Pub Date : 2018-09-30DOI: 10.3868/s060-007-018-0024-8
Jinsong Zhao, Hao Pang
Chinai¯s banking industry experienced rapid growth during the free access era from 1911 to 1927. However, the reasons private banks were so successful then remain unclear, particularly when property rights were not well protected due to government intervention. Using archived Young Brother Bank documents, we describe the banki¯s development from its founding as a family firm through its reinvention from a partnership into a corporation. We focus on organizational form choice and bank performance in this case study. We find that bankers in early modern China gain political connections by placing influential nonfamily members (often, acquisitive local warlords) on boards of directors because this protects them from the depredations of those warlords. This is a precondition for operating family businesses in unstable political circumstances.
{"title":"Surviving Unstable Property Rights in Early Modern China: A Case Study of Young Brother Bank","authors":"Jinsong Zhao, Hao Pang","doi":"10.3868/s060-007-018-0024-8","DOIUrl":"https://doi.org/10.3868/s060-007-018-0024-8","url":null,"abstract":"Chinai¯s banking industry experienced rapid growth during the free access era from 1911 to 1927. However, the reasons private banks were so successful then remain unclear, particularly when property rights were not well protected due to government intervention. Using archived Young Brother Bank documents, we describe the banki¯s development from its founding as a family firm through its reinvention from a partnership into a corporation. We focus on organizational form choice and bank performance in this case study. We find that bankers in early modern China gain political connections by placing influential nonfamily members (often, acquisitive local warlords) on boards of directors because this protects them from the depredations of those warlords. This is a precondition for operating family businesses in unstable political circumstances.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"505-530"},"PeriodicalIF":0.8,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43175778","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 : 2018-09-30DOI: 10.3868/S060-007-018-0021-7
Ho-don Yan, Zhijian Qiao, Chen Xu
This essay aims to reconceptualize the monetary regime of late Qing and modern China as a multilayer system of currencies and examine the features and logics of its operation from the 16th century to early 20th century. We argue that this system consists of a variety of silver and copper currencies, each occupying a particular layer in the structure and each satisfying a specific market demand. Analyzing the production and circulation of copper and silver currencies, we first trace their evolution from the Qing to the Republican era and demonstrate the multi-layer currency structure persisted in China across the modernizing changes that took place at the end of the 19th century. Second, using data drawn from gazetteers, this essay adopts a quantitative approach to empirically examine the mechanism and speed of interactions between the different layers of the monetary market and reveal the operational mechanism of the multi-layer system. We suggest that this multi-layer system, while bringing some efficiency loss, also constituted an effective institutional arrangement that helped to ensure the stability of the Chinese economy in tumultuous times.
{"title":"A Multi-Layer System and Its Features: Reconceptualizing the Monetary Regime of Late Qing and Modern China","authors":"Ho-don Yan, Zhijian Qiao, Chen Xu","doi":"10.3868/S060-007-018-0021-7","DOIUrl":"https://doi.org/10.3868/S060-007-018-0021-7","url":null,"abstract":"This essay aims to reconceptualize the monetary regime of late Qing and modern China as a multilayer system of currencies and examine the features and logics of its operation from the 16th century to early 20th century. We argue that this system consists of a variety of silver and copper currencies, each occupying a particular layer in the structure and each satisfying a specific market demand. Analyzing the production and circulation of copper and silver currencies, we first trace their evolution from the Qing to the Republican era and demonstrate the multi-layer currency structure persisted in China across the modernizing changes that took place at the end of the 19th century. Second, using data drawn from gazetteers, this essay adopts a quantitative approach to empirically examine the mechanism and speed of interactions between the different layers of the monetary market and reveal the operational mechanism of the multi-layer system. We suggest that this multi-layer system, while bringing some efficiency loss, also constituted an effective institutional arrangement that helped to ensure the stability of the Chinese economy in tumultuous times.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"436-457"},"PeriodicalIF":0.8,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46580697","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 : 2018-09-30DOI: 10.3868/S060-007-018-0020-0
Sheng Qian, LeminWu
Despite the lack of political accountability, ancient autocracies maintained a level of monetary stability that rivals modern democracies. This paper hypothesizes that it is the threat of counterfeiting that has constrained currency debasement. Unwilling to share seigniorage with counterfeiters, who are active only if currency is debased, the government refrains from debasement unless in extreme fiscal situations. To document the facts, we build a database of historical Chinese copper coins that covers the period from the Qin dynasty (221BC¨C207BC) to the Republic of China. We also use the introduction of the steam press in late Qing China as a natural experiment to test the theory. The steam press produced coins of fine patterns that counterfeiters were unable to mimic. As the theory predicts, the removal of the threat of counterfeiting triggered the most serious debasement in the history of the Qing dynasty (1644¨C1912).
{"title":"Who Defended Monetary Stability in a Specie Regime? Evidence from the Chinese History","authors":"Sheng Qian, LeminWu","doi":"10.3868/S060-007-018-0020-0","DOIUrl":"https://doi.org/10.3868/S060-007-018-0020-0","url":null,"abstract":"Despite the lack of political accountability, ancient autocracies maintained a level of monetary stability that rivals modern democracies. This paper hypothesizes that it is the threat of counterfeiting that has constrained currency debasement. Unwilling to share seigniorage with counterfeiters, who are active only if currency is debased, the government refrains from debasement unless in extreme fiscal situations. To document the facts, we build a database of historical Chinese copper coins that covers the period from the Qin dynasty (221BC¨C207BC) to the Republic of China. We also use the introduction of the steam press in late Qing China as a natural experiment to test the theory. The steam press produced coins of fine patterns that counterfeiters were unable to mimic. As the theory predicts, the removal of the threat of counterfeiting triggered the most serious debasement in the history of the Qing dynasty (1644¨C1912).","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"397-435"},"PeriodicalIF":0.8,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48339301","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 : 2018-09-30DOI: 10.3868/S060-007-018-0018-9
Yi Xu, B. Leeuwen, Jan Luiten van Zanden
This paper presents new estimates of the development of the urban population andthe urbanization ratio for the period spanning the Song and late Qing dynasties. Urbanizationis viewed, as in much of the economic historical literature on the topic, as an indirectindicator of economic development and structural change. The development of the urbansystem can therefore tell us a lot about long-term trends in the Chinese economy between1100 and 1900. During the Song the level of urbanization was high, also by internationalstandards – the capital cities of the Song were probably the largest cities in the world. This remained so until the late Ming, but during the Qing there was a downward trend in the levelof urbanization from 11–12% to 7% in the late 18th century, a level at which it remained untilthe early 1900s. In our paper we analyse the role that socio–political and economic causesplayed in this decline, such as the changing character of the Chinese state, the limited impactof overseas trade on the urban system, and the apparent absence of the dynamic economiceffects that were characteristic for the European urban system.
{"title":"Urbanization in China, ca. 1100–1900","authors":"Yi Xu, B. Leeuwen, Jan Luiten van Zanden","doi":"10.3868/S060-007-018-0018-9","DOIUrl":"https://doi.org/10.3868/S060-007-018-0018-9","url":null,"abstract":"This paper presents new estimates of the development of the urban population andthe urbanization ratio for the period spanning the Song and late Qing dynasties. Urbanizationis viewed, as in much of the economic historical literature on the topic, as an indirectindicator of economic development and structural change. The development of the urbansystem can therefore tell us a lot about long-term trends in the Chinese economy between1100 and 1900. During the Song the level of urbanization was high, also by internationalstandards – the capital cities of the Song were probably the largest cities in the world. This remained so until the late Ming, but during the Qing there was a downward trend in the levelof urbanization from 11–12% to 7% in the late 18th century, a level at which it remained untilthe early 1900s. In our paper we analyse the role that socio–political and economic causesplayed in this decline, such as the changing character of the Chinese state, the limited impactof overseas trade on the urban system, and the apparent absence of the dynamic economiceffects that were characteristic for the European urban system.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"322-368"},"PeriodicalIF":0.8,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43501582","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 : 2018-09-30DOI: 10.3868/S060-007-018-0023-1
Meng-Wen Wu
This paper examines the Chinese Shanxi piaohao, arguably the most important Chinese indigenous financial institutions in the 19th century. Concentrating on their business strategy, the study constructs a unique firm level set of data of the Rishengchang piaohao and explores the piaohaoi¯s types of client, silver and drafts it dealt in, branch distributions, and terms to cash drafts. Besides this, this article also designs multiple linear regressions and identifies elements that determined remittance fees. My study reveals that, when establishing a new branch, the Rishengchang took the consideration of business conditions as its priority and gradually expanded from cities at prefecture level to those in counties and towns. A growth of business sites also led to an increase in the types of client, silver and draft it accepted. Moreover, as it developed, the interval for the Rishengchang to cash a draft shortened by half. When estimating the remittance functions, my study found that as the amount of silver being remitted increased, the length of time to cash a draft extended and as the average distance between two branches increased, the Rishengchang would charge more in remittance fees. i°Commonersi± and i°gentryi± would pay more than i°firms,i± while i°other piaohaoi± would pay lower remittance fees. The drafts sent by telegram would also be much more expensive than those sent by letters or with papers. As the first detailed study on one of the most important and enduring firms in China, this work not only fills the data void where this subject is concerned, but also delineates the historical change of the piaohaoi¯s clients, drafts, business territories and gives profound insights into the rise of the Shanxi piaohao.
{"title":"How Did the Chinese Shanxi Merchants Determine the Remittance Fees? Micro Firm Analysis of Rishengchang Piaohao","authors":"Meng-Wen Wu","doi":"10.3868/S060-007-018-0023-1","DOIUrl":"https://doi.org/10.3868/S060-007-018-0023-1","url":null,"abstract":"This paper examines the Chinese Shanxi piaohao, arguably the most important Chinese indigenous financial institutions in the 19th century. Concentrating on their business strategy, the study constructs a unique firm level set of data of the Rishengchang piaohao and explores the piaohaoi¯s types of client, silver and drafts it dealt in, branch distributions, and terms to cash drafts. Besides this, this article also designs multiple linear regressions and identifies elements that determined remittance fees. My study reveals that, when establishing a new branch, the Rishengchang took the consideration of business conditions as its priority and gradually expanded from cities at prefecture level to those in counties and towns. A growth of business sites also led to an increase in the types of client, silver and draft it accepted. Moreover, as it developed, the interval for the Rishengchang to cash a draft shortened by half. When estimating the remittance functions, my study found that as the amount of silver being remitted increased, the length of time to cash a draft extended and as the average distance between two branches increased, the Rishengchang would charge more in remittance fees. i°Commonersi± and i°gentryi± would pay more than i°firms,i± while i°other piaohaoi± would pay lower remittance fees. The drafts sent by telegram would also be much more expensive than those sent by letters or with papers. As the first detailed study on one of the most important and enduring firms in China, this work not only fills the data void where this subject is concerned, but also delineates the historical change of the piaohaoi¯s clients, drafts, business territories and gives profound insights into the rise of the Shanxi piaohao.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"484-504"},"PeriodicalIF":0.8,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43953434","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 : 2018-05-02DOI: 10.3868/S060-007-018-0011-0
K. Huang, Lei Ning, Guoqiang Tian
Leaving year 2017 Chinai¯s macroeconomy is continuously characterized by unbalanced and inadequate development. Whereas some aggregate indicators have shown improvement over the year, the cumulative growth rates in consumption and fixed asset investment have continued their downward trajectories. Worsening income inequality and resource misallocations, both between secondary and tertiary industries, and within the latter, pose serious challenges, let alone the systemic risk associated with the flourishing shadow banking system, rapid credit growth and debt overhang that weigh on the Chinese economy like the Sword of Damocles. This summary report highlights both the status quo and the consequences of the unbalanced and inadequate development embodied in Chinai¯s persistently distorted economic structure, and the role of deepening reforms of the institutions and governance in resolving the problems. Our analyses based on IAR-CMM model provide a unified framework for addressing Chinai¯s short-, medium-, and long-term issues in an internally coherent manner. Looking into year 2018, our benchmark projection of real GDP growth rate is 6.7% (6.41% using more reliable rather than the official data). Alternative scenario analyses and policy simulations are conducted to reflect various aspects of the economic challenges in the short to long runs. Through the lens of these analyses we conclude that rule-of-law based and market-oriented structural reforms should continue to hold a center stage in Chinai¯s transition from a phase of high-speed but unbalanced growth, to a stage of balanced and adequate high-quality development.
{"title":"Conquering China’s Unbalanced and Inadequate Development: Macroeconomic Outlook, Policy Simulations, and Reform Implementation—A Summary of Annual SUFE Macroeconomic Report (2017–2018)","authors":"K. Huang, Lei Ning, Guoqiang Tian","doi":"10.3868/S060-007-018-0011-0","DOIUrl":"https://doi.org/10.3868/S060-007-018-0011-0","url":null,"abstract":"Leaving year 2017 Chinai¯s macroeconomy is continuously characterized by unbalanced and inadequate development. Whereas some aggregate indicators have shown improvement over the year, the cumulative growth rates in consumption and fixed asset investment have continued their downward trajectories. Worsening income inequality and resource misallocations, both between secondary and tertiary industries, and within the latter, pose serious challenges, let alone the systemic risk associated with the flourishing shadow banking system, rapid credit growth and debt overhang that weigh on the Chinese economy like the Sword of Damocles. This summary report highlights both the status quo and the consequences of the unbalanced and inadequate development embodied in Chinai¯s persistently distorted economic structure, and the role of deepening reforms of the institutions and governance in resolving the problems. Our analyses based on IAR-CMM model provide a unified framework for addressing Chinai¯s short-, medium-, and long-term issues in an internally coherent manner. Looking into year 2018, our benchmark projection of real GDP growth rate is 6.7% (6.41% using more reliable rather than the official data). Alternative scenario analyses and policy simulations are conducted to reflect various aspects of the economic challenges in the short to long runs. Through the lens of these analyses we conclude that rule-of-law based and market-oriented structural reforms should continue to hold a center stage in Chinai¯s transition from a phase of high-speed but unbalanced growth, to a stage of balanced and adequate high-quality development.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"147-170"},"PeriodicalIF":0.8,"publicationDate":"2018-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47120445","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 : 2018-05-02DOI: 10.3868/s060-007-018-0015-8
Yan Liu, Qingqing Zong
Economists have been interested in the motivations of intergenerational transfers, for different motivations affect the effectiveness of anti-poverty public transfers. However, onei¯s motivation is largely shaped by culture and social conventions. This paper sheds light on the influence of rice cultivation in intergenerational transfers in China. This is also the first time that economists consider cultural factors in the study of intergenerational transfers. Cultivating rice requires elaborate irrigation systems and large amounts of labor input so that rice farmers have to cooperate extensively with their neighbors, which has gradually shaped peoplei¯s value to be more inter-dependent. Based on micro-level data from CHARLS and sub-national rice data from China, our empirical results show strong evidence that individuals from rice regions are more likely to provide economic support for their parents. A one-percentage point increase in the share of rice in the total grain planting area will raise transfer incidence by 0.2¨C0.4 percentage points, and rice region residents transfer on average 300¨C400 yuan more in 2011 and about 1,000 yuan more in 2013 to their parents than those from wheat regions. Meanwhile they are more inclined to rely on their adult children for elderly support. Urban citizens are less affected. Using instrumental variable estimation, we are able to prove the effect is causal. With future continued deepening of population aging in China, relying on children for old age support may become more and more unrealistic, the government needs to coordinate the relationship between public transfer and private transfer to ensure the quality of life for the elderly.
{"title":"Agricultural Roots in Intergenerational Transfers in China","authors":"Yan Liu, Qingqing Zong","doi":"10.3868/s060-007-018-0015-8","DOIUrl":"https://doi.org/10.3868/s060-007-018-0015-8","url":null,"abstract":"Economists have been interested in the motivations of intergenerational transfers, for different motivations affect the effectiveness of anti-poverty public transfers. However, onei¯s motivation is largely shaped by culture and social conventions. This paper sheds light on the influence of rice cultivation in intergenerational transfers in China. This is also the first time that economists consider cultural factors in the study of intergenerational transfers. Cultivating rice requires elaborate irrigation systems and large amounts of labor input so that rice farmers have to cooperate extensively with their neighbors, which has gradually shaped peoplei¯s value to be more inter-dependent. Based on micro-level data from CHARLS and sub-national rice data from China, our empirical results show strong evidence that individuals from rice regions are more likely to provide economic support for their parents. A one-percentage point increase in the share of rice in the total grain planting area will raise transfer incidence by 0.2¨C0.4 percentage points, and rice region residents transfer on average 300¨C400 yuan more in 2011 and about 1,000 yuan more in 2013 to their parents than those from wheat regions. Meanwhile they are more inclined to rely on their adult children for elderly support. Urban citizens are less affected. Using instrumental variable estimation, we are able to prove the effect is causal. With future continued deepening of population aging in China, relying on children for old age support may become more and more unrealistic, the government needs to coordinate the relationship between public transfer and private transfer to ensure the quality of life for the elderly.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"249-280"},"PeriodicalIF":0.8,"publicationDate":"2018-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42022929","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 : 2018-05-02DOI: 10.3868/S060-007-018-0013-4
Yongmei Hu, Yun Xing
The whole society is paying close attention to i°entrepreneurship,i± which urges researchers to find an explanatory perspective relatively independent and with causality on the intergenerational transfer of entrepreneurship. Based on the data of the Chinese General Social Survey (short for CGSS) during the years 2010¨C2013, this paper analyzes how parentsi¯ entrepreneurship affects the probability of their offspringi¯s entrepreneurship, and the results show that compared with the offspring of parents who did not start their own business, those whose parents did are more likely to choose to start their own business. In view of historical facts such as the i°lay-off wavei± during Chinai¯s transformation into a market economy, we use i°the annual number of unemployed back to work,i± a provincial-level indicator, in the 1990s as an instrumental variable to correct possible endogenous problems. We find that parentsi¯ entrepreneurship has significant positive effects on the probability of their offspringi¯s entrepreneurship, which may result from the informal transfer of human capital and wealth from parents to their offspring.
整个社会都在关注企业家精神，这促使研究者寻找一个相对独立的、具有因果关系的解释企业家精神代际转移的视角。本文基于2010 ~ 2013年中国综合社会调查(Chinese General Social Survey，简称CGSS)的数据，分析了父母创业对其后代创业概率的影响，结果表明，与父母未创业的后代相比，父母创业的后代更有可能选择创业。考虑到中国向市场经济转型过程中的裁员浪潮等历史事实，我们使用20世纪90年代的年度失业人员重返工作岗位数量(1±一个省级指标)作为工具变量来修正可能存在的内生问题。研究发现，父母创业对后代创业概率有显著的正向影响，这可能是父母向后代非正式转移人力资本和财富的结果。
{"title":"Does the Entrepreneurship of the Parents Affect the Opportunities of their Offspring’s Entrepreneurship? Empirical Analysis Based on the CGSS 2010–2013 Data","authors":"Yongmei Hu, Yun Xing","doi":"10.3868/S060-007-018-0013-4","DOIUrl":"https://doi.org/10.3868/S060-007-018-0013-4","url":null,"abstract":"The whole society is paying close attention to i°entrepreneurship,i± which urges researchers to find an explanatory perspective relatively independent and with causality on the intergenerational transfer of entrepreneurship. Based on the data of the Chinese General Social Survey (short for CGSS) during the years 2010¨C2013, this paper analyzes how parentsi¯ entrepreneurship affects the probability of their offspringi¯s entrepreneurship, and the results show that compared with the offspring of parents who did not start their own business, those whose parents did are more likely to choose to start their own business. In view of historical facts such as the i°lay-off wavei± during Chinai¯s transformation into a market economy, we use i°the annual number of unemployed back to work,i± a provincial-level indicator, in the 1990s as an instrumental variable to correct possible endogenous problems. We find that parentsi¯ entrepreneurship has significant positive effects on the probability of their offspringi¯s entrepreneurship, which may result from the informal transfer of human capital and wealth from parents to their offspring.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"196-222"},"PeriodicalIF":0.8,"publicationDate":"2018-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46322066","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 : 2018-05-02DOI: 10.3868/S060-007-018-0012-7
Gaowang Wang, H. Zou
By introducing money and foreign exchanges in the Zou (1997) model of mercantilism, the paper shows the effects of macroeconomic policies in mercantilist economies. It is shown that in the long run, consumption and foreign asset accumulation increases as a result of stronger mercantilist sentiments, permanent increases in the consumption tax, increases in the monetary growth rate and purchases of foreign bonds. In the short run, however, macroeconomic disturbances including the mercantilist sentiments, the monetary growth rate, and the consumption tax have negative effects on current consumption and positive effects on current foreign asset accumulation, while purchasing foreign bonds has positive effects on both current consumption and current foreign asset accumulation. The theoretical explorations may provide a theoretical structure for hoarding international reserves and export-led growth strategy utilized by emerging market economies.
{"title":"The Effects of Macroeconomic Policies in a Mercantilist Economy","authors":"Gaowang Wang, H. Zou","doi":"10.3868/S060-007-018-0012-7","DOIUrl":"https://doi.org/10.3868/S060-007-018-0012-7","url":null,"abstract":"By introducing money and foreign exchanges in the Zou (1997) model of mercantilism, the paper shows the effects of macroeconomic policies in mercantilist economies. It is shown that in the long run, consumption and foreign asset accumulation increases as a result of stronger mercantilist sentiments, permanent increases in the consumption tax, increases in the monetary growth rate and purchases of foreign bonds. In the short run, however, macroeconomic disturbances including the mercantilist sentiments, the monetary growth rate, and the consumption tax have negative effects on current consumption and positive effects on current foreign asset accumulation, while purchasing foreign bonds has positive effects on both current consumption and current foreign asset accumulation. The theoretical explorations may provide a theoretical structure for hoarding international reserves and export-led growth strategy utilized by emerging market economies.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"171-195"},"PeriodicalIF":0.8,"publicationDate":"2018-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42981994","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 : 2018-05-02DOI: 10.3868/S060-007-018-0010-3
J. Stiglitz
The global economic and political order that was created in the aftermath of World War II is under attack by President Donald Trump. In this article, Nobel Prize Laureate Joseph Stiglitz discusses the scope for protectionist actions by President Trump and suggests how countries such as China could and should respond. In particular, he proposes a set of ten principles that should guide Chinai¯s response, principles designed to enhance a more stable and efficient multi-polar system of global governance that can contribute to a stronger global economy.
{"title":"Rethinking Globalization in the Trump Era: US-China Relations","authors":"J. Stiglitz","doi":"10.3868/S060-007-018-0010-3","DOIUrl":"https://doi.org/10.3868/S060-007-018-0010-3","url":null,"abstract":"The global economic and political order that was created in the aftermath of World War II is under attack by President Donald Trump. In this article, Nobel Prize Laureate Joseph Stiglitz discusses the scope for protectionist actions by President Trump and suggests how countries such as China could and should respond. In particular, he proposes a set of ten principles that should guide Chinai¯s response, principles designed to enhance a more stable and efficient multi-polar system of global governance that can contribute to a stronger global economy.","PeriodicalId":44830,"journal":{"name":"Frontiers of Economics in China","volume":"13 1","pages":"133-146"},"PeriodicalIF":0.8,"publicationDate":"2018-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49310683","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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