Chengsi Zhang
Biographic Data
| ID | 6486905 |
|---|---|
| NAME | Chengsi Zhang |
| GIVEN NAMES | Chengsi |
| FAMILY NAME | Zhang |
| SIGNATURE | ZHANG C |
| AFFILIATIONS | Renmin University of China |
| ORCID | 0000-0003-0532-8657 |
| VERIFIED | Yes |
| TOTAL WORKS | 8 |
| TOTAL CITATIONS | 1 |
| WORKS AS AUTHOR | 8 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 2012 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 1 |
The Macroeconomic Effects of International Food Price Shocks on China
This paper examines the macroeconomic effects of disruptions in global food commodity markets on China, the largest developing country. Using a structural VAR model with unanticipated harvest shocks as an external instrument, we find that a 10% exogenous increase in international food prices results in a persistent 1.5% decline in China's real GDP. The CPI rises by 1.2% at its peak but falls below its original level after three years. Both consum…
Re-Lending Business of Non-Financial Firms in China
The existing literature has focused on examining the explicit financial investments of firms in different countries across the world. However, in this study, we broaden the scope to include the implicit financialization activities of non-financial firms, specifically their re- lending business. We develop a portfolio selection model to investigate the factors driving both explicit and implicit financialization activities, using quarterly data fro…
Identifying exchange rate effects and spillovers of US monetary policy shocks in the presence of time‐varying instrument relevance
We propose a novel econometric approach to estimating time‐varying policy effects using external instruments in the presence of time‐varying instrument relevance in a factor‐augmented VAR model with data on the United States, Canada, Germany, Japan, and the United Kingdom. We find that US monetary policy shocks are an important driver of the exchange rate movements, with no delayed overshooting. We show that estimates of spillover effects of US m…
Financial structure and earnings manipulation activities in China
This study aimed to analyse the monitoring adeptness of the financial system in China, particularly in controlling earnings management activities. First, this study identifies the reasons and motivations of managers for involvement in earnings management activities. Second, this study determines whether China's financial system has developed sufficiently to be capable of establishing a strong monitoring mechanism over firms. The study compares ho…
Fiscal transfers and economic convergence
This study investigates how fiscal transfers affect economic convergence across Chinese provinces. Using the data of 26 provinces over 1995–2016, we find that fiscal transfers promote an ‘immiserising convergence’ resulting from a decline in growth in rich provinces. Specifically, general fiscal transfers play an insignificant role, and special fiscal transfers facilitate the economic growth of poor provinces but impede that of rich provinces. Fu…
How the inflation targeting system can deal with the economic effects of Brexit
On 23 June 2016, the citizens of the United Kingdom (UK) took part in one of the most iconic votes in modern economic history as they voted in favour of the UK leaving the European Union (EU). This has resulted in great uncertainty around the future of the economy of the UK as well as the world economy. There were obvious and immediate effects around the time of the vote, such as the decrease in business and consumer confidence, depreciation in t…
Understanding the evolving inflation process in China
This paper analyzes the evolving inflation process in China from 1997 to 2011. We construct a multivariate dynamic framework that captures the features of interactions between inflation and other relevant variables in China. Empirical results show that excess liquidity holds the most important predictive power on inflation in China. Further investigation demonstrates that there is significant pass-through effect from exchange rates and import pri…
Has Chinese economy become more stable
This article employs structural break tests of unknown point with nuisance parameter to test for possible break in China's business cycle volatility and identifies that the last quarter of 1995 is the significant structural break point. The paper then constructs a counterfactual analysis to examine the driving factors of the structural change in China's business cycle fluctuations. The results of several robustness analyses suggest that systemati…
Understanding the evolving inflation process in China
This paper analyzes the evolving inflation process in China from 1997 to 2011. We construct a multivariate dynamic framework that captures the features of interactions between inflation and other relevant variables in China. Empirical results show that excess liquidity holds the most important predictive power on inflation in China. Further investigation demonstrates that there is significant pass-through effect from exchange rates and import pri…
Has Chinese economy become more stable
This article employs structural break tests of unknown point with nuisance parameter to test for possible break in China's business cycle volatility and identifies that the last quarter of 1995 is the significant structural break point. The paper then constructs a counterfactual analysis to examine the driving factors of the structural change in China's business cycle fluctuations. The results of several robustness analyses suggest that systemati…
Understanding the evolving inflation process in China
This paper analyzes the evolving inflation process in China from 1997 to 2011. We construct a multivariate dynamic framework that captures the features of interactions between inflation and other relevant variables in China. Empirical results show that excess liquidity holds the most important predictive power on inflation in China. Further investigation demonstrates that there is significant pass-through effect from exchange rates and import pri…
How the inflation targeting system can deal with the economic effects of Brexit
On 23 June 2016, the citizens of the United Kingdom (UK) took part in one of the most iconic votes in modern economic history as they voted in favour of the UK leaving the European Union (EU). This has resulted in great uncertainty around the future of the economy of the UK as well as the world economy. There were obvious and immediate effects around the time of the vote, such as the decrease in business and consumer confidence, depreciation in t…
Financial structure and earnings manipulation activities in China
This study aimed to analyse the monitoring adeptness of the financial system in China, particularly in controlling earnings management activities. First, this study identifies the reasons and motivations of managers for involvement in earnings management activities. Second, this study determines whether China's financial system has developed sufficiently to be capable of establishing a strong monitoring mechanism over firms. The study compares ho…
Fiscal transfers and economic convergence
This study investigates how fiscal transfers affect economic convergence across Chinese provinces. Using the data of 26 provinces over 1995–2016, we find that fiscal transfers promote an ‘immiserising convergence’ resulting from a decline in growth in rich provinces. Specifically, general fiscal transfers play an insignificant role, and special fiscal transfers facilitate the economic growth of poor provinces but impede that of rich provinces. Fu…
Identifying exchange rate effects and spillovers of US monetary policy shocks in the presence of time‐varying instrument relevance
We propose a novel econometric approach to estimating time‐varying policy effects using external instruments in the presence of time‐varying instrument relevance in a factor‐augmented VAR model with data on the United States, Canada, Germany, Japan, and the United Kingdom. We find that US monetary policy shocks are an important driver of the exchange rate movements, with no delayed overshooting. We show that estimates of spillover effects of US m…
The Macroeconomic Effects of International Food Price Shocks on China
This paper examines the macroeconomic effects of disruptions in global food commodity markets on China, the largest developing country. Using a structural VAR model with unanticipated harvest shocks as an external instrument, we find that a 10% exogenous increase in international food prices results in a persistent 1.5% decline in China's real GDP. The CPI rises by 1.2% at its peak but falls below its original level after three years. Both consum…
Re-Lending Business of Non-Financial Firms in China
The existing literature has focused on examining the explicit financial investments of firms in different countries across the world. However, in this study, we broaden the scope to include the implicit financialization activities of non-financial firms, specifically their re- lending business. We develop a portfolio selection model to investigate the factors driving both explicit and implicit financialization activities, using quarterly data fro…
Economics (7 works) · China (6 works) · Macroeconomics (5 works) · Monetary Policy and Economic Impact (5 works) · Econometrics (4 works) · Global Financial Crisis and Policies (4 works) · Market Dynamics and Volatility (4 works) · Monetary economics (4 works) · Monetary policy (3 works) · Exchange rate (2 works)