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Capital Inflows, Credit Growth, and Financial Systems
Exploiting a granular panel dataset that breaks down capital inflows into FDI, portfolio and other categories, and distinguishes between credit to the household sector and to the corporate sector, we investigate the association between capital inflows and credit growth. We find that non-FDI capital inflows boost credit growth and increase the likelihood of credit booms in both household and corporate sectors. For household credit growth, the composition of capital inflows appears to be more important than financial system characteristics. In contrast, for corporate credit growth, both the composition and the financial system matter. Regardless of sectors and financial systems, net other inflows are always linked to rapid credit growth. Firm-level data corroborate these findings and hint at a causal link: net other inflows are related to more rapid credit growth for firms that rely more heavily on external financing. Further explorations on how capital flows translate into more credit indicate that both demand and supply side factors play a role.
Resolving China's Zombies: Tackling Debt and Raising Productivity
Nonviable “zombie” firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (SOEs) in contributing to debt vulnerabilities and low productivity. As a group, zombie firms and SOEs account for an outsized share of corporate debt, contribute to much of the rise in debt, and face weak fundamentals. Empirical results also show that resolving these weak firms can generate significant gains of 0.7–1.2 percentage points in long-term growth per year. These results also shed light on the ongoing government strategy to tackle these issues by evaluating the effects of different restructuring options. In particular, deleveraging, reducing government subsidies, as well as operational restructuring through divestment and reducing redundancy have significant benefits in restoring corporate performance for zombie firms.
Sins of the fathers
The intergenerational effect of fetal exposure to malnutrition on cognitive ability has rarely been studied for human beings in large part due to lack of data. In this paper, we exploit a natural experiment, the Great Chinese Famine of 19591961, and employ a novel dataset, the China Family Panel Studies, to explore the intergenerational legacy of early childhood health shocks on the cognitive abilities of the children of parents born during the famine. We find that daughters born to rural fathers who experienced the famine in early childhood score lower in major tests than sons, whereas children born to female survivors are not affected.
13th International Conference on Biomedical Engineering
th On behalf of the organizing committee of the 13 International Conference on Biomedical Engineering, I extend our w- mest welcome to you. This series of conference began in 1983 and is jointly organized by the YLL School of Medicine and Faculty of Engineering of the National University of Singapore and the Biomedical Engineering Society (Singapore). First of all, I want to thank Mr Lim Chuan Poh, Chairman A*STAR who kindly agreed to be our Guest of Honour to give th the Opening Address amidst his busy schedule. I am delighted to report that the 13 ICBME has more than 600 participants from 40 countries. We have received very high quality papers and inevitably we had to turndown some papers....
Does female labor scarcity encourage innovation?
Facing scarcity of a production factor, a firm can develop technologies to either substitute the scarce factor (price effect) or complement the more abundant factors (market size effect). Whether the market size effect or the price effect dominates largely depends on the elasticity of substitution among factors according to the theory of directed technical change. However, it is a great challenge to empirically test the theory because factor prices are often endogenously determined. In this paper, we use imbalanced sex ratios across Chinese provinces as a source of identification strategy to test how female labor scarcity affects corporate innovation based on the matched dataset of annual su...
The other Asian enigma
South Asia has long been synonymous with persistent and unusually high rates of child undernutritionthe so-called Asian enigma. Yet contrary to this stereotype, Bangladesh has managed to sustain a rapid reduction in the rate of child undernutrition for at least two decades. In this paper we aim to understand the sources of this unheralded success with the aspiration of deriving policy-relevant lessons from Bangladeshs experience. To do so we employ a regression analysis of five rounds of Demographic and Health Surveys covering the period from 1997 to 2011.
Strategies to control aflatoxin in groundnut value chains
Groundnuts, which are widely consumed in West Africa, are prone to contamination by aflatoxin during production and storage. Although aflatoxin plays a role in many of the important health risks in developing countries, individuals and governments ignore the risks because their health effects are not immediate. In the developed world strong regulations remove contaminated kernels and their products from the food systems. The objective of this paper is to examine production and marketing practices, particularly grading methods, in Ghanas groundnut value chain to obtain a clear understanding of the sources and levels of aflatoxin contamination in the crop and how such contamination can be sharply reduced.
Fiscal Monitor, April 2021
The April 2021 edition of the Fiscal Monitor focuses on tailoring fiscal responses to the COVID-19 pandemic and adopting policies to reduce inequality and gaps
Examining the sense and science behind Ghanas current blanket fertilizer recommendation
This paper was written to help bolster the case and present visual evidence demonstrating why it is important to seriously consider spatial soil fertility variability in Ghana and to promote area-specific fertilizer recommendations. Using geostatistical analysis of soil samples collected from farmer plots in three districts (Tamale Municipality, Savelugu-Nanton, and West Mamprusi in northern Ghana), the paper analyzes spatial variations in soil fertility. The results clearly show that there are variations in soil pH, organic matter content, and available phosphorous even at the community level, supporting the need for Ghana to seriously consider location-specific fertilizer recommendations.
