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The Institutional Foundations of China’s Reforms and Development
Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2010
China’s economic reforms have resulted in spectacular growth and poverty reduction. However, China’s institutions look … ill-suited to achieve such a result, and they indeed suffer from serious shortcomings. To solve "China puzzle" this paper … analyses China’s institution - a regionally decentralized authoritarian system. The central government has control over …
Persistent link: https://www.econbiz.de/10008468688
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Growing like China
Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2009
This paper constructs a growth model that is consistent with salient features of the Chinese growth experience since 1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign...
Persistent link: https://www.econbiz.de/10005123794
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China's Latent Human Capital Investment: Achieving Milestones and Competing for the Top
Constant, Amelie; Meng, Jingzhou; Tien, Bienvenue; … - C.E.P.R. Discussion Papers - 2011
In this paper we provide an overview of China’s human capital strategy and educational achievements over the last two … decades. While every one acknowledges China as an economic superpower, very few are aware of or realize China’s notable … Chinese modern higher education system China has made tremendous strides in education both domestically and internationally …
Persistent link: https://www.econbiz.de/10009002385
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Rebalancing Growth in China: A Three-Handed Approach
Blanchard, Olivier J; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2006
Our paper is an attempt to define the contours of the right macroeconomic strategy for China. In a nutshell, we believe …
Persistent link: https://www.econbiz.de/10005114183
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Economic Reforms and Industrial Policy in a Panel of Chinese Cities
Alder, Simon; Shao, Lin; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2013
We estimate the effect on economic development of China's industrial policy, in particular, the establishment of …
Persistent link: https://www.econbiz.de/10011084232
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Urbanisation and Migration Externalities in China
Combes, Pierre-Philippe; Démurger, Sylvie; Li, Shi - C.E.P.R. Discussion Papers - 2013
We evaluate the role that cities play on individual productivity in China. First, we show that location explains a … external markets does not. Therefore, large agglomeration economies prevail in China and they are more localised than in … China. …
Persistent link: https://www.econbiz.de/10011084353
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The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
Acharya, Viral V; Steffen, Sascha - C.E.P.R. Discussion Papers - 2013
This paper argues that the European banking crisis can in part be explained by a “carry trade” behavior of banks. Factor loading estimates from multifactor models relating equity returns to GIPSI (Greece, Ireland, Portugal, Spain and Italy) and German government bond returns suggest that...
Persistent link: https://www.econbiz.de/10011084468
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Learning From Stock Prices and Economic Growth
Peress, Joël - C.E.P.R. Discussion Papers - 2011
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation and income. The stock market allows investors to share their costly private...
Persistent link: https://www.econbiz.de/10009293661
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Can the Fed talk the hind legs off the stock market?
Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2011
Deliberately or not, by providing its stance on the prospects of the economy, rationalizing past decisions or announcing future actions, central banks influence financial markets' expectations of its future policy. In bad times, monetary policy communication inducing an upward revision of the...
Persistent link: https://www.econbiz.de/10009147402
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Crash Risk in Currency Markets
Farhi, Emmanuel; Fraiberger, Samuel P.; Gabaix, Xavier; … - C.E.P.R. Discussion Papers - 2009
How much of carry trade excess returns can be explained by the presence of disaster risk? To answer this question, we propose a simple structural model that includes both Gaussian and disaster risk premia and can be estimated even in samples that do not contain disasters. The model points to a...
Persistent link: https://www.econbiz.de/10005016245