Pub Date : 2021-01-06DOI: 10.3868/S060-011-020-0023-7
Yi Che, Weiqiang Liu, Yan Zhang, Lingling Zhao
The global COVID-19 pandemic caused various economic contraction in most countries, including all of China's major trading partners Using a difference-in-differences model, this study examines the impact of the COVID-19 pandemic on China's monthly exports from January 2019 to May 2020 We find strong and robust evidence that China's exports to countries at high risk from the pandemic experienced a larger decline than exports to low-risk countries after the onset of the pandemic, with the prices of exports increasing significantly Furthermore, the results of a triple differences model show heterogeneous effects across different industries and goods Chinese industries located upstream in the global value chain are more vulnerable than those located downstream Industries with high labor and contract intensity (proxies for processing trade) experienced greater declines than other industries Exports of goods with high import elasticity of substitution experienced higher prices and moderate volume losses due to the pandemic
{"title":"China's Exports during the Global COVID-19 Pandemic","authors":"Yi Che, Weiqiang Liu, Yan Zhang, Lingling Zhao","doi":"10.3868/S060-011-020-0023-7","DOIUrl":"https://doi.org/10.3868/S060-011-020-0023-7","url":null,"abstract":"The global COVID-19 pandemic caused various economic contraction in most countries, including all of China's major trading partners Using a difference-in-differences model, this study examines the impact of the COVID-19 pandemic on China's monthly exports from January 2019 to May 2020 We find strong and robust evidence that China's exports to countries at high risk from the pandemic experienced a larger decline than exports to low-risk countries after the onset of the pandemic, with the prices of exports increasing significantly Furthermore, the results of a triple differences model show heterogeneous effects across different industries and goods Chinese industries located upstream in the global value chain are more vulnerable than those located downstream Industries with high labor and contract intensity (proxies for processing trade) experienced greater declines than other industries Exports of goods with high import elasticity of substitution experienced higher prices and moderate volume losses due to the pandemic","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"541-574"},"PeriodicalIF":0.8,"publicationDate":"2021-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41826771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-09-28DOI: 10.3868/S060-011-020-0018-5
Tu Qiu, Yuqi Chu
{"title":"Age Patterns of China's Repeat Migration","authors":"Tu Qiu, Yuqi Chu","doi":"10.3868/S060-011-020-0018-5","DOIUrl":"https://doi.org/10.3868/S060-011-020-0018-5","url":null,"abstract":"","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"433-471"},"PeriodicalIF":0.8,"publicationDate":"2020-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41345303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-09-28DOI: 10.3868/S060-011-020-0016-1
Yuanyuan Chen, Quanlin Liu, Kun Wu
This paper studies the impact of an increase in higher education tuition on intergenerational mobility in China. We develop a theoretical model for the parental decision about the investment on education of children to illustrate the impact from the perspective of borrowing constraint. We consider the Chinese college tuition and subsidy reform around 1986 as a quasi-natural experiment for identifying the policy effect of the reform on intergenerational educational mobility by using the data from the census of 2000 and the China Family Panel Studies (CFPS). We find that an increase in the education burden induced by the reform of college tuition has reduced intergenerational educational mobility, and it is more noticeable in regions with a relatively higher increment in the tuition fee. Our results are robust with consideration of the co-residence bias, government investment in elementary education, and the higher education expansion.
{"title":"Tuition Fees for Higher Education and Intergenerational Mobility in China","authors":"Yuanyuan Chen, Quanlin Liu, Kun Wu","doi":"10.3868/S060-011-020-0016-1","DOIUrl":"https://doi.org/10.3868/S060-011-020-0016-1","url":null,"abstract":"This paper studies the impact of an increase in higher education tuition on intergenerational mobility in China. We develop a theoretical model for the parental decision about the investment on education of children to illustrate the impact from the perspective of borrowing constraint. We consider the Chinese college tuition and subsidy reform around 1986 as a quasi-natural experiment for identifying the policy effect of the reform on intergenerational educational mobility by using the data from the census of 2000 and the China Family Panel Studies (CFPS). We find that an increase in the education burden induced by the reform of college tuition has reduced intergenerational educational mobility, and it is more noticeable in regions with a relatively higher increment in the tuition fee. Our results are robust with consideration of the co-residence bias, government investment in elementary education, and the higher education expansion.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"396-432"},"PeriodicalIF":0.8,"publicationDate":"2020-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45410756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-09-28DOI: 10.3868/S060-011-020-0015-4
Lei Ning, Yuqing Wang
We study the impact of the COVID-19 pandemic shock on household consumption in China Using household survey data, we find that the proportion of liquidity-constrained households increases quickly, but the constraint levels vary across distinct groups We build a heterogeneous agent life cycle incomplete market model to analyze the long-run and short-run effects of the pandemic shock The quantitative results reveal a slow recovery of consumption due to three reasons: hiking unemployment rate, declining labor productivity, and worsening income stability The hiking unemployment rate plays the key role in households' consumption reduction since it simultaneously leads to a negative income effect and upsurging precautionary saving motives Our paper highlights the importance of maintaining a stable labor market for faster recovery
{"title":"Quantitative Analysis of the COVID-19 Pandemic Shock to Household Consumption in China","authors":"Lei Ning, Yuqing Wang","doi":"10.3868/S060-011-020-0015-4","DOIUrl":"https://doi.org/10.3868/S060-011-020-0015-4","url":null,"abstract":"We study the impact of the COVID-19 pandemic shock on household consumption in China Using household survey data, we find that the proportion of liquidity-constrained households increases quickly, but the constraint levels vary across distinct groups We build a heterogeneous agent life cycle incomplete market model to analyze the long-run and short-run effects of the pandemic shock The quantitative results reveal a slow recovery of consumption due to three reasons: hiking unemployment rate, declining labor productivity, and worsening income stability The hiking unemployment rate plays the key role in households' consumption reduction since it simultaneously leads to a negative income effect and upsurging precautionary saving motives Our paper highlights the importance of maintaining a stable labor market for faster recovery","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"355-379"},"PeriodicalIF":0.8,"publicationDate":"2020-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46486091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-09-28DOI: 10.3868/S060-011-020-0014-7
Jiadong Tong, Ziliang Yu, Jiayun Xu, Menghua Tong
{"title":"The Belt and Road Initiative and China's Export: A Soft Power Perspective","authors":"Jiadong Tong, Ziliang Yu, Jiayun Xu, Menghua Tong","doi":"10.3868/S060-011-020-0014-7","DOIUrl":"https://doi.org/10.3868/S060-011-020-0014-7","url":null,"abstract":"","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"313-354"},"PeriodicalIF":0.8,"publicationDate":"2020-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46280911","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-09-28DOI: 10.3868/S060-011-020-0017-8
Shiyi Chen
Given the enormous impact that the COVID-19 pandemic had on China's economy, helping companies to revitalize post-pandemic economic activities promptly is a priority for the whole society This necessitates the smooth circulation of production-factors among different economic entities, departments, and regions The pandemic's huge impact on the economy is evident in the severely hampered flow of these factors, including labor, materials, and capital Therefore, using data and digital technology, combined with a contact-free allocation of labor, capital, and materials, to accelerate the flow of production-factors is critical to the post-pandemic economy's restoration Such a policy can not only provide a short-term stimulus but also a momentum for China's mid- and long-term sustainable economic development
{"title":"What Implications Does COVID-19 Have on Sustainable Economic Development in the Medium and Long Terms? *","authors":"Shiyi Chen","doi":"10.3868/S060-011-020-0017-8","DOIUrl":"https://doi.org/10.3868/S060-011-020-0017-8","url":null,"abstract":"Given the enormous impact that the COVID-19 pandemic had on China's economy, helping companies to revitalize post-pandemic economic activities promptly is a priority for the whole society This necessitates the smooth circulation of production-factors among different economic entities, departments, and regions The pandemic's huge impact on the economy is evident in the severely hampered flow of these factors, including labor, materials, and capital Therefore, using data and digital technology, combined with a contact-free allocation of labor, capital, and materials, to accelerate the flow of production-factors is critical to the post-pandemic economy's restoration Such a policy can not only provide a short-term stimulus but also a momentum for China's mid- and long-term sustainable economic development","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"380-395"},"PeriodicalIF":0.8,"publicationDate":"2020-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44664243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-09-28DOI: 10.3868/S060-011-020-0019-2
Tai-Hsin Huang
{"title":"Hong Yinxing, Zheng Jianghuai et al., Innovation Drives Industries Up to the Medium-High End of the Global Value Chain","authors":"Tai-Hsin Huang","doi":"10.3868/S060-011-020-0019-2","DOIUrl":"https://doi.org/10.3868/S060-011-020-0019-2","url":null,"abstract":"","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"472-474"},"PeriodicalIF":0.8,"publicationDate":"2020-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41583491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-07-10DOI: 10.3868/S060-011-020-0008-8
Jun Zhang
This article analyzes the economic impact of the COVID-19 outbreak, and puts forward with five basic insights concerning the degree of the impact, its duration, its key areas, and its quantitative calculation, among other aspects. The article holds that it is necessary to have a more objective understanding and judgement of how the virus affects the economy, particularly gross domestic product (GDP) growth for 2020Q1 and the entire year. Only on the basis of reasonable analysis can we better grasp measures required to cope with the economic impact, combined with more targeted policy launch and adjustment, so as to speed economic recovery to its normal level.
{"title":"Five Basic Insights into the Economic Impact of the COVID-19 Outbreak","authors":"Jun Zhang","doi":"10.3868/S060-011-020-0008-8","DOIUrl":"https://doi.org/10.3868/S060-011-020-0008-8","url":null,"abstract":"This article analyzes the economic impact of the COVID-19 outbreak, and puts forward with five basic insights concerning the degree of the impact, its duration, its key areas, and its quantitative calculation, among other aspects. The article holds that it is necessary to have a more objective understanding and judgement of how the virus affects the economy, particularly gross domestic product (GDP) growth for 2020Q1 and the entire year. Only on the basis of reasonable analysis can we better grasp measures required to cope with the economic impact, combined with more targeted policy launch and adjustment, so as to speed economic recovery to its normal level.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"167-178"},"PeriodicalIF":0.8,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45384626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-07-10DOI: 10.3868/S060-011-020-0013-0
Zhaomin Zhang
To examine the correlation between regional economic growth and inter-region transportation costs in China, this study establishes a regional economic growth model embedded with inter-region transportation costs based on the Cobb-Douglas production function. Based on a balanced growth empirical model, this study verifies the correlation by conducting a regression analysis of the panel data of 29 provinces, municipalities, and autonomous regions from 1985 to 2015. The empirical results show that: (1) The per capita GDP growth among the three regions (namely, the eastern, central, and western regions of China) meets a conditional convergence trend, and the decreasing of the inter-region transportation costs increases the convergence speed; (2) The per capita GDP growth is in line with the club convergence trend within each of the three regions; (3) The trend of the output elasticity of the inter-region transportation costs shows that the gradual decrease of inter-region transportation costs has a positive correlation with the narrowing of economic disparity after the year 2000, accelerating "common prosperity" across different regions in China.
{"title":"Inter-Region Transportation Costs, Regional Economic Growth, and Disparities in China","authors":"Zhaomin Zhang","doi":"10.3868/S060-011-020-0013-0","DOIUrl":"https://doi.org/10.3868/S060-011-020-0013-0","url":null,"abstract":"To examine the correlation between regional economic growth and inter-region transportation costs in China, this study establishes a regional economic growth model embedded with inter-region transportation costs based on the Cobb-Douglas production function. Based on a balanced growth empirical model, this study verifies the correlation by conducting a regression analysis of the panel data of 29 provinces, municipalities, and autonomous regions from 1985 to 2015. The empirical results show that: (1) The per capita GDP growth among the three regions (namely, the eastern, central, and western regions of China) meets a conditional convergence trend, and the decreasing of the inter-region transportation costs increases the convergence speed; (2) The per capita GDP growth is in line with the club convergence trend within each of the three regions; (3) The trend of the output elasticity of the inter-region transportation costs shows that the gradual decrease of inter-region transportation costs has a positive correlation with the narrowing of economic disparity after the year 2000, accelerating \"common prosperity\" across different regions in China.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"57 4","pages":"282-311"},"PeriodicalIF":0.8,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41310856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-07-10DOI: 10.3868/S060-011-020-0007-1
G. Jiang, Guanzhong Pan
This study examines the use of high frequency data in finance, including volatility estimation and jump tests. High frequency data allows the construction of model-free volatility measures for asset returns. Realized variance is a consistent estimator of quadratic variation under mild regularity conditions. Other variation concepts, such as power variation and bipower variation, are useful and important for analyzing high frequency data when jumps are present. High frequency data can also be used to test jumps in asset prices. We discuss three jump tests: bipower variation test, power variation test, and variance swap test in this study. The presence of market microstructure noise complicates the analysis of high frequency data. The survey introduces several robust methods of volatility estimation and jump tests in the presence of market microstructure noise. Finally, some applications of jump tests in asset pricing are discussed in this article.
{"title":"Analysis of High Frequency Data in Finance: A Survey","authors":"G. Jiang, Guanzhong Pan","doi":"10.3868/S060-011-020-0007-1","DOIUrl":"https://doi.org/10.3868/S060-011-020-0007-1","url":null,"abstract":"This study examines the use of high frequency data in finance, including volatility estimation and jump tests. High frequency data allows the construction of model-free volatility measures for asset returns. Realized variance is a consistent estimator of quadratic variation under mild regularity conditions. Other variation concepts, such as power variation and bipower variation, are useful and important for analyzing high frequency data when jumps are present. High frequency data can also be used to test jumps in asset prices. We discuss three jump tests: bipower variation test, power variation test, and variance swap test in this study. The presence of market microstructure noise complicates the analysis of high frequency data. The survey introduces several robust methods of volatility estimation and jump tests in the presence of market microstructure noise. Finally, some applications of jump tests in asset pricing are discussed in this article.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"15 1","pages":"141-166"},"PeriodicalIF":0.8,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43893849","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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