Issue 1 (December)

Vol. 1 (2022), FEL

5 articles

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Open Access Letter
Housing and monetary policy: Fresh evidence from China
by Yun Liu
FEL  2022 1(1):1; 10.58567/fel01010001 - 27 December 2022
Abstract
We empirically address the effects of monetary policy on the housing market in China using a novel Time-Varying Parameter VARX model. We show that an expansionary monetary has positive effects on the housing market, while during COVID-19, the effects are approaching to zero or even negative. In addition, the effects of the LPR policy are strong and even larger than that of COVI [...] Read more
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Open Access Letter
Analysis of the Mediating Effect of Economic Policy Uncertainty Affecting Commercial Bank Credit
by Juan Meng  and  Zhe Zhou
FEL  2022 1(1):2; 10.58567/fel01010002 - 27 December 2022
Abstract
We analyze the annual microdata of China's 100 commercial banks from 2007 to 2018 using the mediating effect analysis method, analyze the negative impact of economic policy uncertainty on the credit scale of commercial banks, and then verify the intermediary effects of the operational risks and short-term capital liquidity of commercial banks in the impact of economic policy un [...] Read more

Open Access Letter
Time to build, financial frictions, and the effectiveness of fiscal stimulus
by Zhiming Ao , Ziyue Chen  and  He Nie
FEL  2022 1(1):3; 10.58567/fel01010003 - 27 December 2022
Abstract
By introducing time to build, which creates a time-lag between government investment and the accumulation of productive capital, into an analysis of fiscal stimulus to the economy with financial frictions, we find that the effectiveness of fiscal policy is dampened. While the weakening effects of time to build become significantly weaker alongside with a higher fraction of gove [...] Read more
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Open Access Letter
The impact of economic policy uncertainty on the profitability of China’s listed export enterprises
by Liping Zheng
FEL  2022 1(1):4; 10.58567/fel01010004 - 27 December 2022
Abstract
Based on the empirical data of 6110 listed export companies in China from 2010 to 2019, this paper studies the impact of China's economic policy uncertainty (EPU) index on the profitability of listed companies from the specific perspective of export companies, and analyzes the moderating effects of different factors on this impact. The results show that China's EPU index has a [...] Read more

Open Access Letter
The Driving Force of CO2 Reduction in China’s Industries
by Lu Liu  and  Chengzhao You
FEL  2022 1(1):5; 10.58567/fel01010005 - 27 December 2022
Abstract
We employ the joint production decomposition model to conduct a full decomposition of CO2 emission among 36 industrial sectors in China from 1998 to 2011, under the framework of growth accounting. The results show that: (1) the average CO2 emission increases at an annual rate of 3.01%, and production technology progression is the main driving force, while the transformation tow [...] Read more
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