The Chinese University of Hong Kong－Tsinghua University Joint Research Center for Chinese Economy 清華大學－香港中文大學中國經濟聯合研究中心 - Research Papers The Chinese University of Hong Kong－Tsinghua University <br/>Joint Research Center for Chinese Economy 清華大學－香港中文大學中國經濟聯合研究中心

The Chinese University of Hong Kong－Tsinghua University
Joint Research Center for Chinese Economy

清華大學－香港中文大學中國經濟聯合研究中心

Research Papers

Special Deals with Chinese Characteristics

(2019)
Chong-en Bai, Chang-Tai Hsieh, Zheng Song
Chinese local governments wield their enormous political power and administrative capacity to provide “special deals” for favored private firms. We argue that China’s extraordinary economic growth comes from these special deals. Local political leaders do so because they derive...

A Forensic Examination of China’s National Accounts

(2019)
Wei Chen, Xilu Chen, Chang-Tai Hsieh, Zheng (Michael) Song
China’s national accounts are based on data collected by local governments. However, since local governments are rewarded for meeting growth and investment targets, they have an incentive to skew local statistics. China’s National Bureau of Statistics (NBS) adjusts the data provided by local...

Fluctuation and Reform: a Tale of Two RMB Markets

(2019)
Yousha Liang, Kang Shi, Lisheng Wang, Juanyi (Jenny) Xu
Focusing on the pricing differential between the Renminbi onshore and offshore exchange rates, this paper characterizes the exchange rate fluctuations and investigates the effect of recent Renminbi currency market reforms. Using GARCH models, we find volatility clustering phenomena and leverage effect...

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Research Papers

Special Deals with Chinese Characteristics

(2019)
Chong-en Bai, Chang-Tai Hsieh, Zheng Song
Chinese local governments wield their enormous political power and administrative capacity to provide “special deals” for favored private firms. We argue that China’s extraordinary economic growth comes from these special deals. Local political leaders do so because they derive...

A Forensic Examination of China’s National Accounts

(2019)
Wei Chen, Xilu Chen, Chang-Tai Hsieh, Zheng (Michael) Song
China’s national accounts are based on data collected by local governments. However, since local governments are rewarded for meeting growth and investment targets, they have an incentive to skew local statistics. China’s National Bureau of Statistics (NBS) adjusts the data provided by local...

Fluctuation and Reform: a Tale of Two RMB Markets

(2019)
Yousha Liang, Kang Shi, Lisheng Wang, Juanyi (Jenny) Xu
Focusing on the pricing differential between the Renminbi onshore and offshore exchange rates, this paper characterizes the exchange rate fluctuations and investigates the effect of recent Renminbi currency market reforms. Using GARCH models, we find volatility clustering phenomena and leverage effect...