Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Zonder onderwerpscode: economie

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than publicly listed firms in which the state has no ownership stake. In particular, Chinese listed SOEs are more capital intensive and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009, and remain sizeable in 2019. Using a heterogeneous firm model of resource misallocation, we find that there are large potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs.

China, People's Republic of --- Macroeconomics --- Production and Operations Management --- Market Structure, Firm Strategy, and Market Performance: General --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Macroeconomic Analyses of Economic Development --- One, Two, and Multisector Growth Models --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Nonprofit Organizations and Public Enterprise: General --- Macroeconomics: Production --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Public ownership --- nationalization --- Capital productivity --- Public enterprises --- Productivity --- Total factor productivity --- Labor productivity --- Economic sectors --- Industrial productivity --- Government business enterprises

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper examines the relationship between fixed exchange rate arrangements and trade using a gravity model of international trade together with bilateral trade data from 24 countries from the Caribbean and Latin America for the period 1960-2001. The analysis indicates that a credible fixed peg has a positive impact on the value of bilateral trade. Moreover, the positive impact on trade is more pronounced with a stricter definition of the fixed peg or a longer duration of the peg. This supports the argument that the credibility of an exchange rate peg is an important element to determine bilateral trade. There is, however, no evidence to suggest that a currency union provides additional benefits.

Foreign exchange administration --- International trade. --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- Commerce --- International economic relations --- Non-traded goods --- Foreign exchange --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Economic Integration --- International Monetary Arrangements and Institutions --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Aspects of Economic Integration --- Trade Policy --- International Trade Organizations --- Currency --- International economics --- Monetary economics --- Conventional peg --- Exchange rate arrangements --- Currencies --- Monetary unions --- Plurilateral trade --- Money --- Economic integration --- International trade --- United States

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

High household indebtedness could constrain future consumption growth and increase financial stability risks. This paper uses household survey data to analyze both macroeconomic and finanical stability risks from the rapidly rising household debt in China. We find that rising household indebtedness could boost consumption in the short term, while reducing it in the medium-to-long term. By stress testing households’ debt repayment capacity, we find that low-income households are most vulnerable to adverse income shocks which could lead to signficant defaults. Containing these risks would call for a strengthening of systemic risk assessment and macroprudential policies of the household sector. Other policies include improving the credit registry system and establishing a well-functioning personal insolvency framework.

Risk management--China. --- China. --- Debt--Social aspects. --- Macroeconomics --- Real Estate --- Aggregate Factor Income Distribution --- Macroeconomics: Consumption --- Saving --- Wealth --- Housing Supply and Markets --- Urban, Rural, and Regional Economics: Household Analysis: General --- Property & real estate --- Income --- Consumption --- Housing prices --- Household consumption --- Income shocks --- National accounts --- Prices --- Economics --- Housing --- China, People's Republic of --- Risk management.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

We employ a unique data set containing bank-specific information to explore how foreign bank entry determines credit allocation in emerging markets. We investigate the impact of the mode of foreign entry (greenfield or takeover) on banks' portfolio allocation to borrowers with different degrees of informational transparency, as well as by maturities and currencies. The impact of foreign entry on credit allocation may stem from the superior performance of foreign entrants ("performance hypothesis"), or reflect borrower informational capture ("portfolio composition hypothesis"). Our results are broadly in line with the portfolio composition hypothesis, showing that borrower informational capture determines bank credit allocation.m.

Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banking --- Monetary economics --- Finance --- Foreign banks --- Loans --- Bank credit --- Currencies --- Banks and banking --- Banks and banking, Foreign --- Credit --- Money --- Poland, Republic of