The Chinese Corporate Savings Puzzle
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The Chinese Corporate Savings Puzzle
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Author : Mr.Hui Tong
language : en
Publisher: International Monetary Fund
Release Date : 2010-12-01
The Chinese Corporate Savings Puzzle written by Mr.Hui Tong and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
China’s high corporate savings rate is commonly claimed to be a key driver for the country’s large current account surplus. The mainstream explanation for high corporate savings is a combination of windfall profits in state-owned firms, especially in resource sectors, and mis-governance of state-owned firms represented by their low dividend payout. The paper casts doubt on these views by comparing the savings of 1557 Chinese listed firms with those of 29330 listed firms from 51 other countries over 2002-07. First, Chinese firms do not have a significantly higher savings rate (as a share of total assets) than the global average because corporations in most countries have a high savings rate. The rising corporate savings rate is also consistent with a global trend. Second, there is no significant difference in the savings behavior and dividend patterns between Chinese majority state-owned and private listed firms, contrary to the received wisdom.
China S High Saving Puzzle
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Author : Guonan Ma
language : en
Publisher:
Release Date : 2013
China S High Saving Puzzle written by Guonan Ma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper analyzes the causes of rising savings rates for the corporate, government, and household sectors, which have jointly contributed to the upsurge in aggregate savings in China in the past two decades. Government policies to rebalance the Chinese economy are also explored.
Capitalizing China
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Author : Joseph P. H. Fan
language : en
Publisher: University of Chicago Press
Release Date : 2013
Capitalizing China written by Joseph P. H. Fan and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
La 4e de couverture indique : "Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. The chapters in this volume examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries."
China S High Savings Drivers Prospects And Policies
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Author : Ms.Longmei Zhang
language : en
Publisher: International Monetary Fund
Release Date : 2018-12-11
China S High Savings Drivers Prospects And Policies written by Ms.Longmei Zhang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-11 with Business & Economics categories.
China’s high national savings rate—one of the highest in the world—is at the heart of its external/internal imbalances. High savings finance elevated investment when held domestically, or lead to large external imbalances when they flow abroad. Today, high savings mostly emanate from the household sector, resulting from demographic changes induced by the one-child policy and the transformation of the social safety net and job security that occured during the transition from planned to market economy. Housing reform and rising income inequality also contribute to higher savings. Moving forward, demographic changes will put downward pressure on savings. Policy efforts in strengthening the social safety net and reducing income inequality are also needed to reduce savings further and boost consumption.
Why Are Saving Rates So High In China
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Author : Dennis Tao Yang
language : en
Publisher:
Release Date : 2011
Why Are Saving Rates So High In China written by Dennis Tao Yang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Economics categories.
Abstract: In this paper, we define â??The Chinese Saving Puzzleâ?? as the persistently high national saving rate at 34â??53 percent of gross domestic product (GDP) in the past three decades and a surge in the saving rate by 11 percentage points from 2000â??2008. Using data from the Flow of Funds Accounts (FFA) and Urban Household Surveys (UHS) supplemented by the findings from existing studies, we analyze the sources and causes of China's high and rising saving rates in the government, corporate, and household sectors. Although the causes of China's high saving are complex, we suggest that the evolving economic, demographic, and policy trends in the internal and external environments of the Chinese economy will likely lead to a decline in national saving in the foreseeable future
Explaining The Saving Puzzles In Urban China
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Author : Shaojie Zhou
language : en
Publisher:
Release Date : 2012
Explaining The Saving Puzzles In Urban China written by Shaojie Zhou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This paper identifies two saving puzzles obtained from the Chinese Urban Household Survey data from 1990 to 2006. The first saving puzzle is identified by the time trend of household saving rates, which were stable before 1998, but surged subsequently. The second saving puzzle is associated with the various age profiles of household saving rates, which are not only inconsistent with the prediction of the Life Cycle Hypothesis, but also different from the patterns observed in other economies. This paper constructs pseudo-panel data and empirically examines the applicability of the habit-formation model in solving the second saving puzzle through the existence of saving rates and the effects of income-related variables. On the other hand, the parametric changes of such variables help explain the first saving puzzle. The parametric changes possibly stem from the adjustment of habit stock, the rising transitory shocks of income, and the higher expenditure needs for housing.
China S High Saving Rate
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Author : Guonan Ma
language : en
Publisher:
Release Date : 2010
China S High Saving Rate written by Guonan Ma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with China categories.
The saving rate of China is high from many perspectives - historical experience, international standards and the predictions of economic models. Furthermore, the average saving rate has been rising over time, with much of the increase taking place in the 2000s, so that the aggregate marginal propensity to save exceeds 50%. What really sets China apart from the rest of the world is that the rising aggregate saving has reflected high savings rates in all three sectors - corporate, household and government. Moreover, adjusting for inflation alters interpretations of the time path of the propensity to save in the three sectors. Our evidence casts doubt on the proposition that distortions and subsidies account for China's rising corporate profits and high saving rate. Instead, we argue that tough corporate restructuring (including pension and home ownership reforms), a marked Lewis-model transformation process (where the average wage exceeds the marginal product of labour in the subsistence sector) and rapid ageing process have all played more important roles. While such structural factors suggest that the Chinese saving rate will peak in the medium term, policies for job creation and a stronger social safety net would assist the transition to more balanced domestic demand.
China S Governance Puzzle
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Author : Jonathan R. Stromseth
language : en
Publisher: Cambridge University Press
Release Date : 2017-03-09
China S Governance Puzzle written by Jonathan R. Stromseth and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-09 with Political Science categories.
The apparent contradiction between China's rapid economic reforms and political authoritarianism is much debated by scholars of comparative political economy. This is the first examination of this issue through the impact of a series of administrative reforms intended to promote government transparency and increase public participation in China.
Private Law In China And Taiwan
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Author : Yun-chien Chang
language : en
Publisher: Cambridge University Press
Release Date : 2017
Private Law In China And Taiwan written by Yun-chien Chang and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Law categories.
Comparing four key branches of private law in China and Taiwan, this collaborative and novel book demystifies the 'China puzzle'.
Income Uncertainty And Household Savings In China
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Author : Mr.Marcos Chamon
language : en
Publisher: International Monetary Fund
Release Date : 2010-12-01
Income Uncertainty And Household Savings In China written by Mr.Marcos Chamon and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
China’s household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped. We find that rising income uncertainty and pension reforms help explain both of these phenomena. Using a panel of Chinese households covering the period 1989-2006, we document that strong average income growth has been accompanied by a substantial increase in income uncertainty. Interestingly, the permanent variance of household income remains stable while it is the transitory variance that rises sharply. A calibration of a buffer-stock savings model indicates that rising savings rates among younger households are consistent with rising income uncertainty and higher saving rates among older households are consistent with a decline in the pension replacement ratio for those retiring after 1997. We conclude that rising income uncertainty and pension reforms can account for over half of the increase in the urban household savings rate in China since the mid-1990s as well as the U-shaped age-profile of savings.