Does the Razor's Edge Exist? New Evidence of the Law of One Price in China (1997–2012)
Does the Razor's Edge Exist? New Evidence of the Law of One Price in China (1997–2012)
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中国的“剃刀边缘”是否存在？一价定律的新证据（1997-2012）
DOI：
10.1111/twec.12716
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Puyang Sun
中科院分区：
文献类型：
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作者：
Jianan Li;Zhiyuan Li;Puyang Sun
本文重新审视了渐进式经济改革下的中国市场整合，使用了一组新的数据集，其中包括1997年至2012年期间173个城市267种商品的月度价格，其中价格管制大幅取消。我们提供了新的证据表明，一价定律（LOP）在中国的背景下，正在经历实质性的贸易自由化。首先，通过考虑异质性和横截面依赖性，我们的结果表明，大多数商品的价格收敛于LOP，工业材料比非易腐商品收敛得更快。其次，与之前使用静态证据的分析相比，我们使用移动窗口的结果显示收敛正在升级。③城市间产品价格差异随距离的增加而增大，但随开放程度和经济发展程度的增加而减小；我们的研究结果表明，中国的市场整合在其正在进行的市场导向改革下进展顺利，并对中国渐进式改革导致国内市场碎片化的主张提出了质疑。
This paper revisits the market integration in China under the gradual economic reform, using a novel data set of monthly prices for 267 goods across 173 cities from 1997 to 2012 with price regulations dramatically removed. We provide new evidence to show that the Law of One price (LOP) holds in the context of China which is experiencing substantial trade liberalisation. First, by accounting for heterogeneity and cross‐sectional dependence, our results show that prices converge to the LOP for most goods, and industrial materials converge faster than non‐perishable goods. Second, in comparison with the earlier analysis with static evidence, our results with the moving window show that convergence is escalating. Third, we find that the price dispersion across products at the city level is increasing with distance, but it is decreasing with openness and economic development. Our findings show China’s market integration is going well under its ongoing market‐oriented reforms, and cast doubt on the proposition that incremental reform in China has led to the fragmentation of the domestic market.
的存在
DOI：
--
发表时间：
2004
期刊：
Journal of Clinical Pathology 57・9
影响因子：
--
作者：
Saito T;Oda Y;Tamiya S;et al.;Nakayama H
通讯作者：
Nakayama H