Determinants of the urban investment bonds in China

Daike Li; Yang Chen

doi:10.1007/978-981-13-0983-0_2

Determinants of the urban investment bonds in China

Daike Li
, Yang Chen^*

^*Corresponding author for this work

Department of Economics

Xi'an Jiaotong-Liverpool University

Research output: Chapter in Book or Report/Conference proceeding › Chapter › peer-review

1 Citation (Scopus)

Abstract

This chapter investigates the determinants of the issuance of urban investment bonds (UIBs) across 31 provinces in China during the period of 2005-2013 using a spatial autoregressive model. We find that the provincial governments tend to compete with or imitate their neighboring provinces in bond issuance. The neighborhood can be defined in terms of either geographical proximity or economic performance. We also find that the fiscal gap, governments’ investments in housing and public welfare, and bond level in the previous year have positive association with the issuance of UIBs in China.

Original language	English
Title of host publication	The State of China's State Capitalism
Subtitle of host publication	Evidence of Its Successes and Pitfalls
Publisher	Palgrave Macmillan
Pages	31-53
Number of pages	23
ISBN (Electronic)	9789811309830
ISBN (Print)	9789811309823
DOIs	https://doi.org/10.1007/978-981-13-0983-0_2
Publication status	Published - 1 Jan 2018

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 11 Sustainable Cities and Communities

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10.1007/978-981-13-0983-0_2

Cite this

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abstract = "This chapter investigates the determinants of the issuance of urban investment bonds (UIBs) across 31 provinces in China during the period of 2005-2013 using a spatial autoregressive model. We find that the provincial governments tend to compete with or imitate their neighboring provinces in bond issuance. The neighborhood can be defined in terms of either geographical proximity or economic performance. We also find that the fiscal gap, governments{\textquoteright} investments in housing and public welfare, and bond level in the previous year have positive association with the issuance of UIBs in China.",

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AB - This chapter investigates the determinants of the issuance of urban investment bonds (UIBs) across 31 provinces in China during the period of 2005-2013 using a spatial autoregressive model. We find that the provincial governments tend to compete with or imitate their neighboring provinces in bond issuance. The neighborhood can be defined in terms of either geographical proximity or economic performance. We also find that the fiscal gap, governments’ investments in housing and public welfare, and bond level in the previous year have positive association with the issuance of UIBs in China.

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Determinants of the urban investment bonds in China

Abstract

UN SDGs

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