Poverty alleviation is still one of the major challenges in developing countries,especially in transitional economy like China.From the perspective of anti-poverty,this paper examines the impact of formal credit const...Poverty alleviation is still one of the major challenges in developing countries,especially in transitional economy like China.From the perspective of anti-poverty,this paper examines the impact of formal credit constraints(FCCs)and informal credit constraints(IFCCs)on economic vulnerability(EV)using the data from the China Household Income Project(CHIP)survey for 2013(CHIPs 2013)of rural households.The potential endogeneity problem of credit constraints(CCs)is addressed by applying the control function approach within an ordered probit model.The results show that both FCCs and IFCCs have a robust positive and significant impact on the EV of rural households and that the impact of FCCs is greater than that of IFCCs.To identify the potential mechanisms through which CCs affect EV,the seemingly unrelated regressions are used and the potential intercorrelation among these mechanisms is examined.We find that the impact of CCs on EV is partly mediated by health,trust,per capita financial assets and per capita income,whereby health and per capita income contribute to most of the total indirect effect.Thus,policies focus on supply-side and demand-side to improve credit accessibility could reduce rural households'EV,especially through its positive effect on health and per capita income.展开更多
Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and i...Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.展开更多
This paper develops a simple trade model of heterogeneous firms, which incorporates the dual heterogeneity of credit constraints at the firm and industry levels and reveals the effects of the interaction mechanisms of...This paper develops a simple trade model of heterogeneous firms, which incorporates the dual heterogeneity of credit constraints at the firm and industry levels and reveals the effects of the interaction mechanisms of trade policy uncertainty and credit constraint heterogeneity on exporters’ behaviour. The model confirms that the higher the level of industrial credit constraints, the greater the interaction of trade policy uncertainty and credit constraint heterogeneity, but firms with lower levels of credit constraints within a specific industry are more affected by this interaction. Then, based on the highly dis-aggregated trade data of China’s firms from 2000 to 2013, this paper provides empirical evidence for the main predictions and mechanisms of the theoretical model.展开更多
To research the operating mechanisms of rural financial reform, through setting up a contract model, the constraint roles of reputation and legal intervention on the default risk arising in the operating of the credit...To research the operating mechanisms of rural financial reform, through setting up a contract model, the constraint roles of reputation and legal intervention on the default risk arising in the operating of the credit union funds are inspected. Analysis indicates that the increase in reputation cost can reduce the probability of union member default behavior and the probability of turning to the law for the credit union funds. Meanwhile, the amount of loans and the interest rates can increase the probability of turning to the law for the credit union funds. Below the marginal values, the penalty mechanisms can reduce the balancing probabilities of member default behavior and turning to the law for the credit union funds, namely, the penalty has some "substitution effect" for turning to the law for the credit union funds.展开更多
基金funded by the National Natural Science Foundation of China(71903141 and 71661147001)the National Social Science Fund of China(20AJY011)+1 种基金the Humanities and Social Sciences of Ministry of Education of China(18YJC790125)the China Postdoctoral Science Foundation(2019M653834XB)。
文摘Poverty alleviation is still one of the major challenges in developing countries,especially in transitional economy like China.From the perspective of anti-poverty,this paper examines the impact of formal credit constraints(FCCs)and informal credit constraints(IFCCs)on economic vulnerability(EV)using the data from the China Household Income Project(CHIP)survey for 2013(CHIPs 2013)of rural households.The potential endogeneity problem of credit constraints(CCs)is addressed by applying the control function approach within an ordered probit model.The results show that both FCCs and IFCCs have a robust positive and significant impact on the EV of rural households and that the impact of FCCs is greater than that of IFCCs.To identify the potential mechanisms through which CCs affect EV,the seemingly unrelated regressions are used and the potential intercorrelation among these mechanisms is examined.We find that the impact of CCs on EV is partly mediated by health,trust,per capita financial assets and per capita income,whereby health and per capita income contribute to most of the total indirect effect.Thus,policies focus on supply-side and demand-side to improve credit accessibility could reduce rural households'EV,especially through its positive effect on health and per capita income.
基金support from the National Social Science Foundation of China(Project Number:17ZDA049,18VSJ070)the Natural Science Foundation of China(Project Number:71773071,71703066,71703088)Shanghai Pujiang Program(Project Number:16PJC034,17PJC045).The editors'and referees'constructive comments and kind work for the paper is also gratefully acknowledged.The authors accept responsibility for remaining errors.
文摘Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.
基金Supported by the National Natural Science Foundation of China (71873044)。
文摘This paper develops a simple trade model of heterogeneous firms, which incorporates the dual heterogeneity of credit constraints at the firm and industry levels and reveals the effects of the interaction mechanisms of trade policy uncertainty and credit constraint heterogeneity on exporters’ behaviour. The model confirms that the higher the level of industrial credit constraints, the greater the interaction of trade policy uncertainty and credit constraint heterogeneity, but firms with lower levels of credit constraints within a specific industry are more affected by this interaction. Then, based on the highly dis-aggregated trade data of China’s firms from 2000 to 2013, this paper provides empirical evidence for the main predictions and mechanisms of the theoretical model.
基金The Philosophy and Social Sciences Program of Guangdong during the 11th Five-Year Plan Period for 2007(No.07D02)the Major Tender of Guangdong for 2007(No.KT005)
文摘To research the operating mechanisms of rural financial reform, through setting up a contract model, the constraint roles of reputation and legal intervention on the default risk arising in the operating of the credit union funds are inspected. Analysis indicates that the increase in reputation cost can reduce the probability of union member default behavior and the probability of turning to the law for the credit union funds. Meanwhile, the amount of loans and the interest rates can increase the probability of turning to the law for the credit union funds. Below the marginal values, the penalty mechanisms can reduce the balancing probabilities of member default behavior and turning to the law for the credit union funds, namely, the penalty has some "substitution effect" for turning to the law for the credit union funds.
