Working Papers
WP1472Title:The Spillover Effects of Economic Development in Provincial Capital: An Analysis Based on Industrial Enterprise DataAuthor:Zhao  kui,Hou  Qingsong  and  Li  We   View Count:545
       Abstract:How to coordinate the economic development between cities is an important issue. One view advocates to strictly control the size of large cities and develop small and medium-sized cities, while the other opposite view advocates the strategy of strengthening provincial capitals and to promote the development of local cities by the development of provincial capitals. The difference between the two p
WP1470Title:Carbon Total Factor Productivity, Low Carbon Technology Innovation and Effects of Energy Saving and Emission ReductionAuthor:Zhang  Ning  and  Chen  Zhongfei   View Count:696
       Abstract:It plays an important role in the high-quality development of China for the policy on energy saving and emission reduction. Based on the nonparametric production theory, this paper presents a very innovative theoretical framework to investigate the dynamics of carbon total factor productivity and its decomposition, and applies it to a panel data of Chinese thermal power plants to analyze the effec
WP1466Title:Transparency or Opacity? Information Disclosure Strategy from the Innovation PerspectiveAuthor:Yu  Lisheng,Wang  Zehao,Wang  Yanyan  and  Li  Wentao   View Count:895
       Abstract:Innovation and R&D have the characteristics of high investment, long cycle and high uncertainty, which make the high-innovation enterprises face low transparency and high proprietary cost. On the one hand, in order to satisfy investors and prevent undervaluation caused by information asymmetry, enterprises have the motivation to disclose information. On the other hand, innovation comes with the pr
WP1464Title:Win-win in Balance: Environmental Target Constraints of Local Government and High-quality Economic DevelopmentAuthor:Yu  Yongze,Fu  Yu  and  Zhuang  Haitao   View Count:685
       Abstract:Under the background of high-quality economic development in China, this paper comprehensively measures the index of high-quality economic development at the urban level, and analyses its spatial and temporal characteristics. On this basis, This paper studies the impact of environmental objective constraints of local governments on the high-quality development of urban economy by using DID model a
WP1462Title:State Dependence and Exchange Rate Regimes Choice of New Emerging Market EconomiesAuthor:Lu  Jiye,Zhang  Rao  and  Chen  Taiming   View Count:666
       Abstract:This paper, using the dynamic multinomial random effect panel Logit model, and focusing on the state dependence, tries to provide empirical explanations to the stylized facts of the long-term and widespread adoption of the crawling peg and the band/ management floating exchange rate regimes in emerging economies. The main findings are as follows:(1)The existing literatures overestimate the true im
WP1461Title:Central Bank Collateral Framework, Bond Credit Spreads and Corporate Financing CostsAuthor:Huang  Zhen  and  Guo  Ye   View Count:619
       Abstract:This paper adopt the difference-in-differences model to analyze the influence of the central bank collateral frameworks on credit spread of bonds included in eligible collateral. Empirical results show that: first, the central bank collateral frameworks significantly promote the reduction of credit spreads of bonds included in eligible collateral, which reduce enterprise financing costs. Second, t
WP1457Title:De-soft-budget-constraining, Real Estate Tax and Local Government Debt Risk ManagementAuthor:Shi  Xiaojun,Fu  Li  and  Wang  He   View Count:649
       Abstract:This paper is made to extend the DSGE model by including in the financial tools, monetary policies and fiscal policies. Characterizing the de-soft-budget-constraint, real estate tax, we established a general equilibrium model consisting of six departments as households, entrepreneurs, real estate producers, commercial banks, local governments and central bank. This model take both economic growth
WP1456Title:The Effect of Social Security Fee-Reduction on the Employment of Service SectorsAuthor:Yin  Heng   View Count:549
       Abstract:This paper puts forward a structural model in which parameters of demand function and production function can be estimated at the same time, and uses it to evaluate the effect of social security fee-reduction to employment, price, and social security revenue. Using 10 Chinese service sectors’ data from National Tax Survey Database during 2007-2011, we have a lot of interesting findings relates to
WP1452Title:Interpretation of Chinese Fiscal Decentralization:Contracts’ Structure and Economic EffectsAuthor:Lv  Bingyang  and  Hu  Shen   View Count:691
       Abstract:The typical feature of China's fiscal decentralization since 1949 is the elasticity of the financial revenue maintaining by the central authority. This paper under the framework of contract analysis, brings information asymmetry and multi-decision-making into fiscal decentralization study and puts forward three propositions: Fiscal decentralization level when decided by the central government is