Table of Content

16 September 2017, Volume 37 Issue 9

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URBANIZATION, UNEVEN DEVELOPMENT AND REAL ESTATE PRICE

2017, 37(9):  5-18. 

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Nowadays, urbanization and movement of population which is caused by uneven development of different districts has engendered great influence to real estate prices, but this topic has not attracted much attention in academic fields. This paper devotes to this problem. Firstly, this paper builds the theoretical model from demand and supply sides of housing market, and derives the equilibrium real estate price function to confirm the influence of urbanization and movement of population to real estate prices from the theoretical aspect. Secondly, this paper gives the empirical evidence for this problem. It shows that: the improvement of income level of urban dweller, the development of urbanization and the movement of population caused by uneven development between different districts enhance the ascendance of real estate prices. Meanwhile, the last two factors are the main reason for that the ratio of real estate price to income is much higher than that of developed countries. Lastly, urbanization and the movement of population are the main raising power of real estate price in the Eastern China, but movement of population has little influence in the real estate price in the central region of China, as well as urbanization in Western China.

THE DILEMMA OF ECONOMIC RECESSION AND REAL ESTATE BOOM

HE Yi-yao

2017, 37(9):  19-27. 

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 This paper focuses on the dilemma of economic recession and real estate boom, and studies policy implications of house property tax in helping real economy go out of the dilemma. Empirical results show as follows. First, in the Chinas New Normal, easing monetary policy pushes money into housing market and leads to resource misallocation, which aggravates recession of output and investment in the L section. Second, by three experiments I show that it is plausible for government to execute house property tax on household to solve resource misallocation and stabilized economy.  


SUPERVISION MODE, POLITICAL INSTITUTIONS AND COALMINE ACCIDENTS: EVIDENCE FROM CROSSCOUNTRY DATA

NIE Hui-hua，LI Chen，WU Jia-ni

2017, 37(9):  28-38. 

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The problem of coalmine safety production is not only a serious problem faced by China, but also a worldwide problem. For the first time we use the 1982—2014 crosscountry panel data of nine countries that they are rich in coal to investigate the impact of coalmine supervision mode and political institutions on coalmine accidents. Empirical evidence shows as follows: First, centralized supervision of coalmine safety production is conductive to reducing mortality rate of coalmine accidents. Changing from decentralized supervision to centralized supervision can reduce nearly half of mortality rate. Second, political institutions do not directly affect the coalmine mortality rate, which shows that the problem of coalmine safety production relates to supervision institutions rather than political institutions. Third, in developing countries, the effect of centralized supervision to reduce the mortality rate is more significant. Fourth, in transitional countries, both centralized supervision and improvement of accountability can reduce the mortality rate. The conclusion of this paper has important policy implications on crosscountries comparative analysis of coalmine accidents and containing coalmine accidents.

HOUSEHOLDWISE BIRTH QUOTA ASSIGNMENT AND MARRIAGE MARKET

SUN Ang1，LI San-xi2，SUN Wen-kai2

2017, 37(9):  39-54. 

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This paper tests Beckers economic model of marriage by investigating the effects of Chinas family planning policy reform on marriage market. The reform assigns an additional birth quota to families comprising onlychild husband and wife. A DifferenceInDifferences analysis shows increasing assortative matching along the dimension of being only children after the implementation, and that such changes are greater in provinces with more restrictive family planning policies prior to the reform. By developing a matching and search model, we show that if onlychild agents are more willing to marry onlychild spouses to take the advantage of the second birth quota assignment, they will be less selective on potential spouses who are only children and more selective on those with siblings. This negative spillover effect on the agents with siblings reduces their expected utility from random search and therefore leads them to lower their screening threshold on marriage market. It follows that matching quality decreases among same onlychildstatus marriages and increase among different onlychildstatus marriages after the reform.


SOCIAL ENDOWMENT INSURANCE AND RETIREMENT AGE DECISION——Based on the Empirical Evidence from the Microdata CFPS2010

LI Ang，SHEN Shu-guang

2017, 37(9):  55-70. 

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As the increase of life expectancy and raise of financial burden of social endowment insurance in China, it has become the inevitable choice to postpone retirement. The retirement behavior effected by social security deserves considering as an important family decision. Using the 2010 China Family Panel Studies (CFPS) data and based on the Probit model and instrumental variable method, this paper empirically analyzes the effect of social endowment insurance on the real retirement age decisions of the elders. The results indicate that owning social endowment insurance has significantly positive incentive to early retirement, and decreases the probability of postponing retirement significantly. This paper uses intergenerational residential behavior as the family provision, then finds that pensions retirement incentive is not significant to the ones who are effected by provision very much. On the contrary, if the agent does not live together with his children, his retirement behavior will be effected significantly by pension.


WILL WEALTH INEQUALITY RESTRAIN THE EFFECT OF FINANCIAL LITERACY ON HOUSEHOLD BORROWING ——Evidence from CHFS Data

WU Zai-hua，YE Jing-jing，GUO Xin-hua

2017, 37(9):  71-86. 

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Based on China Household Financial Survey data in 2013, this paper examines the urbanrural differential effect of financial literacy on household borrowing in China, and also verifies that the expanding of wealth inequality will restrain the effect of financial literacy on household borrowing by choosing Instrumental Variable. Our research results show as follows. First, financial literacy is a major factor affecting household borrowing. The improvement of householders financial literacy dramatically increases not only the probability of household borrowing but also the scale of debt. Second, the effects of financial literacy on household borrowing of urban areas is significantly different from rural areas, and this effect is greater on rural households while face more severe credit constraints. Third, wealth inequality has significantly inhibitory effect on household borrowing. The expansion of wealth inequality will reduce the households credit demand, and reduce the probability of household borrowing and debt scales. Fourth, with the expanding of household wealth inequality, it reduces the positive impact of financial literacy on household borrowing. According to the conclusions that mentioned above, the government should vigorously develop consumer financial literacy education, and pay attention to the rationality of family income distribution, which promote the healthy development of consumer financial market in China.


HAS CHINAS NEW LABOR CONTRACT LAW IMPROVED THE INNOVATIVE ACTIVITIES OF LISTED COMPANIES#br#

YU Chuan-rong，WANG Ruo-qi，FANG Jun-xiong

2017, 37(9):  87-100. 

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The paper studies the effect of change of labor protection on innovation using the setting of new labor contract law promulgation in 2008 in China. We find that the patent applications increase significantly after the new labor contract law based on extensive robust tests, and the effect is more salient in SOE ，labor intensive companies and developed regions. So we can conclude that the new labor contract law improves the innovation and it depends on the institutional environment.


A STUDY ON THE IMPACT OF HUMAN CAPITAL ON CHINAS URBANIZATION

CHEN Xiang,YI Ding-hong

2017, 37(9):  101-112. 

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From the perspective of human capital, this paper analyzes the influence mechanism of the knowledge spillover effect and industrial agglomeration effect of human capital on urbanization, using the provincial panel data to examine how human capital, industrial structure and their interaction impact urbanization in china. Through empirical testing, we found the following conclusions: the improvement of human capital level, optimization of industrial structure will promote urbanization. With the improving impact of the industrial structure on urbanization, the impact of human capital on urbanization will be strengthened. From the view of different regions, compared to the middle, the impact of human capital on the urbanization will be greater. Furthermore, industrial structure is one of the key elements that hinder the process of urbanization. Based on this, this paper proposes following policy recommendations to achieve a higher level of urbanization, including increasing financial investment in education, improving the efficiency of labor market, and optimizing the industrial structure.