Journal articles published externally

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These are journal articles by World Bank authors published externally.

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  • Publication
    Land Asset Securitization: An Innovative Approach to Distinguish between Benefit-sharing and Compensation in Hydropower Development
    (Taylor and Francis, 2020-08-08) Shi, Guoqing; Shang, Kai
    Development Project (DP) is creating the benefits for all and taking benefit-sharing (BS) as a goal. BS involves paying something above the fair market compensation or replacement value of the assets lost in the displacement and resettlement. BS becomes more important and complicated when the lost assets are not transacted as commodities in a market. BS is a key to resolve the challenges on impoverishment caused development induced displacement and resettlement globally. An innovated BS approach and methodology for land asset securitization (LAS) is proposed. It takes occupied lands as capital investment in the DP rather than for displaced assets’ compensation only based on natural resources transfer theory. LAS takes the approach in lands resourcing, land resources capitalization and land assets securitization. It establishes the mechanism to arrange additional benefits for resettlers. It enables rural resettlers to receive appropriate compensation to sustain basic livelihoods at the DP construction and early commercial operation stage as well as share profits equally during full operation. LAS will prevent either the hydropower developer or the government from having interests in securitized assets. LAS is a sustainable approach to promote win-win among resettlers, developers, governments, and civil society.
  • Publication
    Property Rights Reform to Support China’s Rural-Urban Integration: Village-Level Evidence from the Chengdu Experiment
    (Wiley, 2019-05-27) Deininger, Klaus; Liu, Shouying; Shao, Ting; Xia, Fang
    As part of a national experiment, in 2008, Chengdu prefecture launched a series of property rights reforms, among them complete registration of all land and measures to ease transferability and eliminate labour market restrictions. A comparison of villages inside and outside the prefecture's border using a difference‐in‐difference approach suggests that the reforms have reduced administrative reallocations; aligned land use closer to economic incentives, mainly through market transfers; and stimulated enterprise startups. These results, most of which are more pronounced for villages closer to Chengdu city, illuminate the potential gains from factor market reform. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions. https://authorservices.wiley.com/author-resources/Journal-Authors/licensing/self-archiving.html
  • Publication
    Strategic Reassurance in Institutional Contests: Explaining China's Creation of the Asian Infrastructure Investment Bank
    (Taylor and Francis, 2018-07-05) Chen, Zheng; Liu, Yanchuan
    The Asian Infrastructure Investment Bank (AIIB) has been widely conceived as a Chinese effort to promote reforms of global financial governance. While the existing literature of contested multilateralism tends to focus on the problem of threat credibility, this article highlights the necessity of strategic reassurance in institutional contests. To facilitate incremental reforms of the existing order, rising powers like China need not only to pose credible challenge towards established institutions, but also to demonstrate their benign intentions and commitment to future cooperation. Besides revealing strength and resolve, the creation of a new multilateral regime helps rising powers to signal their self-restraints and reassure other powers. Consequently, the institutional configuration of new multilateral organizations involves a trade-off between the dual needs for threats and reassurance. Chinese behaviors in creating the AIIB can be explained through this framework.
  • Publication
    Empowering Cities: Good for Growth? Evidence from the People's Republic of China
    (The MIT Press, 2018-03) Mukim, Megha
    This paper utilizes a countrywide process of county-to-city upgrading in the 1990s to identify whether extending the powers of urban local governments leads to better firm outcomes. The paper hypothesizes that since local leaders in newly promoted cities have an incentive to utilize their new administrative remit to maximize gross domestic product and employment, there should be improvements in economic outcomes. In fact, aggregate firm-level outcomes do not necessarily improve after county-to-city graduation. However, state-owned enterprises perform better after graduation, with increased access to credit through state-owned banks as a possible explanation. Importantly, newly promoted cities with high capacity generally produce better aggregate firm outcomes compared with newly promoted cities with low capacity. The conclusions are twofold. First, relaxing credit constraints for firms could lead to large increases in their operations and employment. Second, increasing local government's administrative remit is not enough to lead to better firm and economic outcomes; local capacity is of paramount importance.
  • Publication
    Gender Patterns of Eldercare in China
    (Taylor and Francis, 2018-03) Chen, Xinxin; Giles, John; Wang, Yafeng; Zhao, Yaohui
    Using the baseline wave of the China Health and Retirement Longitudinal Study (CHARLS), collected from 2011 to 2012, this study finds that among those age 60 and above, women are 7.6 percent more likely than men to have care needs and 29.3 percent more likely than men to have unmet needs; and that most of the gender gap in unmet needs is explained by the existence and health status of a spouse. Further analysis reveals a sharp gender division in patterns of family care in China. While men are more likely to receive care from their wives, women are primarily cared for by their children. Marital status and spouse health also affect provision of care, with infirm women who have healthy husbands less likely to receive care than infirm men with healthy wives. The findings have important implications for designing gender-sensitive policies in eldercare.
  • Publication
    Beggar-Thy-Neighbor Effects of Exchange Rates: A Study of the Renminbi
    (American Economic Association, 2017-11) Mattoo, Aaditya; Mishra, Prachi; Subramanian, Arvind; Mattoo, Aaditya
    This paper estimates the effect of China's exchange rate changes on exports of developing countries in third markets. The degree of competition between China and its developing country competitors in specific products and destinations plays a key role in the identification strategy. The strategy exploits variation across exporters, importers, products and time—afforded both by disaggregated trade data and bilateral exchange rates—to estimate this "competitor country effect." There is robust evidence of a statistically and quantitatively significant effect. A 10 percent appreciation of China's real exchange rate boosts a developing country's exports at the product level on average by about 1.5-2.5 percent.
  • Publication
    Tuberculosis Detection and the Challenges of Integrated Care in Rural China: A Cross-Sectional Standardized Patient Study
    (PLoS, 2017-10-17) Sylvia, Sean; Xue, Hao; Zhou, Chengchao; Shi, Yaojiang; Yi, Hongmei; Zhou, Huan; Rozelle, Scott; Pai, Madhukar; Das, Jishnu
    Despite recent reductions in prevalence, China still faces a substantial tuberculosis (TB) burden, with future progress dependent on the ability of rural providers to appropriately detect and refer TB patients for further care. This study (a) provides a baseline assessment of the ability of rural providers to correctly manage presumptive TB cases; (b) measures the gap between provider knowledge and practice and; (c) evaluates how ongoing reforms of China’s health system—characterized by a movement toward “integrated care” and promotion of initial contact with grassroots providers—will affect the care of TB patients.
  • Publication
    Hayek, Local Information, and Commanding Heights: Decentralizing State-Owned Enterprises in China
    (American Economic Association, 2017-08) Huang, Zhangkai; Li, Lixing; Ma, Guangrong; Xu, Lixin Colin
    Hayek (1945) argues that local information is key to understanding the efficiency of alternative economic systems and whether production should be centralized or decentralized. The Chinese experience of decentralizing SOEs confirms this insight: when the distance to the government is farther, the SOE is more likely to be decentralized, and this distance-decentralization link is more pronounced with higher communication costs and greater firm-performance heterogeneity. However, when the Chinese central government oversees SOEs in strategic industries, the distance-decentralization link is muted. We also consider alternative agency-cost-based explanations, and do not find much support.
  • Publication
    Equity Raising by Asian Firms: Choosing Between PIPEs and SEOs
    (Elsevier, 2017-08) Dahiya, Sandeep; Klapper, Leora; Parthasarathy, Harini; Singer, Dorothe; Singer, Dorothe
    Why do some firms raise equity capital from a small number of “private” investors (e.g. Private Investment in Public Equities–PIPE), while other firms do so from a large number of small investors (e.g. Seasoned Equity Offering–SEO)? Recent studies list market timing, asymmetric information, and financial distress as the primary motives that drive the choice of equity raising mechanism. However, these results are based exclusively on the experience of US-based firms. This study examines 456 PIPE and 1910 SEO transactions of firms based in nine Asian countries to assess if the results reported for the US-based issuers are applicable to a wider set of firms. While market timing continues to be a significant driver of how firms choose between PIPE and SEO, unlike the US issuers, there is little evidence that Asian firms in our sample make this choice based on either asymmetric information or financial distress. As with the US firms, private investment provides significant certification for PIPE issuers. Finally, we find that both the operating performance as well as the stock price returns show little improvement for both PIPE as well as SEO issuers. Moreover, the difference between performance change of PIPE issuers is statistically indistinguishable from that of SEO issuers. This implies that PIPE investors do not provide meaningful benefits to the firms they invest in. Overall, our findings suggest that determinants for choosing specific equity issuance mechanism for international firms do not overlap completely with those for US-based firms.
  • Publication
    The Kingdom of the Bicycle: What Wuhan Can Learn from Amsterdam
    (Elsevier, 2017-06) Frame, Gladys; Ardila-Gomez, Arturo; Chen, Yang
    China used to be called “the Kingdom of the Bicycle,” but this is no longer the case. Bicycle use in China has been marginalized over the past 30 years. In contrast, the Netherlands has seen bicycle use grow since the 1970s. This paper—through a comparative analysis of data from Wuhan and Amsterdam—explores the reasons why the two countries have gone in different directions. Although these cities have different socio-demographics they experienced similar issues. This paper suggests lessons that Wuhan can learn from Amsterdam. However, these are one-way as it is considered that Amsterdam has little to learn from the decline of bicycle use in Wuhan.