Interest rate policy and incentives of state-owned enterprises in the transitional China
A study aimed at examining the state-owned enterprises' (SOEs) incentive-based reasons for the continuance of low interest rates in China is presented. SOEs, through the years, have attained greater autonomy and became more vulnerable to losses. SOEs' risk-taking behavior is best explained by their different financial situations; SOEs in profitable situation are given relaxed credit payment scheme, while firms in the loss-making but solvent situation have better bargaining power with the banks. Virtually bankrupt SOEs, though, have the strongest bargaining power for bank financing.
Publication Name: Journal of Comparative Economics
The racial unemployment gap in long-run perspective
Census Public Use Microdata Samples from 1880 to 1990 are used to study the unemployment gap between white and African-American men. A dynamic generalization of the standard Blinder-Oaxaca decomposition method is used to estimate the effects of such variables as education, industry and region. The study provides important information about the development of the unemployment gap from 1940 to 1960. However, the perseverance of the gap since 1960 remains unexplained.
Publication Name: American Economic Review
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