Before the economic reform, China's per person consumption of dairy products was very low. However, the past two decades have seen a rapid increase in dairy production on one hand, on the other hand increase in consumer income as well as exposure to western culture; this has led many to predict...

This paper estimates how online consumer spending responds to changes in air pollution. We address the endogeneity of air pollution in affecting household consumption by exploiting plausibly exogenous variations in air quality caused by China's Huai River heating policy. We use a comprehensive...

Although off-farm work plays a significant role in facilitating agricultural production and rural development and improving household welfare, little is known about whether off-farm work can promote fruit and vegetable consumption in rural areas of developing countries. This paper sheds new...

This paper uses the standard one-sector neoclassical growth model to investigate why China’s consumption has been low and investment high. It finds that the low cost of capital has been quantitatively an important factor. Theory predicts that the price of capital may have been significantly...

"This book explores the causal link between GDP and military expenditure, and other economic and political indicators of the countries of different status of developments for the period of formal wars to till date. It surveys the interdependences between the national output and military or...

The Chinese growth miracle was based on exports and investment in recent years. While strong output growth has been maintained even during the financial crisis, the imbalances within the country increased. To return to a more sustainable path of development, policies are directed to improve the...

In recent years China has experienced two forms of extreme macroeconomic imbalance: an expenditure imbalance in the sense of very high investment and very low consumption, giving rise to rapid capital accumulation; and an imbalance between expenditure and production, producing external...

China's consumption rate is widely believed to be too low. In this paper, we show that official statistics have significantly underestimated Chinese household consumption. First, housing consumption is grossly underestimated due to the construction cost-based method. Second, a lot of private...

The high growth rate of mortgage debt in various emerging and developed economies has captured headlines following the financial crisis. In this paper, we investigate how mortgage debt impacts household consumption behavior and various components of household consumption. Utilizing a...