This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000...This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey.We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services:electronic money(e-money)and mobile payment apps.Using an instrumental variable approach,we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services.The empirical results suggest that individuals with higher financial literacy use payment services more frequently.We also find that risk-averse people are less likely to adopt and use ePayment services,whereas people with herd behavior tend to adopt and use ePayment services more.Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.展开更多
This paper for the first time proposes an empirical framework for inclusive growth, under which policy :s-efficiency and distributive impacts can both be assessed. This paper applies this framework to China :s-rural i...This paper for the first time proposes an empirical framework for inclusive growth, under which policy :s-efficiency and distributive impacts can both be assessed. This paper applies this framework to China :s-rural infrastructure and a large sample of individual-level data, providing estimates of growth and distributive impacts of physical infrastructures of telephone and tap water in rural China. They all are found to promote rural income growth, helping narrow the rural-urban gap in China. More importantly, the poorer gained more than the richer from these infrastructures, implying benign distributive effects. This paper sheds light on the positive and important role in which infrastructure plays to promote inclusive growth in rural China.展开更多
Microfinance, the provision of small size loans and other financial services to low mcome households, is often seen as the key innovation of the last 25 years in terms of means of reaching out to the poor and vulnerab...Microfinance, the provision of small size loans and other financial services to low mcome households, is often seen as the key innovation of the last 25 years in terms of means of reaching out to the poor and vulnerable. There is extensive experience in microfinance provision in both Asia and Latin America, but as yet relatively little use of the approach in China. This paper assesses different approaches to microfinance delivery using a threefoM distinction, the credit union approach, the non-government organization approach and the banking approach, to generalize across recent Asian and Latin American experience and discuss the role of microfinance in poverty reduction in a theoretical framework. Considering the current state of microfinance in China and international experience, we suggest the banking approach as the way to best increase outreach of micro-financial services in China.展开更多
China achieved average GDP growth of nearly 10 percent over the period 1978-2015. However, how long can such high levels of growth be sustained, especially when per capita GDP levels have reached middle-income status,...China achieved average GDP growth of nearly 10 percent over the period 1978-2015. However, how long can such high levels of growth be sustained, especially when per capita GDP levels have reached middle-income status, and the normal tendency of economies is to slow down as they mature？ This paper reviews the recent literature on the determinants and outlook for real GDP growth in China and addresses some of the key issues, including identifying supply-side factors that can support continued strong growth under favorable conditions, as well as risk factors that might cause growth to fall short. The paper reviews supply-side determinants of growth using a growth accounting framework, and also assesses major demand-side factors driving potential growth, including exports, capital formation and household consumption.展开更多
Thepaper considers the optimal transition path for China＇s exchange rate regime. How can China successfully make the shift from the current dollar peg regime to a more desirable regime, whether a basket peg or a flo...Thepaper considers the optimal transition path for China＇s exchange rate regime. How can China successfully make the shift from the current dollar peg regime to a more desirable regime, whether a basket peg or a floating regime？ To answer this question, we develop a dynamic small open economy general equilibrium model. We construct four transition policies based on a basket peg or a floating regime and compare the welfare gains of these policies relative to maintaining the dollar peg regime. Two main results are derived from the quantitative analysis using Chinese data from 1999Q1 to 2010Q4. First, following a gradual adjustment to a basket peg regime is the most appropriate path for China to take, with minimal welfare losses associated with the shift in the exchange rate regime. Second, a sudden shift to the basket peg is the second best solution, and is superior to a sudden shift to floating because the monetary authority can efficiently determine optimal weights to attach to currencies in the basket to achieve policy goals once they adopt a basket peg regime.展开更多
China has been growing at an unprecedented rate since economic reforms were initiated in 1978, achieving an average annual real GDP growth rate of 9.7 percent over the entire period through to 2015. Even more remarkably,
基金National Foundation for Science and Technology Development(No.502.01-2020.308).
文摘This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey.We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services:electronic money(e-money)and mobile payment apps.Using an instrumental variable approach,we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services.The empirical results suggest that individuals with higher financial literacy use payment services more frequently.We also find that risk-averse people are less likely to adopt and use ePayment services,whereas people with herd behavior tend to adopt and use ePayment services more.Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.
基金funded by Bairen Program of Yunnan provincethe NSF Projects 71133004 and 71603026 of the National Natural Science Foundation of China+1 种基金Projects 2015M580055 and 2016T90048 of the China Postdoctoral Science FoundationYouth Scholars Program of Beijing Normal University
文摘This paper for the first time proposes an empirical framework for inclusive growth, under which policy :s-efficiency and distributive impacts can both be assessed. This paper applies this framework to China :s-rural infrastructure and a large sample of individual-level data, providing estimates of growth and distributive impacts of physical infrastructures of telephone and tap water in rural China. They all are found to promote rural income growth, helping narrow the rural-urban gap in China. More importantly, the poorer gained more than the richer from these infrastructures, implying benign distributive effects. This paper sheds light on the positive and important role in which infrastructure plays to promote inclusive growth in rural China.
文摘Microfinance, the provision of small size loans and other financial services to low mcome households, is often seen as the key innovation of the last 25 years in terms of means of reaching out to the poor and vulnerable. There is extensive experience in microfinance provision in both Asia and Latin America, but as yet relatively little use of the approach in China. This paper assesses different approaches to microfinance delivery using a threefoM distinction, the credit union approach, the non-government organization approach and the banking approach, to generalize across recent Asian and Latin American experience and discuss the role of microfinance in poverty reduction in a theoretical framework. Considering the current state of microfinance in China and international experience, we suggest the banking approach as the way to best increase outreach of micro-financial services in China.
文摘China achieved average GDP growth of nearly 10 percent over the period 1978-2015. However, how long can such high levels of growth be sustained, especially when per capita GDP levels have reached middle-income status, and the normal tendency of economies is to slow down as they mature？ This paper reviews the recent literature on the determinants and outlook for real GDP growth in China and addresses some of the key issues, including identifying supply-side factors that can support continued strong growth under favorable conditions, as well as risk factors that might cause growth to fall short. The paper reviews supply-side determinants of growth using a growth accounting framework, and also assesses major demand-side factors driving potential growth, including exports, capital formation and household consumption.
文摘Thepaper considers the optimal transition path for China＇s exchange rate regime. How can China successfully make the shift from the current dollar peg regime to a more desirable regime, whether a basket peg or a floating regime？ To answer this question, we develop a dynamic small open economy general equilibrium model. We construct four transition policies based on a basket peg or a floating regime and compare the welfare gains of these policies relative to maintaining the dollar peg regime. Two main results are derived from the quantitative analysis using Chinese data from 1999Q1 to 2010Q4. First, following a gradual adjustment to a basket peg regime is the most appropriate path for China to take, with minimal welfare losses associated with the shift in the exchange rate regime. Second, a sudden shift to the basket peg is the second best solution, and is superior to a sudden shift to floating because the monetary authority can efficiently determine optimal weights to attach to currencies in the basket to achieve policy goals once they adopt a basket peg regime.
文摘China has been growing at an unprecedented rate since economic reforms were initiated in 1978, achieving an average annual real GDP growth rate of 9.7 percent over the entire period through to 2015. Even more remarkably,
