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52. Soft budget constraints in China: Evidence from the Guangdong hospital industry
- Author:
- Karen Eggleston, Mingshan Lu, Congdong Li, Jian Wang, Zhe Yang, Jing Zhang, and Yu-Chu Shen
- Publication Date:
- 03-2009
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- Using data from 276 general acute hospitals in the Pearl River Delta region of Guangdong Province from 2002 and 2004, we construct a preliminary metric of budget constraint softness. We find that, controlling for hospital size, ownership, and other factors, a Chinese hospital's probability of receiving government financial support is inversely associated with the hospital's previous net revenue, an association consistent with soft budget constraints.
- Topic:
- Government, Health, and Financial Crisis
- Political Geography:
- China and Asia
53. Effects of the Financial Crisis on The U.S.-China Economic Relationship
- Author:
- Eswar S. Prasad
- Publication Date:
- 08-2009
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- The U.S. and China are two of the dominant economies in the world today and the nature of their relationship has far-reaching implications for the smooth functioning of the global trade and financial systems. These two economies are becoming increasingly integrated with each other through the flows of goods, financial capital, and people. These rising linkages of course now stretch far beyond just trade and finance, to a variety of geopolitical and global security issues. Getting this relationship right is therefore of considerable importance.
- Topic:
- Financial Crisis
- Political Geography:
- United States and China
54. China's Employment Crisis – A Stimulus for Policy Change?
- Author:
- Günter Schucher
- Publication Date:
- 09-2009
- Content Type:
- Journal Article
- Institution:
- German Institute of Global and Area Studies
- Abstract:
- In the face of severe job problems, China's government has adopted a huge stimulus package in a bid to achieve eight per cent economic growth, which is said to guarantee at least enough jobs for the new entrants to the labour market. The real situation, however, will be much grimmer than statistics indicate. Unregistered groups like unemployed rural migrants, job-searching college graduates, laid-off workers and others together with the officially registered unemployed and the new market entrants could add up to 42 million altogether, while even the most optimistic estimates say only around 15 million new jobs could be created in 2009. Nevertheless, the stimulus package demonstrates an at least temporary shift in economic policy from capital-intensive to labour-intensive growth. Additionally, the new initiatives to boost social-security spending could help to address the grievances of the most vulnerable groups in the labour market. The Chinese government's reaction to the emerging employment crisis once again demonstrates the often underestimated adaptability of China's leadership.
- Topic:
- Financial Crisis
- Political Geography:
- China
55. External imbalances and the G20
- Author:
- Stephen Grenville
- Publication Date:
- 09-2009
- Content Type:
- Policy Brief
- Institution:
- Lowy Institute for International Policy
- Abstract:
- International external imbalances have been blamed for playing a central role in the Global Financial Crisis. China's large external surplus usually figures prominently in these explanations. While a more balanced account of the causes of the crisis would give only a modest role to external imbalances there seems little doubt that some adjustment of these imbalances over the next few years is both inevitable and desirable, not because external imbalances in themselves are inherently undesirable, but because some of the specific components of today's current balances are unsustainable. Markets could bring about these necessary adjustments over time. History, however, tells us that market-driven adjustments are often accompanied by exchange-rate overshooting and trade- threatening protectionist responses.
- Topic:
- Economics, International Trade and Finance, and Financial Crisis
- Political Geography:
- China
56. Beyond Market Forces: Regulating the Global Security Industry
- Author:
- James Cockayne, Emily Speers Mears, Alison Gurin, Iveta Cherneva, Sheila Oviedo, and Dylan Yaeger
- Publication Date:
- 07-2009
- Content Type:
- Working Paper
- Institution:
- International Peace Institute (IPI)
- Abstract:
- In late 2008, seventeen states, including the US, UK, China, Iraq, Afghanistan, and others, endorsed the Montreux Document on Pertinent International Legal Obligations and Good Practices for States related to Operations of Private Military and Security Companies during Armed Conflict (2008). This provides important guidance to states in regulating private military and security companies (PMSCs). However, there is a need to do more, to provide increased guidance to the industry and ensure standards are enforced.
- Topic:
- Security, Globalization, Markets, International Security, and Financial Crisis
- Political Geography:
- Afghanistan, United States, China, Iraq, and United Kingdom
57. Assessing the slowdown in China
- Publication Date:
- 04-2009
- Content Type:
- Working Paper
- Institution:
- Oxford Economics
- Abstract:
- Growth in China has slowed dramatically over the past year from a blistering pace of over 13% in 2007 to just 6.1% in 2009 Q1. A turning in the domestic investment cycle has been coupled with a dramatic slowdown in external demand. Despite an unprecedented fiscal package, in the near term we expect growth to dip below 6% but it should begin to recover strongly towards the end of this year as the fiscal stimulus comes on stream, rising to 10% by end-2010. Indeed, some green shoots of recovery are already emerging with a pickup in manufacturing new orders and strong growth in credit. Domestic demand may be recovering but the impact of the external crisis on China’s growth prospects is uncertain. Nevertheless, more fundamental downside risks remain if rising unemployment leads to social instability or if an increase in loss-making investments uncovers weakness in the banking sector. By looking at what has driven the recent slowdown and how this compares with previous downturns, we can shed light on China’s prospects going forward and the major risks.
- Topic:
- Economics and Financial Crisis
- Political Geography:
- China and Asia
58. China's Economic Policy in the Time of the Global Financial Crisis: Which Way Out?
- Author:
- Margot Schüller and Yun Schüllerr-Zhou
- Publication Date:
- 12-2009
- Content Type:
- Journal Article
- Institution:
- German Institute of Global and Area Studies
- Abstract:
- This contribution analyses the impact of the global financial crisis on the Chinese economy and the policies implemented by the Chinese government to cope with it. We argue, first, that China has not been able to decouple its economic performance from that of the U.S. and other developed countries. Second, although economic growth in the second quarter of 2009 showed that the stimulus package is working, the current development does not seem to be sustainable. In order to avoid another round of overheating, the government needs to adjust its stimulus policy. Third, the current crisis offers opportunities to conduct necessary structural adjustments in favour of more market-based and innovative industries, more investment by private companies and a stronger role of private consumption in economic growth. Fourth, with the external demand from the OECD countries declining, Chinese export companies need to further diversify their international markets and re-orient their production and sales strategies to some extent towards the domestic market.
- Topic:
- Economics, Government, and Financial Crisis
- Political Geography:
- United States and China
59. Sharing the Pain: The Global Struggle Over Savings
- Author:
- Michael Pettis
- Publication Date:
- 11-2009
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- In September, the Obama administration imposed tariffs on Chinese tires. In October, the U.S. Department of Commerce announced it would launch an investigation into imports of seamless steel pipes from China. That same month, the U.S. Chamber of Commerce and the U.S.–China Business Council, two groups that in the past have defended Chinese policies, testified to the Office of the U.S. Trade Representative that Chinese contracting rules, technical standards, and licensing requirements were protectionist.
- Topic:
- Economics, Globalization, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- China, Middle East, and Asia
60. The Great Regression? Financial Crisis in an Age of Global Interdependence
- Author:
- Vadim Kononenko, Raimo Väyrynen, Toby Archer, Kristian Kurki (ed.), and Matti Nojonen
- Publication Date:
- 12-2009
- Content Type:
- Working Paper
- Institution:
- Finnish Institute of International Affairs
- Abstract:
- The financial crisis and the ensuing global economic downturn have been the focal point of news coverage and policy analysis for over a year now, and speculation has been rife about how things will pan out. At one extreme are those who shrug the situation off as a significant yet transient dent in economic development, with marginal repercussions on the global system. At the other end are those touting the crisis as the first step in an epoch-making transition in the global power balance, where rapidly expanding economies like China, Brazil and India will make gains on the hitherto dominant developed nations, shifting the distribution of power in the world. Whatever the eventual outcome, there is no denying that the crisis's impact on international relations will be significant.
- Topic:
- Economics, Globalization, Power Politics, and Financial Crisis
- Political Geography:
- China, India, and Brazil