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Xiao-Lin Li
School of Economics, Ocean University of China, Qingdao, Shandong, China

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Journal article
Published: 15 April 2021 in Energy Economics
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This paper analyzes the causal relationship between trade policy uncertainty, government subsidies, and the role of political connections using annual data on Chinese energy firms from 2003 to 2018. The results show that when trade policy uncertainty increases, the Chinese government tends to increase subsidies for energy firms, and firms with political ties may receive more subsidies. Furthermore, firms with poor sales performance and in less marketized regions will be granted even more subsidies when uncertainty rises and firms are politically connected. We also observe that subsidies promote firms' fixed asset investments and innovations but decrease their overall investment efficiency.

ACS Style

Xiao-Lin Li; Jingya Li; Jia Wang; Deng-Kui Si. Trade policy uncertainty, political connection and government subsidy: Evidence from Chinese energy firms. Energy Economics 2021, 99, 105272 .

AMA Style

Xiao-Lin Li, Jingya Li, Jia Wang, Deng-Kui Si. Trade policy uncertainty, political connection and government subsidy: Evidence from Chinese energy firms. Energy Economics. 2021; 99 ():105272.

Chicago/Turabian Style

Xiao-Lin Li; Jingya Li; Jia Wang; Deng-Kui Si. 2021. "Trade policy uncertainty, political connection and government subsidy: Evidence from Chinese energy firms." Energy Economics 99, no. : 105272.

Journal article
Published: 19 January 2021 in Economic Analysis and Policy
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This study explores the cyclical features and the dynamic spillovers among monetary policy cycle, financial cycles (including credit, housing and stock market cycles) and business cycle in China during 1998–2018. We find that the five cycles exhibit a strong synchronicity in terms of responses to extreme events, and the spillovers among them are bi-directional and time-varying. Stock market cycle replacing business cycle becomes the main risk transmitter after the recent global financial crisis, while monetary policy and credit cycles act as risk receivers over the entire sample. Our findings verify the importance of financial cycle shock in business cycle dynamics and monetary policy formulation.

ACS Style

Xiao-Lin Li; Jing Yan; Xiaohui Wei. Dynamic connectedness among monetary policy cycle, financial cycle and business cycle in China. Economic Analysis and Policy 2021, 69, 640 -652.

AMA Style

Xiao-Lin Li, Jing Yan, Xiaohui Wei. Dynamic connectedness among monetary policy cycle, financial cycle and business cycle in China. Economic Analysis and Policy. 2021; 69 ():640-652.

Chicago/Turabian Style

Xiao-Lin Li; Jing Yan; Xiaohui Wei. 2021. "Dynamic connectedness among monetary policy cycle, financial cycle and business cycle in China." Economic Analysis and Policy 69, no. : 640-652.

Journal article
Published: 15 January 2021 in Economic Analysis and Policy
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This study examines the dynamic volatility connectedness between different types of policy uncertainty and sectoral stock markets in both the time and frequency domains in China. Using the time–frequency connectedness index approach, we find extremely high connectedness between policy uncertainty and Chinese sectoral stock markets mainly in the medium and long terms. In particular, uncertainty regarding monetary policies makes the weakest contribution to spillovers among the four policy uncertainties, while uncertainty regarding trade policies contributes prominently. The energy, financial, IT, telecommunication services and utilities sectors are the most vulnerable to policy uncertainties.

ACS Style

Deng-Kui Si; Bing Zhao; Xiao-Lin Li; Hui Ding. Policy uncertainty and sectoral stock market volatility in China. Economic Analysis and Policy 2021, 69, 557 -573.

AMA Style

Deng-Kui Si, Bing Zhao, Xiao-Lin Li, Hui Ding. Policy uncertainty and sectoral stock market volatility in China. Economic Analysis and Policy. 2021; 69 ():557-573.

Chicago/Turabian Style

Deng-Kui Si; Bing Zhao; Xiao-Lin Li; Hui Ding. 2021. "Policy uncertainty and sectoral stock market volatility in China." Economic Analysis and Policy 69, no. : 557-573.

Journal article
Published: 07 January 2021 in International Review of Economics & Finance
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This study examines the interest rate pass-through (IRPT) mechanism in China after the interest rate liberalization by using the nonlinear ARDL (NARDL) model proposed by Shin et al. (2014). In order to dissect the IRPT of China appropriately, the interest rate transmission is divided into three stages in which changes in the policy rate are first transmitted to the target market rate and in turn, to the other interbank market rates and treasury bond rates, and eventually to the bank retail rates and corporate bond rates. The empirical results show that though changes in the monetary policy rate can be completely transmitted to the policy target market rate, they appear to be passed on to the other interbank market rates excessively and to the bank lending rates incompletely. Moreover, the pass-through from the policy target rate to the bond market rates is in general more sufficient than the pass-through to the bank retail rates. In addition, the patterns of asymmetry can be identified for the pass-through in the second and third stages, with the impact of positive shocks on the policy target rate being more pronounced than that of negative shocks either in the short or long run. These findings suggest that the interest rate transmission after the interest rate liberalization in China is far from being as effective as expected, and policy rate cuts might not have desirable effects on the real economy in the context of the recession.

ACS Style

Xiao-Lin Li; Deng-Kui Si; Xinyu Ge. China’s interest rate pass-through after the interest rate liberalization: Evidence from a nonlinear autoregressive distributed lag model. International Review of Economics & Finance 2021, 73, 257 -274.

AMA Style

Xiao-Lin Li, Deng-Kui Si, Xinyu Ge. China’s interest rate pass-through after the interest rate liberalization: Evidence from a nonlinear autoregressive distributed lag model. International Review of Economics & Finance. 2021; 73 ():257-274.

Chicago/Turabian Style

Xiao-Lin Li; Deng-Kui Si; Xinyu Ge. 2021. "China’s interest rate pass-through after the interest rate liberalization: Evidence from a nonlinear autoregressive distributed lag model." International Review of Economics & Finance 73, no. : 257-274.

Journal article
Published: 02 April 2020 in Sustainability
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This paper aims to examine whether there is inherent dynamic connectedness among coal market prices, new energy stock prices and carbon emission trading (CET) prices in China under time- and frequency-varying perspectives. For this purpose, we apply a novel wavelet method proposed by Aguiar-Conraria et al. (2018). Specifically, utilizing the single wavelet power spectrum, the multiple wavelet coherency, the partial wavelet coherency, also combined with the partial phase difference and the partial wavelet gains, this paper discovers the time-frequency interaction between three markets. The empirical results show that the connectedness between the CET market price and the coal price is frequency-varying and mainly occur in the lower and higher frequency bands, while the connectedness between the CET market price and the new energy stock price mainly happen in the middle and lower frequency bands. In the high-frequency domain, the CET market price is mainly affected by the coal price, while the CET market price is dominated by the new energy stock price in the middle frequency. These uncovered frequency-varying characteristics among these markets in this study could provide several implications. Main participants in these markets, such as polluting industries, governments and financial actors, should pay close attention to the connectedness under different frequencies, in order to realize their goal of the production, the policymaking, and the investment.

ACS Style

Chun Jiang; Yi-Fan Wu; Xiao-Lin Li; Xin Li. Time-frequency Connectedness between Coal Market Prices, New Energy Stock Prices and CO2 Emissions Trading Prices in China. Sustainability 2020, 12, 2823 .

AMA Style

Chun Jiang, Yi-Fan Wu, Xiao-Lin Li, Xin Li. Time-frequency Connectedness between Coal Market Prices, New Energy Stock Prices and CO2 Emissions Trading Prices in China. Sustainability. 2020; 12 (7):2823.

Chicago/Turabian Style

Chun Jiang; Yi-Fan Wu; Xiao-Lin Li; Xin Li. 2020. "Time-frequency Connectedness between Coal Market Prices, New Energy Stock Prices and CO2 Emissions Trading Prices in China." Sustainability 12, no. 7: 2823.

Article
Published: 11 November 2019 in Empirical Economics
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This paper adopts wavelet analysis to explore the time–frequency comovement and causality between the exchange rates and the interest rate differentials in China (compared to the USA) over the period from February 1999 to March 2018. While the existing literature in general treats the relationship between the two variables as being symmetric, this paper attempts to detect possible asymmetric patterns by extending the standard wavelet analysis to an asymmetric analysis. In addition, given that the relationship might be affected by exchange rate expectations and foreign exchange interventions, we further employ the partial wavelet tools to filter out the effects of the two controlled variables. The results show that the general pattern of the comovement and causality does not change. The comovement is intensified at the low frequency after the exchange rate reform in 2005. Moreover, exchange rates are found to positively comove with interest rate differentials, and the former leads the latter. More importantly, we provide robust evidence of meaningful asymmetry and substantial time and frequency variations in the comovement and causality between the two variables. These findings provide important implications for improving the transmission of monetary policy in China.

ACS Style

Deng-Kui Si; Xiao-Lin Li; Xinyu Ge. On the link between the exchange rates and interest rate differentials in China: evidence from an asymmetric wavelet analysis. Empirical Economics 2019, 59, 2925 -2946.

AMA Style

Deng-Kui Si, Xiao-Lin Li, Xinyu Ge. On the link between the exchange rates and interest rate differentials in China: evidence from an asymmetric wavelet analysis. Empirical Economics. 2019; 59 (6):2925-2946.

Chicago/Turabian Style

Deng-Kui Si; Xiao-Lin Li; Xinyu Ge. 2019. "On the link between the exchange rates and interest rate differentials in China: evidence from an asymmetric wavelet analysis." Empirical Economics 59, no. 6: 2925-2946.

Journal article
Published: 07 November 2019 in The North American Journal of Economics and Finance
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This study utilizes the nonlinear ARDL (NARDL) model proposed by Shin, Yu, and Greenwood-Nimmo (2014) to quantify the potentially asymmetric transmission of positive and negative changes in each of the possible determinants of industry-level corporate bond credit spreads in China. The determinants we consider include the corresponding industry stock price, China’s stock market volatility, the level and slope of the yield curve (i.e., the interest rate), the industrial production growth rate, and the inflation rate. The empirical results suggest substantial asymmetric effects of these determinants on credit spreads, with the positive changes in the determinants showing larger impacts than the negative changes for most industries we consider. Moreover, the corresponding industry stock prices, the interest rate, and the industrial production growth rate negatively drive the industry credit spreads for many industries. In turn, China’s stock market volatility and the inflation rate positively affect the credit spreads at each industry level. These findings may be helpful to investors, bond issuers and policymakers in understanding the dynamics of credit risks and corporate bond rates at the industry level.

ACS Style

Xiao-Lin Li; Xin Li; Deng-Kui Si. Asymmetric determinants of corporate bond credit spreads in China: Evidence from a nonlinear ARDL model. The North American Journal of Economics and Finance 2019, 52, 101109 .

AMA Style

Xiao-Lin Li, Xin Li, Deng-Kui Si. Asymmetric determinants of corporate bond credit spreads in China: Evidence from a nonlinear ARDL model. The North American Journal of Economics and Finance. 2019; 52 ():101109.

Chicago/Turabian Style

Xiao-Lin Li; Xin Li; Deng-Kui Si. 2019. "Asymmetric determinants of corporate bond credit spreads in China: Evidence from a nonlinear ARDL model." The North American Journal of Economics and Finance 52, no. : 101109.

Short communication
Published: 06 November 2019 in Economics Letters
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This study investigates the asymmetric effects of economic policy uncertainty (EPU) and other possible determinants on the CNY–CNH spreads by utilizing the nonlinear ARDL model. For this purpose, we construct a novel EPU index based on the EPU indices of China and the G7 countries by using principal component analysis. The results show substantial asymmetric effects of the concerned determinants on the spreads. Moreover, the composite EPU significantly affects the spreads, with positive shocks to the composite EPU inducing widening CNY–CNH spreads.

ACS Style

Xiao-Lin Li; Xin Li; Deng-Kui Si. Investigating asymmetric determinants of the CNY–CNH exchange rate spreads: The role of economic policy uncertainty. Economics Letters 2019, 186, 108827 .

AMA Style

Xiao-Lin Li, Xin Li, Deng-Kui Si. Investigating asymmetric determinants of the CNY–CNH exchange rate spreads: The role of economic policy uncertainty. Economics Letters. 2019; 186 ():108827.

Chicago/Turabian Style

Xiao-Lin Li; Xin Li; Deng-Kui Si. 2019. "Investigating asymmetric determinants of the CNY–CNH exchange rate spreads: The role of economic policy uncertainty." Economics Letters 186, no. : 108827.

Journal article
Published: 11 April 2016 in Quality & Quantity
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Using a bootstrap Granger full-sample causality test and a sub-sample rolling window estimation, this paper examines the causal link between inflation and inflation uncertainty in China. The results show that high inflation leads to high inflation uncertainty, supporting Friedman-Ball’s hypothesis (1992) and Holland’s theory (J Money Credit Bank 27:827–837, 1995). Furthermore, significant feedback exists from inflation uncertainty to inflation in some periods, supporting Holland’s theory (J Money Credit Bank 27:827–837, 1995) that inflation uncertainty has a negative effect on inflation. We find that the relationship between inflation and inflation uncertainty varies across time. The Chinese monetary authority needs to ensure a quick and effective policy response to inflation development because doing so will help reduce inflation, eliminate many of the costs associated with high inflation and therefore minimize the marginal effect of inflation on inflation uncertainty. However, quantitative tools for China’s monetary policy are also warranted. In the long term, the importance of keeping inflation low, stable, and predictable cannot be overemphasized.

ACS Style

Chi-Wei Su; Hui Yu; Hsu-Ling Chang; Xiao-Lin Li. How does inflation determine inflation uncertainty? A Chinese perspective. Quality & Quantity 2016, 51, 1417 -1434.

AMA Style

Chi-Wei Su, Hui Yu, Hsu-Ling Chang, Xiao-Lin Li. How does inflation determine inflation uncertainty? A Chinese perspective. Quality & Quantity. 2016; 51 (3):1417-1434.

Chicago/Turabian Style

Chi-Wei Su; Hui Yu; Hsu-Ling Chang; Xiao-Lin Li. 2016. "How does inflation determine inflation uncertainty? A Chinese perspective." Quality & Quantity 51, no. 3: 1417-1434.

Journal article
Published: 14 May 2014 in Economic Modelling
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This study applies the sequential panel selection method (SPSM) procedure proposed by Chortareas and Kapetanios (2009) to investigate the time-series properties of CO2 emissions for 50 U.S. states during the 1990 to 2010 period. SPSM classifies the whole panel into a group of stationary series and a group of non-stationary series. In doing so, we could clearly identify how many and which series in the panel are stationary processes. Empirical results from the SPSM using the panel KSS unit root test (Ucar and Omay, 2009) with a Fourier function, indicate that CO2 emissions only converge in 12 out of the 50 U.S. states in our analysis.

ACS Style

Xiao-Lin Li; D.P. Tang; Tsangyao Chang. CO2 emissions converge in the 50 U.S. states — Sequential panel selection method. Economic Modelling 2014, 40, 320 -333.

AMA Style

Xiao-Lin Li, D.P. Tang, Tsangyao Chang. CO2 emissions converge in the 50 U.S. states — Sequential panel selection method. Economic Modelling. 2014; 40 ():320-333.

Chicago/Turabian Style

Xiao-Lin Li; D.P. Tang; Tsangyao Chang. 2014. "CO2 emissions converge in the 50 U.S. states — Sequential panel selection method." Economic Modelling 40, no. : 320-333.