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Wei, Shang-Jin

Overview
Works: 211 works in 1,276 publications in 1 language and 9,543 library holdings
Roles: Contributor, Editor, Creator
Classifications: HB1, 382.0951
Publication Timeline
Key
Publications about Shang-Jin Wei
Publications by Shang-Jin Wei
Most widely held works by Shang-Jin Wei
China's growing role in world trade by Robert C Feenstra( file )
13 editions published between 2010 and 2012 in English and Undetermined and held by 635 libraries worldwide
"In less than three decades, China has grown from playing a negligible role in world trade to being one of the world's largest exporters, a substantial importer of raw materials, intermediate outputs, and other goods, and both a recipient and source of foreign investment. Not surprisingly, China's economic dynamism has generated considerable attention and concern in the United States and beyond. While some analysts have warned of the potential pitfalls of China's rise--the loss of jobs, for example--others have highlighted the benefits of new market and investment opportunities for US firms. Bringing together an expert group of contributors, China's Growing Role in World Trade undertakes an empirical investigation of the effects of China's new status. The essays collected here provide detailed analyses of the microstructure of trade, the macroeconomic implications, sector-level issues, and foreign direct investment. This volume's careful examination of micro data in light of established economic theories clarifies a number of misconceptions, disproves some conventional wisdom, and documents data patterns that enhance our understanding of China's trade and what it may mean to the rest of the world"--Provided by publisher
Regional trading blocs in the world economic system by Jeffrey A Frankel( Book )
5 editions published in 1997 in English and held by 569 libraries worldwide
The globalization of the Chinese economy ( Book )
8 editions published in 2002 in English and held by 516 libraries worldwide
This volume offers insights into the globalization of the Chinese economy and its accession to the WTO. The contributors provide contemporary accounts of developments in the Chinese economy as it prepares to join the WTO and examines the implications of China's accession for the rest of the world. Firstly, the volume offers an overview of possible changes in industrial policies and analyses developments in some important sectors, including agriculture, telecommunications and automobiles
Das (wasted) kapital firm ownership and investment efficiency in China by David Dollar( file )
19 editions published in 2007 in English and held by 289 libraries worldwide
Based on a survey that we designed and that covers a stratified random sample of 12,400 firms in 120 cities in China with firm-level accounting information for 2002-2004, this paper examines the presence of systematic distortions in capital allocation that result in uneven marginal returns to capital across firm ownership, regions, and sectors. It provides a systematic comparison of investment efficiency among wholly and partially state-owned, wholly and partially foreignowned, and domestic privately owned firms, conditioning on their sector, location, and size characteristics. It finds that even after a quarter-of-century of reforms, state-owned firms still have significantly lower returns to capital, on average, than domestic private or foreign-owned firms. Similarly, certain regions and sectors have consistently lower returns to capital than other regions and sectors. By our calculation, if China succeeds in allocating its capital more efficiently, it could reduce its investment intensity by 5 percent of GDP without sacrificing its economic growth (and hence deliver a greater improvement to its citizens' living standard)
A solution to two paradoxes of international capital flows by Jiandong Ju( file )
18 editions published in 2006 in English and held by 289 libraries worldwide
International capital flows from rich to poor countries can be regarded as either too small (the Lucas paradox in a one-sector model) or too large (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neo-classical model which features financial contracts and firm heterogeneity. In our model, free trade in goods does not imply equal returns to capital across countries. In addition, rich patterns of gross capital flows emerge as a function of financial and property rights institutions. A poor country with an inefficient financial system may simultaneously experience an outflow of financial capital but an inflow of FDI, resulting in a small net flow. In comparison, a country with a low capital-to-labor ratio but a high risk of expropriation may experience outflow of financial capital without compensating inflow of FDI
The composition matters capital inflows and liquidity crunch during a global economic crisis by Hui Tong( file )
21 editions published between 2009 and 2010 in English and held by 271 libraries worldwide
International capital flows, while potentially beneficial, are said to increase a countrys vulnerability to crisis - especially if they are skewed to non-FDI types. This paper studies whether the volume and composition of capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Using data on 3823 firms in 24 emerging countries, we find that, on average, the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital. The volume of capital flows per se has no significant effect on the severity of the credit crunch. However, the composition of capital flows matters a great deal: pre-crisis exposure to non-FDI capital inflows worsens the credit crunch, while exposure to FDI alleviates the liquidity constraint. Similar results also hold when we perform an event study surrounding the Lehman Brothers bankruptcy
Collateral damage exchange controls and international trade by Shang-Jin Wei( file )
17 editions published in 2007 in English and held by 266 libraries worldwide
While new conventional wisdom warns that developing countries should be aware of the risks of premature capital account liberalization, the costs of not removing exchange controls have received much less attention. This paper investigates the negative effects of exchange controls on trade. To minimize evasion of controls, countries often intensify inspections at the border and increase documentation requirements. Thus, the cost of conducting trade rises. The paper finds that a one standard-deviation increase in the controls on trade payment has the same negative effect on trade as an increase in tariff by about 14 percentage points. A one standard-deviation increase in the controls on FX transactions reduces trade by the same amount as a rise in tariff by 11 percentage points. Therefore, the collateral damage in terms of foregone trade is sizable
Foreign portfolio investors before and during a crisis by U-ch'an Kim( Book )
27 editions published between 1999 and 2000 in English and Undetermined and held by 236 libraries worldwide
Abstract: Different categories of foreign portfolio investors in Korea have differences as well as similarities in their trading behavior before and during a currency crisis. First, non-resident institutional investors are always positive feedback traders, whereas resident investors were negative feedback (contrarian) traders before the crisis but switch to be positive feedback traders during the crisis. Second, individual investors herd significantly more than institutional investors. Non-resident (institutional as well as individual) investors herd significantly more than their resident counterparts. Third, differences in the Western and Korean news coverage are correlated with differences in net selling by non-resident investors relative to resident investors
Real effects of the subprime mortgage crisis is it a demand or finance shock? by Hui Tong( file )
15 editions published in 2008 in English and held by 233 libraries worldwide
We develop a methodology to study how the subprime crisis spills over to the real economy. Does it manifest itself primarily through reducing consumer demand or through tightening liquidity constraint on non-financial firms? Since most non-financial firms have much larger cash holding than before, they appear unlikely to face significant liquidity constraint. We propose a methodology to estimate these two channels of spillovers. We first propose an index of a firm's sensitivity to consumer demand, based on its response to the 9/11 shock in 2001. We then construct a separate firm-level index on financial constraint based on Whited and Wu (2006). We find that both channels are at work, but a tightened liquidity squeeze is economically more important than a reduced consumer spending in explaining cross firm differences in stock price declines
Does "grease money" speed up the wheels of commerce? by Daniel Kaufmann( Book )
29 editions published between 1999 and 2000 in English and Undetermined and held by 194 libraries worldwide
Is it true that fighting corruption can improve economic efficiency and that fighting bribery can be productive? Not according to this study
Pollution havens and foreign direct investment : dirty secret or popular myth? by Beata K. Smarzynska Javorcik( Book )
27 editions published between 2001 and 2002 in English and held by 182 libraries worldwide
The "pollution haven" hypothesis states that multinational firms, particularly those in highly polluting industries, relocate to countries with weak environmental standards. Despite the plausibility and popularity of this hypothesis, Smarzynska and Wei find only weak evidence in its favor
Natural openness and good government by Shang-Jin Wei( Book )
25 editions published between 2000 and 2001 in English and held by 177 libraries worldwide
Abstract: This paper offers a new interpretation of the connection between openness and good governance. Assuming that corruption and bad governance drive out international trade and investment more than domestic trade and investment, a naturally more open economy' as determined by its size and geography would devote more resources to building good institutions and would display lower corruption in equilibrium. In data, naturally more open economies' do exhibit less corruption even after taking into account their levels of development. Residual openness' which potentially includes trade policies is found not to be important once natural openness' is accounted for. Moreover, naturally more open economies' also tend to pay better civil servant salaries relative to their private sector alternatives indicative of the marginal benefit of good governance in a society's revealed preference. These patterns are consistent with the conceptual model
Corruption and composition of foreign direct investment : firm-level evidence by Beata K. Smarzynska Javorcik( Book )
23 editions published between 2000 and 2001 in English and held by 144 libraries worldwide
The extent of corruption in a host country affects a foreign direct investor's choice of investing through a joint venture or through a wholly owned subsidiary. Corruption reduces inward foreign investment and shifts the ownership structure toward joint ventures
Limiting currency volatility to simulate goods market integration : a price based approach by David C Parsley( Book )
22 editions published in 2001 in English and held by 128 libraries worldwide
This paper studies the effect of instrumental and institutional stabilization of exchange rate volatility on the integration of goods markets. Rather than using data on volume of trade, this paper employs a 3-dimensional panel of prices of 95 very disaggregated goods (e.g., light bulbs) in 83 cities around the world during 1990-2000. We find that the impact of an institutional stabilization-currency board or dollarization-promotes market integration far beyond an instrumental stabilization. Among them, long-term currency unions are more effective than more recent currency boards. All have room to improve relative to a U.S. benchmark
The WTO promotes trade, strongly but unevenly by Arvind Subramanian( Book )
27 editions published between 2003 and 2009 in English and held by 124 libraries worldwide
"Contrary to the recent literature that concludes that the GATT/WTO has been completely ineffective in promoting world trade, this paper furnishes robust evidence that the institution has had a powerful and positive impact on trade. The impact has, however, been uneven. GATT/WTO membership for industrial countries has been associated with a large increase in imports estimated at about 44 percent of world trade. The same has not been true for developing country members, although those that joined after the Uruguay Round have benefited from increased imports. Similarly, there has been an asymmetric impact between sectors. These results are consistent with the history and design of the institution"--NBER website
Transparency and international investor behavior by Gaston Gelos( Book )
18 editions published in 2002 in English and held by 104 libraries worldwide
Abstract: Does country transparency affect international portfolio investment? We examine this and related questions using some new measures of transparency and a unique micro dataset on international portfolio holdings. We distinguish between government and corporate transparency. There is clear evidence that international funds invest systematically less in less transparent countries. On the other hand, herding among funds tends to be more prevalent in less transparent countries. There is also some evidence that during crises, funds flee non-transparent countries by a greater amount
Anticipations of foreign exchange volatility and bid-ask spreads by Shang-Jin Wei( Book )
12 editions published between 1991 and 1994 in English and held by 103 libraries worldwide
Abstract: The paper studies the effect of the market's perceived exchange rate volatility on bid-ask spreads. The anticipated volatility is extracted from currency options data. An increase in the perceived volatility is found to widen bid-ask spreads. The direction of the effect is consistent with an option model of the spread, but the magnitude is smaller. An increase in trading volume of spot exchange rates also widens the spread. The omission of the trading volume, however, does not bias the estimate of the effect of the volatility on the spreads. Although the spread-volatility relation implied by the option model of the spread is close to linear, some form of nonlinearity can still be detected from the data
Does insider trading raise market volatility? by Julan Du( Book )
17 editions published in 2003 in English and held by 102 libraries worldwide
Abstract: This paper studies the role of insider trading in explaining cross-country differences in stock market volatility. It introduces a new measure of insider trading. The central finding is that countries with more prevalent insider trading have more volatile stock markets, even after one controls for liquidity/maturity of the market, and the volatility of the underlying fundamentals (volatility of real output and of monetary and fiscal policies). Moreover, the effect of insider trading is quantitatively significant when compared with the effect of economic fundamentals
Globalization and inequality : evidence from within China by Shang-Jin Wei( Book )
18 editions published in 2001 in English and held by 100 libraries worldwide
Abstract: In this paper, we provide a case study of the impact of globalization on income inequality using data across Chinese regions. The literature on cross-country studies has been criticized because differences in legal systems and other institutions across countries are difficult to control for, and the inequality data across countries may not be compatible. An in-depth case study of a particular country's experience can provide a useful complement to cross-country regressions. We construct a measure of urban-rural income ratio for 100 or so Chinese cities (urban areas and adjacent rural counties) over the period 1988-1993. The central finding is that cities that experience a greater degree of openness in trade also tend to demonstrate a greater decline in urban-rural income inequality. Thus, globalization has helped to reduce, rather than increase, the urban-rural income inequality. This pattern in the data suggests that inferences based solely on China's national aggregate figures (overall openness and overall inequality) can be misleading. The negative association between openness and inequality holds up when we apply a geography-based instrumental variable approach to correct for possible endogeneity of a region's trade openness
Tax rates and tax evasion : evidence from "missing imports" in China by Raymond Fisman( Book )
18 editions published in 2001 in English and held by 100 libraries worldwide
Abstract: Tax evasion, by its very nature, is difficult to observe. In this paper, we present a case study of tax evasion in China. The novel feature of our approach is that at a very disaggregated level of individual products, we can measure evasion relatively precisely, by comparing the values that China reports as imports from Hong Kong, with what Hong Kong reports as exports to China. We can match up this evasion gap' with the tariff (and VAT tax) schedule at the product level. The result is striking: using the data in 1998, we find that on average, a 1 percent increase in the tax rate results in a 3 percent increase in evasion; these results hold using data from 1998. The result is similar when a first-difference specification is used with data in 1997 and 1998. This relationship is nonlinear: the evasion elasticity is larger at high tax levels. Furthermore, the evasion gap is negatively correlated with the tax rates on closely related products, suggesting that part of the evasion takes place by mis-reporting the type of imports, in addition to under-reporting the value of imports. This effect is even more pronounced when the evasion gap is measured using quantities rather than values
 
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Alternative Names
Wei, Shang-chin
Wei, Shang-Jin
Wei, Shang-Jin 1964-
Wei, Shanjin 1964-
魏尚進
Languages
English (376)
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