In the latest edition of the “ifo Schnelldienst”, which deals with China’s “Made in China 2025” policy, Antonia Reinecke and Professor Hans-Jörg Schmerer contribute an own article. They discuss China’s proposed way from the “Workbench of the World” to a high-technology leader as well as the opportunities and risks involved for current leading high-tech exporting economies. You can find and download the current issue and the respective article following this link.
On Thursday 9 August Professor Rongrong Sun from the Henan University in China visited the FernUniversität in Hagen and the Center for East Asia Macroeconomic Studies to present her paper “What Drives Household Borrowing and Credit Constraints? Evidence from China”. During the two hours of her presentation Professor Sun talked about her current research and discussed the results with the attending participants. In the end, the meeting was a success for everyone. CEAMeS likes to thank Professor Sun for taking her time to come to Hagen and for her very interesting talk.
Source: Pressestelle FernUniversität in Hagen
The Center for East Asia Macroeconomic Studies is very honored to welcome Prof. Rongrong Sun from the Henan University, China on the 9th of august in Hagen. Prof. Sun will present her current research as part of her talk called “What Explains Household Borrowing and Credit Constraints? Evidence from China” (see also abstract below). After the talk all present will have the possibility to ask questions or discuss the findings that Prof. Sun presented.
Further information are available at the homepage of the chair of Macroeconomics from the FernUniversität (you can find it here).
This paper uses the three rounds of the CHFS survey (2011and 2013) to examine the determinants of household credit demand and credit constraints in China. In 2011, about the half of the households that had a desire of bank credits were facing credit constraints, which declined to 34 percent in 2013. In general, the credit market participation rate in China is moderate, 14 percent in 2013, which is partly accountable to troublesome application procedures and financial illiteracy among households.
The empirical estimation results suggest that income, wealth and education qualifications are the main factors driving credit market participation, while high income, high wealth and more education lower credit constraints. The family size, the home ownership and being self-employed have positive significant impact on both.
The likelihood of being credit constrained and the chance of obtaining a loan, while being unemployed significantly increases the likelihood of being credit constrained only.
In China, the likelihood of being credit constrained peaks at 33 years old.
Moreover, the results show that people in the western region are less likely to be credit constrained on average. This implies the existence of regional imbalance in financial developments in China, despite the current general credit ease.
Prof. Helmut Wagner published his paper “Structural change, rebalancing, and the danger of a middle-income trap in China” in the BOFIT Policy Brief series (BOFIT Policy Brief 2018 No. 6). He presented a first version of this paper early this year, when he attended an ECB-Conference in Helsiniki, Finland as the Keynote-Speaker. You can find the paper and an abstract here.
The paper is also available as CEAMeS Discussion Paper No. 13 (you can find it here).
With Linda Glawe, Antonia Reinecke and Michael Murach three CEAMeS-researchers will each attend a couple of conferences and workshops in the next weeks, to present their latest research results. Miss Glawe and Mister Murach will participate in the “2018 China Meeting of the Econometric Society” in Shanghai, China (June, 15-17) and Miss Reinecke and Miss Glawe are going to take part in the “2018 Asian Meeting of the Econometric Society” in Seoul, Korea (June 21-23). On the 23rd and 24th of June Michael Murach will attend the “4th HenU/ INFER Workshop on Applied Macroeconomics” hosted by the Henan University in Kaifeng, China.
“The Deep Determinants of Economical Development in China – A Provincial Perspective” is the title of the latest CEAMeS Discussion Paper written by Linda Glawe and Prof. Helmut Wagner. You can find an abstract and the paper on our website. Just follow this link – CEAMeS Discussion Paper No 12.
The Second International Forum on East Asia Macroeconomic Studies organized by the Center for Macroeconomic Research (CMR) of Xiamen University, China and the Center for East Asia Macroeconomic Studies (CEAMeS) from the FernUniversität in Hagen, Germany took place in Xiamen last week. From the 9th May until the 11th over 40 international researchers from three different continents attended the three-day workshop. From the FernUniversität in Hagen Linda Glawe, Antonia Reinecke and Michael Murach presented their current research during the workshop. They were accompanied by Professor Helmut Wagner (Head of CEAMeS) and Professor Hans-Jörg Schmerer (Deputy-Head of CEAMeS), who participated actively in the discussions during the workshop. The forum included presentations by researchers from well-known institutions and universities such as Kobe University and Hitotsubashi University, Japan and CASS (Chinese Academy of Social Sciences), China. Prof. Wagner, who was invited to speak during the opening ceremony alongside Professor Wuyuan Chen (Director, Managing Department of Social Sciences, Xiamen University) and Professor Wenpu Li (Director of the Center of Macroeconomic Research of Xiamen University), was very satisfied with the second workshop. “I think the event was a great experience for all participants, and I want to thank the whole conference organizing committee for the smooth process during the workshop and our local hosts for their hospitality.” It was the second edition of the meeting, after the first workshop took place at the FernUniversität in Hagen one year ago.
(Soruce: Center for Macroeconomic Research (CMR) of Xiamen University, China)
From CEAMeS Linda Glawe gave a presentation on her latest paper “On the Deep Determinants of Economic Development in China – a Provincial Perspective”, and Antonia Reinecke gave a talk about ”Estimating the Local Effectiveness of Institutions: A Latent-Variable Approach”. Michael Murach presented his paper “Success Factors for Sustainable Catching up – Lessons from South Korea for China” (all papers will soon be published as CEAMeS discussion papers).
The three-day workshop was marked by a cordial atmosphere and mutual respect between the attendants. In his closing remarks, Porfessor Wenpu Li expressed his contentedness with the course of the workshop in cheerful words. Prof. Wagner announced that the third edition of the workshop will take place in Germany in 2019, and will again be organized by the Center for East Asia Macroeconomic Studies. Prof. Schmerer stated, “The workshop has become a nice tradition between our organisations and I’m really looking forward to deepen our connections.”
(Source: Center for Macroeconomic Research (CMR) of Xiamen University, China)
In the next days, we will upload a few pictures from the workshop on our website.
Next week (9th – 11th of May) the 2nd CEAMeS Workshop is about to start. After the successful debut last year, when the workshop took place at the FernUniversität in Hagen, the Center for Macroeconomic Research at Xiamen University in China (XMU) will host the second event. Like last year, the workshop will again deal with current challenges concerning East Asian economies and especially China.
Prof. Wagner and Prof Schmerer are going to guide the delegation from the FernUniversität in Hagen which includes Linda Glawe, Antonia Reinecke and Michael Murach. The researchers will present their current research activities within the three-day workshop.
The workshop includes over twenty presentations by authors from five different countries. Prof. Wagner has the honor to speak, together with Prof. Wuyuan Chen and Prof. Wenpu Li (both XMU), at the opening ceremony. You can download the program as a PDF-file following this link [PDF].
You can find two new Discussion Papers by Linda Glawe and Prof. Helmut Wagner on our website. The CEAMeS Discussion Paper No. 10: “The Deep Determinants of the Middle-Income Trap” is available here; and the CEAMeS Discussion Paper No. 11: “The Deep Determinants at More Subtle Stages of Development – The Example of the Middle-Income Trap Phenomenon” is available here.
On the 22nd of March Prof. Wagner gave, at invitation of the European Central Bank (ECB), the Keynote Speech at the annual workshop of the China Expert Network (CEN) in Helsinki, Finland. The CEN is a network of experts on economic questions of China that contains members of the 28 national central banks in europe, the IMF, the OECD, the BIS and the Chinese and American central banks. The talk held by Prof. Wagner was titled: „Growth impact of structural change and the danger of an MIT in China“.
From 3rd – 11th of January Prof. Wagner and Linda Glawe presented their current research in the USA. They presented their new paper “A Stylized Model of China’s Growth Since 1978” at the 2018 ASSA Annual Meeting of the American Economic Association held in Philadelphia, Pennsylvania (the program is available here). Furthermore, Prof. Wagner held, on invitation, a workshop at the IMF in Washington, D.C. about “China and the Middle-Income Trap” where he and Miss Glawe presented their latest papers and research results.
Due to his 40th-year jubilee in the public service , Prof. Dr. Helmut Wagner was honored by Prof. Dr. Ada Pellert, the rector of the Fernuniversität in Hagen. Prof. Dr. Pellert especially emphasized Prof. Wagner’s value for the FernUniversität as an internationally highly recognized researcher. In 1976, he earned his doctoral degree at the University of Regensburg. In 1982 he took the position of a full professor at an university in Hamburg. Since 1995 he is full professor and chair holder of macroeconomics at the Fernuniversität Hagen, moreover he is the head of the macroeconomic section in the institute “Hagener Managementstudien” and head of the Center for East Asia Macroeconomic Studies (CEAMeS).
Particularly Prof. Dr. Wagner’s remarkable international cooperation and his numerous, worldwide research trips were highlighted by Prof. Dr. Pellert. Besides of regular invitations by the International Monetary Fund, he has hold numerous visiting positions at other renowned institutions such as Princeton University, MIT, US Fed or the Bank of Japan. Prof. Dr. Pellert considers Prof. Dr. Wagner as a role model for other researchers because of his great number of international contacts.
If you want to read the full article in German, you can find it here.
Prof. Wagner (r) ist honored by Prof. Pellert (l) (Source: FernUniversität in Hagen)
We updated the conference section of our website and added six conferences (you can find them here). They all deal with East-Asian topics in one way or another, and take place in 2018. Following the corresponding link beneath each conference, you will reach the associated conference homepage. There you can find all useful information, such as deadlines, registration information or preliminary programs.
The paper “China Caught in the ‘Middle-Income Trap’?” was recently published on VoxChina. You can find a PDF version of the article here: PDF
VoxChina (accesible under: http://voxchina.org/) is an independent, non-partisan and non-profit platform initiated by a group of experienced and accomplished economists. The mission of VoxChina is to be the bridge on economic issues between China and the rest of the world by providing informed analysis on the state of the Chinese economy and insights for reform challenges facing China today, and by analyzing the impact of the development in the rest of the world economies on China.
The founding institutional sponsors of VoxChina include the Bendheim Center of Finance (Princeton University), the Department of Economics (University of Pennsylvania), the School of Economics and Management (Tsinghua University), the Shenzhen Finance Institute (The Chinese University of Hong Kong, Shenzhen) and the Guanghua School of Management (Peking University).