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Table of Content 期刊目录
Excess liquidity and credit misallocation: evidence from ChinaShiyuan Pan, Kang Shi, Lisheng Wang & Juanyi Xu
Pages: 265-286
An empirical examination of factors driving the offshore renminbi market
Richard C. K. Burdekin & Ran Tao
Pages: 287-304
Industry policy with Chinese characteristics:a multi-layered model
Wan-wen Chu
Pages: 305-318
Location determinant and MNE’s performance: A modeling test in the China’s automobile industry
Min Renne
Pages: 319-340
Co-movement and spillovers: empirical evidence from BRIC equity markets
Amanjot Singh & Manjit Singh
Pages: 341-361
Confucian economics: how is Chinese thinking different?
Kazimierz Poznanski
Pages: 362-384
Article Abstract 文章摘要
Excess liquidity and credit misallocation: evidence from ChinaShiyuan Pan, Kang Shi, Lisheng Wang & Juanyi Xu
Pages: 265-286
Abstract: China’s M2/GDP ratio continues to rise despite having reached the highest tier in the world, but there is no consensus on its driving forces. In this paper, we investigate this puzzle empirically, using different levels of data. We first estimate the degree of the excess liquidity in China based on cross-country regressions. Our results show that China’s excess liquidity is 50 percent of that implied by the cross-country benchmark. Province-level evidence shows that credit misallocation between state-owned enterprises (SOEs) and private enterprises (PEs) may lead to credit inefficiency and hence generate excess liquidity. We further validate this finding using manufacturing firm-level data, and show that credit misallocation has deteriorated since the Four Trillion Yuan Stimulus Plan since 2008. These facts unveil more challenges for the ongoing deleveraging campaign and SOE reform..
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2017.1370141
An empirical examination of factors driving the offshore renminbi market
Richard C. K. Burdekin & Ran Tao
Pages: 287-304
Abstract: Following the 2010 establishment of the offshore renminbi market in Hong Kong, renminbi deposits there quickly rose above RMB 1 trillion. In this article, we examine fluctuations between the offshore value of the renminbi in Hong Kong and its onshore value in mainland China. The size of the spot market spread appears to be influenced by stock market sentiment as reflected in the spread between A-shares listed in Shanghai and H-shares listed in Hong Kong. There is also some evidence of a link between the spread and the pace of renminbi deposit growth in Hong Kong.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2017.1370093
Industry policy with Chinese characteristics:a multi-layered model
Wan-wen Chu
Pages: 305-318
Abstract: Though China has characteristics of a developmental state like those of East Asia, there are evident differences due to China’s scale. Unlike the East Asian model, in which the central government takes charge of industrial policy directly, the Chinese central government formulates the policy and the local governments implement it. Thus, a multi-layered and complex policy structure has been the norm, and considered one of the Chinese characteristics. This paper examines several examples of Chinese industry, and finds that the effectiveness of this model mainly depends upon the way the central and local governments interact. For example, the 2004 automotive industrial policy was successful, because the central-local interactions demonstrated mutual accountability and thus brought policy innovation. After 2004, however, the auto industrial policy became ineffective, when the environment and the central-local relationship changed. It remains to be seen whether relevant parties could improve their coordination to produce a better result.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2017.1368903
Location determinant and MNE’s performance: A modeling test in the China’s automobile industry
Min Renne
Pages: 319-340
Abstract: This paper argues that the location strategy is an important successful condition for multinational enterprise’s investment in China. We conduct a location–performance model for multinationals in China, which is tested using a structural equation modeling approach on a sample of 216 joint ventures of automobile multinational enterprises in China. We find that the relationship between the location determinant and multinational performance is significant and positive, and which is supported by the local partner’s performance.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2017.1370155
Co-movement and spillovers: empirical evidence from BRIC equity markets
Amanjot Singh & Manjit Singh
Pages: 341-361
Abstract: A higher degree of co-movement and spillover effects among different asset classes undermine portfolio diversification benefits. In this regard, the present study attempts to capture dynamic co-movement and return-volatility spillover effects among the most promising emerging equity markets, i.e. Brazil, Russia, India and China in a multivariate framework by employing VAR-ABEKK and VAR-DCC-AGARCH (1,1) models. To further comprehend the behaviour of the correlation coefficients during the global financial crisis period (2007–2009), heat map and Markov regime switching model (two regimes with a switch at ‘mean’ level only) have been used. The results report that the BRIC equity markets do not share a common stochastic trend in the long run. There is strong evidence of market shocks to volatility, volatility to volatility and negative shocks to volatility spillover effects among the BRIC markets. Overall, the BRIC markets are partially integrated with each other, thereby making them stronger investment candidates.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2017.1370158
Confucian economics: how is Chinese thinking different?
Kazimierz Poznanski
Pages: 362-384
Abstract: The Chinese have their economics. Not yet acknowledged, it is contained in the Confucian thought. Called by me ‘Confucian economics’, it sharply differs from the Western ‘Liberal economics’. Individuals seek posterity through offspring, rather than ‘instant gratification’. Resources are not seen as scarce but as abundant. Rather than take resources from others, people work to make a living. The work ethics and not the profit margin is a key motive. Individuals work not for themselves but for their family. The family is a source of moral sentiment, understood as responsibility for others. This is why the main institution is family and not market. To Confucians, the key principle is equality, which precedes efficiency. Inequality upsets ‘social peace’, as a precondition for growth. Built on Liberal principles, the Western capitalist system is a market one. The Chinese system, which I call ‘Confucian system’, is also market-based. The former is a ‘free market’ animated by individuals, the latter is a ‘familial market’ built around households. Both approaches advocate ‘minimal state’, but for Liberals the state is a ‘night watchman’ to ensure the security of resources, while for Confucians, the state is a moral guide to enable social harmony. As a theory, Confucian economics is a form of ethics and the Liberal is not. China has never abandoned Confucianism. The recent reforms are not about rolling back the Soviet model to establish a capitalist system. Relying on Confucian economics, China is reviving Confucian system. Paradoxically, the ancient Confucian economics has become the engine of China’s modernity. This is a key reason for China’s ‘longest boom’. To extend it, China needs to refocus its policies from ‘capital formation’ to the ‘moral cultivation’, along the Confucian principles.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2017.1370170
