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Impacts of Housing Policy: China’s Experiment
Kaiji Chen, Qing Wang, Tong Xu, Tao Zha, Jan 13, 2021China’s unprecedented and unexpected loosening of loan-to-value ratio (LTV) policy during 2014Q4–2016Q3 provides an ideal case to study the role of housing policy in housing booms and busts and its impacts on consumption and debt burdens among households. Evidence from three unique micro datasets shows that such a policy change disproportionately increased the share of mortgages to middle-aged and high-income homeowners in the total amount of newly issued mortgages and at the same time reduced their consumption growth...
Rebalancing in China: Progress and Prospects
Longmei Zhang, Aug 02, 2017This paper develops a framework for China’s rebalancing, reviews past progress, and discusses medium-term prospects. China has advanced well in reducing its excessive external surplus and moving towards consumption and services, while still lagging behind in reducing credit reliance, environmental pollution, and income inequality. Going forward, the economy will continue rebalancing in many dimensions, while credit will remain China’s Achilles heel unless decisive corporate restructuring and SOE reforms are implemented.
Do CEOs Know Best? Evidence from China
Nicholas Bloom, Hong Cheng, Mark Duggan, Hongbin Li, Franklin Qian, Jan 30, 2019Using data from the China Employer-Employee Survey (CEES), a recent survey of Chinese manufacturing firms, we analyze the extent to which employees of differing levels are able to assess their firms’ management practices. Our study finds that of CEOs, managers, and workers, CEOs tend to have the most accurate appraisals of their firms. Additionally, we find that firms with higher levels of disagreement...
The Impact of Rapid Aging and Pension Reform on Savings and the Labor Supply: the Case of China
Hui He, Lei Ning, Dongming Zhu, Jun 26, 2019Individuals can use savings and labor supply to self-insure against uncertainties over their life cycle, such as idiosyncratic income shocks and changes in longevity and pension benefits. Using China as a case study, we investigate, both empirically and quantitatively, the impact of rapid aging and pension reform on savings and the labor supply, and the roles...
China’s Rebalancing and Gender Inequality
Mariya Brussevich, Era Dabla-Norris, Bin Grace Li, Jun 23, 2021This study documents women’s declining relative wages and labor force participation in China over the last two decades, in contrast with the predictions of the structural transformation literature, suggesting that rising service sector share is associated with narrowing gender gaps. We show that women’s labor supply elasticity to spouse’s wages increased dramatically between 1995 and 2013, which is consistent with a U-shaped relationship between economic development and women’s...
