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The Chinese‐style macroeconomic control: The role of state‐owned enterprises
2 days ago - By The World Economy
Abstract
This paper extends the existing studies of cyclical fiscal policy by providing the first systematic theoretical and empirical study of cyclical quasi-fiscal investment of state-owned enterprises in China. Using data from Chinese listed companies and the System GMM method, the results show that: (1) both central and local SOEs exhibit expansion-biased investment behaviours; (2) the expansion-biased investment of central SOEs mainly goes to the tertiary industry and the western regions of China, while the expansion-biased investment of local SOEs mainly occurs in the tertiary...
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