Working Papers
WP1335Title:An Economic Analysis of the Vicissitude of the Temple Finance in China’s Mediaeval AgesAuthor:Zhou  Jianbo,Zhang  Bo  and  Zhao  Yuheng   View Count:0
       Abstract:The temple finance in mediaeval ages maintained its business credits through the spreading of Buddhist faith, namely, it relied on Buddhist faith to mobilize social capital and constrain the behaviors of borrowers, which was the main difference from local finance. This feature also made temple finance vigorous and booming throughout the Buddhist fanaticism in the Northern and Southern Dynasties, a
WP1332Title:Debt Rollover and Structural DeleverageAuthor:Zhang  Yilin  and  Pu  Ming   View Count:17
       Abstract:This paper investigates the impact of economic uncertainty on bank’s debt rollover. We find that economic uncertainty distorts bank’s rollover decision in the way that the bank may rollover zombie firms’ debt while deleveraging normal firms’ debt, even in absence of government intervention (subsidies to state-owned enterprises, for example). This implies that in the recent structural deleverage in
WP1331Title:Distortions, Growth Catch-up, and Sustainable GrowthAuthor:Zhang  Xiaojing,  Li  Cheng  and  Li  Yu   View Count:12
       Abstract: distortion is departure from the allocation of economic resources from the state in which each agent maximizes his/her own welfare. Distortions can be generally divided into endogenous distortion (ie, market imperfections) and policy-imposed distortion. In this sense, all economies have distortions, especially in developing economies. The relationship between distortion and development is non-lin
WP1330Title:Tax Burden, Innovation Ability and Enterprise Upgrading—Empirical Evidence from NEEQ Listed CompaniesAuthor:Li  Linmu  and  Wang  Chong   View Count:34
       Abstract:This paper examines the influence of firms’ tax burden on their innovation ability and upgrading level, using the data from the annual report of NEEQ listed companies from 2005 to 2015. The empirical results show that both the overall and direct or indirect tax burden are significantly negatively related to firms innovation ability and output, but the negative effect of indirect taxes is greater t
WP1329Title:Liquidity Constraints, Internet Finance and China Household ConsumptionAuthor:Yin  zhichao,  Pan  beixiao  and  Ni  jinlan   View Count:39
       Abstract:Based on China Household Finance Survey (CHFS) data, through two-stage least square (2SLS) regression analysis, this paper finds that liquidity constraints extremely reduce household consumption. When households have Internet finance, the negative effect of liquidity constraints on consumption can be alleviated effectively. That is to say, Internet finance has eased negative impact of liquidity co
WP1328Title:Does Corporate Donation Lead to More Tax Aggressiveness? An Empirical Evidence of China’s Listed FirmsAuthor:Yuan  Cheng,Hu  Tao  and  Li  Yue   View Count:42
       Abstract:Governmental and private provisions of public goods are always considered to co-exist and crowd out each other. Almost all the previous studies on their relation focus on the crowding out effect of public provision, while the adverse effect has been largely neglected. This paper attempts to investigate the causal effect of corporate donation on its tax aggressiveness from a new perspective of the
WP1327Title:Houseprice Expectations and Household Risky Financial Asset Allocation——Theoretical Study and Empirical Evidence from CHFSAuthor:Xu  Shuyi  and  Xu  Yibin   View Count:51
       Abstract:In the recent decades, Chinese households display limited participation in the stock market, while they are enthusiastic about real estate investment. This paper attempts to study this phenomenon theoretically and empirically. Based on the framework of adaptive expectations, using the method of multiphase dynamic optimization, this paper constructs a theoretical model that analyzes the effect of h
WP1324Title:Fiscal Volatility and Optimal Fiscal Rules: Based on Open Economy DSGE ModelAuthor:Wang  Liyong  and  Ji  Yao   View Count:57
       Abstract:This paper measures the volatility of fiscal policy in China quantitatively , and constructs a DSGE model to research the macro effect and micro mechanism of fiscal policy volatility. Next, this paper compares different fiscal rules from the view of fiscal policy volatility shock in a DSGE model involving fiscal policy volatility. This research reaches several conclusions. Firstly, volatility of C
WP1323Title:“Economic Shifting from Real to Virtual” and Optimal Monetary Policy——A Theoretical Analysis from the View of PortfolioAuthor:Peng  Yuchao,Shen  Ji  and  Guo  Yumei   View Count:67
       Abstract:In recent years, China's money supply has maintained a rapid growth. A large amount of money has flown into the real estate market leading to a real estate bubble, and making the economy to shift from real to virtual. In order to explore the inherent mechanism of the economic shifting from real to virtual, we build an “economic growth – portfolio” model including three types of assets including mo