Elasticity of substitution is traditionally estimated while ignoring technical and allocative inefficiencies,which could bias the estimates.We estimate elasticity of substitution for Chinese energy-intensive sectors b...Elasticity of substitution is traditionally estimated while ignoring technical and allocative inefficiencies,which could bias the estimates.We estimate elasticity of substitution for Chinese energy-intensive sectors by incorporating these inefficiencies.The results show most of the sectors are low substitutes between input factors and stress important differences among energy-intensive sectors.Concerning the cross-price elasticity for energy,with respect to capital(labor),the sectors are mainly characterized by weak substitutability or complementary.These imply the production structure is quite rigid and capital cannot be so readily used as a substitute for energy.展开更多
China＇s penetration of the world market has been impressive. This paper uses highly disaggregated Korean import data （from 1992 to 2008） to examine China ＇s penetration of the Korean market in the context of the c...China＇s penetration of the world market has been impressive. This paper uses highly disaggregated Korean import data （from 1992 to 2008） to examine China ＇s penetration of the Korean market in the context of the composition of value （the extensive and intensive margins） and the product type （homogeneous and differentiated） in trade. The increase in Chinese imports has been attributed to the rapid increase in the import of new products （the extensive margin） and of existing products （the intensive margin）. However, the growth rate of new products decelerated in the 2000s. The growth in the intensive margin was due to quantity, not price. Chinese imports to Korea did not improve over the period in terms of quality. Although Chinese products became cheaper, they were more differentiated over time. Welfare gains were realized through the expanded introduction of new products from China. However, much of the gains from Korea＇s Chinese product import boom were realized in earlier years （1992 -2000） because even though imported products became more differentiated, the increase in the extensive margin was lower in more recent years （2001- 2008）.展开更多
The global COVID-19 pandemic caused various economic contraction in most countries,including all of China’s major trading partners.Using a difference-in-differences model,this study examines the impact of the COVID-1...The global COVID-19 pandemic caused various economic contraction in most countries,including all of China’s major trading partners.Using a difference-in-differences model,this study examines the impact of the COVID-19 pandemic on China’s monthly exports from January 2019 to May 2020.We find strong and robust evidence that China’s exports to countries at high risk from the pandemic experienced a larger decline than exports to low-risk countries after the onset of the pandemic,with the prices of exports increasing significantly.Furthermore,the results of a triple differences model show heterogeneous effects across different industries and goods.Chinese industries located upstream in the global value chain are more vulnerable than those located downstream.Industries with high labor and contract intensity(proxies for processing trade)experienced greater declines than other industries.Exports of goods with high import elasticity of substitution experienced higher prices and moderate volume losses due to the pandemic.展开更多
基金financial support provided by the China Natural Science Funding:[Grant Number71673134]sponsored by Qing Lan Project and the Fundamental Research Funds for the Central Universities:[Grant Number NJ20150035]
文摘Elasticity of substitution is traditionally estimated while ignoring technical and allocative inefficiencies,which could bias the estimates.We estimate elasticity of substitution for Chinese energy-intensive sectors by incorporating these inefficiencies.The results show most of the sectors are low substitutes between input factors and stress important differences among energy-intensive sectors.Concerning the cross-price elasticity for energy,with respect to capital(labor),the sectors are mainly characterized by weak substitutability or complementary.These imply the production structure is quite rigid and capital cannot be so readily used as a substitute for energy.
文摘China＇s penetration of the world market has been impressive. This paper uses highly disaggregated Korean import data （from 1992 to 2008） to examine China ＇s penetration of the Korean market in the context of the composition of value （the extensive and intensive margins） and the product type （homogeneous and differentiated） in trade. The increase in Chinese imports has been attributed to the rapid increase in the import of new products （the extensive margin） and of existing products （the intensive margin）. However, the growth rate of new products decelerated in the 2000s. The growth in the intensive margin was due to quantity, not price. Chinese imports to Korea did not improve over the period in terms of quality. Although Chinese products became cheaper, they were more differentiated over time. Welfare gains were realized through the expanded introduction of new products from China. However, much of the gains from Korea＇s Chinese product import boom were realized in earlier years （1992 -2000） because even though imported products became more differentiated, the increase in the extensive margin was lower in more recent years （2001- 2008）.
文摘The global COVID-19 pandemic caused various economic contraction in most countries,including all of China’s major trading partners.Using a difference-in-differences model,this study examines the impact of the COVID-19 pandemic on China’s monthly exports from January 2019 to May 2020.We find strong and robust evidence that China’s exports to countries at high risk from the pandemic experienced a larger decline than exports to low-risk countries after the onset of the pandemic,with the prices of exports increasing significantly.Furthermore,the results of a triple differences model show heterogeneous effects across different industries and goods.Chinese industries located upstream in the global value chain are more vulnerable than those located downstream.Industries with high labor and contract intensity(proxies for processing trade)experienced greater declines than other industries.Exports of goods with high import elasticity of substitution experienced higher prices and moderate volume losses due to the pandemic.
