As the level of social credit burden rises,to ease the liquidity constraint for residents is currently an important way to boost the domestic demand in China.This paper uses the panel data of Chinese provincial-level ...As the level of social credit burden rises,to ease the liquidity constraint for residents is currently an important way to boost the domestic demand in China.This paper uses the panel data of Chinese provincial-level administrative units in 2007−2017 and adopts the panel regression model and panel quantile regression model to empirically analyze the relationship between debt burden level and average propensity to consume(APC).The result shows that increase in the level of macro debt burden can significantly improve the APC of residents;the marginal promoting effect of macro debt burden for the APC is in a V-shaped structure;such marginal influence differs evidently in different areas,with the marginal promoting effect turning out most prominent in the northeast of China.Accordingly,it’s suggested for government to keep refining the credit market,increase residents’income in multiple means,guide supply of liquidity towards the real economy and promote equalization of basic public services,so as to realize the expansion and upgrade of consumption.展开更多
Using the firm-level panel datasets and hand-collected data on county level minimum wage,this paper estimates the effect of minimum wage on firm profitability.As firms may take time to adjust in response to changes in...Using the firm-level panel datasets and hand-collected data on county level minimum wage,this paper estimates the effect of minimum wage on firm profitability.As firms may take time to adjust in response to changes in minimum wage,this paper estimates a dynamic panel model with lagged minimum wage.To capture the heterogeneous effect of minimum wage on profitability,this paper further estimates quantile regression dynamic panel model.The estimation results suggest that the effect on firm profitability of minimum wage in the current year is negative across the whole conditional distribution of profitability and it exhibits an inverted-U shape across conditional quantiles.The effect on profitability of lagged minimum wage is positive at the 5th,10th,15th quantiles,negative at the 90th and 95th quantiles,and not significant at other quantiles.Turning to the overall effect on profitability of minimum wage,we find that minimum wage exerts significantly negative effect on profitability at the 5th quantile and quantiles higher than 40th and the absolute value of the effect of minimum wage increases with these quantiles.For other quantiles,the overall effect of minimum wage on profitability is negligible.展开更多
基金“Fundamental Research Funds for the Central Universities and the Research Funds of Renmin University of China”(20XNH025).
文摘As the level of social credit burden rises,to ease the liquidity constraint for residents is currently an important way to boost the domestic demand in China.This paper uses the panel data of Chinese provincial-level administrative units in 2007−2017 and adopts the panel regression model and panel quantile regression model to empirically analyze the relationship between debt burden level and average propensity to consume(APC).The result shows that increase in the level of macro debt burden can significantly improve the APC of residents;the marginal promoting effect of macro debt burden for the APC is in a V-shaped structure;such marginal influence differs evidently in different areas,with the marginal promoting effect turning out most prominent in the northeast of China.Accordingly,it’s suggested for government to keep refining the credit market,increase residents’income in multiple means,guide supply of liquidity towards the real economy and promote equalization of basic public services,so as to realize the expansion and upgrade of consumption.
基金The author wishes to thank International Development Research Centre(IDRC)and National Science Foundation of China(NSFC)(Project Nos.71003105 and 70873011),which sponsor this research.
文摘Using the firm-level panel datasets and hand-collected data on county level minimum wage,this paper estimates the effect of minimum wage on firm profitability.As firms may take time to adjust in response to changes in minimum wage,this paper estimates a dynamic panel model with lagged minimum wage.To capture the heterogeneous effect of minimum wage on profitability,this paper further estimates quantile regression dynamic panel model.The estimation results suggest that the effect on firm profitability of minimum wage in the current year is negative across the whole conditional distribution of profitability and it exhibits an inverted-U shape across conditional quantiles.The effect on profitability of lagged minimum wage is positive at the 5th,10th,15th quantiles,negative at the 90th and 95th quantiles,and not significant at other quantiles.Turning to the overall effect on profitability of minimum wage,we find that minimum wage exerts significantly negative effect on profitability at the 5th quantile and quantiles higher than 40th and the absolute value of the effect of minimum wage increases with these quantiles.For other quantiles,the overall effect of minimum wage on profitability is negligible.
