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on China |
| By: | Charles Yuji Horioka |
| Abstract: | This paper discusses three alternative assumptions concerning household preferences (altruism, self-interest, and a desire for dynasty building) and shows that these assumptions have very different implications for bequest motives and bequest division. After reviewing some of the literature on actual bequests, bequest motives, and bequest division, the paper presents data on the strength of bequest motives, stated bequest motives, and bequest division plans from a new international survey conducted in China, India, Japan, and the United States. It finds striking inter-country differences in bequest plans, with the bequest plans of Americans and Indians appearing to be much more consistent with altruistic preferences than those of the Japanese and Chinese and the bequest plans of the Japanese and Chinese appearing to be much more consistent with selfish preferences than those of Americans and Indians. These findings have important implications for the efficacy and desirability of stimulative fiscal policies, public pensions, and inheritance taxes. |
| JEL: | D12 D14 D64 D91 E21 H31 J14 P52 Z12 |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:20158&r=cna |
| By: | Frank Bickenbach; Dirk Christian Dohse; Wan-Hsin Liu |
| Abstract: | Based on original survey data, this paper analyses and compares the role of personal traits and social capital in determining entrepreneurial intentions of students in Hong Kong and in Guangzhou (mainland China). The two cities are culturally closely related but differ strongly with respect to their formal institutions and the maturity of their business environment. Our findings suggest that the determinants of entrepreneurial intentions among students in Hong Kong very much resemble those found in Western economies, whereas the entrepreneurial mindsets of students in Guangzhou differ substantially from previous findings |
| Keywords: | entrepreneurial intention, self-employment preference, personal traits, social capital, China, Hong Kong |
| JEL: | M13 O15 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1940&r=cna |
| By: | Prince Christian Cruz (Asian Development Bank Institute (ADBI)); Yuning Gao; Lei Lei Song |
| Abstract: | Domestic financial market development is a key determinant of a currency’s international status, and financial depth and market liquidity are two essential attributes for an international currency. This paper discusses the status of the People’s Republic of China’s (PRC) financial markets and their depth and liquidity conditions. The paper also compares the PRC’s financial markets with those in developed and emerging economies, contemporaneously and historically. The paper finds that the PRC’s financial markets are not as deep and liquid as those in developed economies, and are much less so than those with international currencies. To support the internationalization of the renminbi, the PRC needs to remove several major obstacles to deepen its financial markets and improve their liquidity conditions. |
| Keywords: | financial market, financial development, financial depth, market liquidity, Currency Internationalization |
| JEL: | E4 E5 |
| Date: | 2014–04 |
| URL: | http://d.repec.org/n?u=RePEc:eab:macroe:24160&r=cna |