty percent of US GDP. China is the sole exception, and it is fast emerging into a global superpower that could rival, if not eclipse, the United States. What does China want, does it have a grand strategy to achieve it, and what should the United States do about it? In The Long Game, Rush Doshi draws from a rich base of Chinese primary sources, including decades worth of party documents, leaked materials, memoirs by party leaders, and a careful analysis of China's conduct to provide a history of China's grand strategy since the end of the Cold War. Taking readers behind the Party's closed doors, he uncovers Beijing's long, methodical game to displace America from its hegemonic position in both the East Asia regional and global orders through three sequential "strategies of displacement." Beginning in the 1980s, China focused for two decades on "hiding capabilities and biding time." After the 2008 Global Financial Crisis, it became more assertive regionally, following a policy of "actively accomplishing something." Finally, in the aftermath populist elections of 2016, China shifted to an even more aggressive strategy for undermining US hegemony, adopting the phrase "great changes unseen in century." After charting how China's long game has evolved, Doshi offers a comprehensive yet asymmetric plan for an effective US response. Ironically, his proposed approach takes a page from Beijing's own strategic playbook to undermine China's ambitions and strengthen American order without competing dollar-for-dollar, ship-for-ship, or loan-for-loan.
Download or read book Three Essays on Regional Development and Urban Growth in China microform written by Ying Ge and published by National Library of Canada = Bibliothèque nationale du Canada. This book was released on 2004 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation provides empirical evidence on regional development and urban growth in China. In the first chapter, we examine how Chinese cities of different sizes grow relative to each other and find that reform period since 1980 delivered significant structural change in Chinese urban system. The city size distribution remains stable before the reform but shows convergent pattern of growth in post-reform period. Secondly, we use Pearson goodness-of-fit test to examine which distribution is the best approximation of city size distribution. A parallel study of city size distribution in China and U.S. reveals substantial differences: a lognormal distribution in case of China and a Pareto distribution in case of U.S. The second chapter examines the patterns and determinants of city growth in China. We find that the city income distribution converges during the period 1990 to 1999. The geographic distribution of the Chinese urban system is uneven, and the welfare of coastal cities is significantly higher than that of inland cities. An analysis of the determinants of city growth shows that economic reform and openness of cities play important roles in accelerating urban growth. The results also lead support to the significant impact of other factors on urban growth, such as geography, industrial structure and human capital accumulation. The third chapter provides empirical evidence on the linkage between regional inequality, industrial agglomeration and foreign trade. The results indicate that the increasing regional inequality in the 1990s was accompanied by the increasing regional specialization and manufacturing industry agglomeration. Access to foreign trade and foreign investment is one of important driving forces of unbalanced geographic distribution of production in China. Industries dependent on foreign trade and foreign direct investment are more likely to locate in the regions with easy access to foreign market, and exporting industries have a higher degree of agglomeration.
