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FEC 2016 September Issue
Special Issue in Honor of Gregory Chow: Part II
September 28, 2016

Editor's Note: On the occasion of Professor Gregory Chow's 85th birthday, Professor Zhiqi Chen (among the first cohort of students selected by the Chow Program in 1985), Executive Editor of the Frontiers of Economics in China (FEC), invited the graduates of the Chow Program and Ford Classes and organized the Special Issue in Honor of Gregory Chow. The issue includes two installments, with the FEC September Issue being Part II. The following is the table of contents along with the abstracts of 3 papers from this issue.

Frontiers of Economics in China (FEC)
Volume 11, Issue 3, September 2016 (Free Full-Text Download)

Ben Bernanke
A Biography of Gregory Chow

Shang-Jin Wei, Xiaobo Zhang
The Competitive Saving Motive: Concept, Evidence, and Implications

Saku Aura, Francis K Cheung, Shawn Ni
Why Doesn't the Hong Kong Government Sell More Public Land?

Xu Li, Xiang Shao, Zhigang Tao
Hollowing Out of the Real Economy: Evidence from China's Listed Firms

Tan Li, Larry Qiu, Ying Xue
Understanding China's Foreign Trade Policy: A Literature Review

Jian Chen, Chenghu Ma
Option Pricing Based on Alternative Jump Size Distributions

Hailong Qian
Redundancy of Moment Conditions in Restricted GMM Estimation

Haiwen Zhou, Ruhai Zhou
A Dynamic Model of the Choice of Technology in Economic Development

Hao Wang
Spatial Competition and Lowest Price Commitment

 

The Competitive Saving Motive: Concept, Evidence, and Implications

Shang-Jin Wei
Asian Development Bank
Xiaobo Zhang
Peking University; International Food Policy Research Institute

Abstract: This short essay surveys recent literature on the competitive saving motive and its broader economic implications. The competitive saving motive is defined as saving to improve one's status relative to other competitors for dating and marriage partners. Here are some of the key results of the recent literature: (i) cross-country evidence show that greater gender imbalances tend to correspond with higher savings rates; (ii) household-level evidence suggest that: (a) families with unmarried sons in rural regions with more skewed sex ratios tend to have higher savings rates, while savings rates of families with unmarried daughters appear uncorrelated with gender imbalances; and (b) savings rates of families in cities tend to rise with the local sex ratio; (iii) rising sex ratios contribute nearly half of the rise in housing prices in the People's Republic of China; and (iv) families with sons in regions of greater sex ratios are more likely to become entrepreneurs and take risky jobs to earn more income.

Hollowing Out of the Real Economy: Evidence from China's Listed Firms

Xu Li, Xiang Shao, Zhigang Tao

Faculty of Business and Economics, University of Hong Kong

Abstract: The paper studies an often-observed phenomenon of diversification of manufacturing firms into real estate development in East Asian economies. Utilizing a sudden change in China's accounting standards that requires firms to disclose information about their real estate holdings for investment purpose (or investment property), we examine both the impact of such diversification on firms' investment in their original business and the stock market response to such diversification. Our results confirm there exists underinvestment in original business (or hollowing out of the real economy) for firms diversifying into real estate, and that there is a lack of investor response to such diversification, in both short-run and long-run. Our study calls for further research on the role of real estate development in the long-run competitiveness of developing economies.

Understanding China's Foreign Trade Policy: A Literature Review

Tan Li
School of International Business, Southwestern University of Finance and Economics
Larry Qiu, Ying Xue
Faculty of Business and Economics, University of Hong Kong

Abstract: China has continued to experience rapid growth in its foreign trade since the implementation of its reform and opening-up policies. In recent years, the country has become the world's largest exporter and second largest importer of goods and commodities. China's trade policy has also gradually been transforming from protectionism to open trade. This paper aims to provide a comprehensive survey on the literature of China's trade policy. The review covers (1) export and import policies, (2) tariff and non-tariff barriers, and (3) policy effects and motivations behind the policy design. This paper also reports on important topics and issues that deserve more research attention.

 

Frontiers of Economics in China (FEC) is a quarterly peer-reviewed journal edited by Institute for Advanced Research, Shanghai University of Finance and Economics, and published by Higher Education Press. Established in 2006 and with Guoqiang Tian as the Editor, the journal has a strong Editorial Advisory Board (with several Nobel Prize winners as board members), as well as a dedicated Co-Editors' team and an Editorial Board comprised of leading overseas and domestic Chinese economists. The FEC welcomes submissions of theoretical and empirical papers from all fields of economics, particularly those with an emphasis on the Chinese economy and other emerging, developing or transition economies.

Editor: Guoqiang Tian, Texas A&M University; Shanghai University of Finance and Economics
Executive Editor: Zhiqi Chen, Carleton University
Co-Editors:
Chunrong Ai, University of Florida
Kevin X.D. Huang, Vanderbilt University
Neng Wang, Columbia University
James Wen, Trinity College, USA

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http://journal.hep.com.cn/fec
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