Weicheng Lian's Books

The Price of Capital Goods: A Driver of Investment Under Threat

By: Weicheng Lian,Natalija Novta,Evgenia Pugacheva,Mr.Yannick Timmer,Petia Topalova

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Price of Capital Goods: A Driver of Investment Under Threat

By: Weicheng Lian,Natalija Novta,Evgenia Pugacheva,Mr.Yannick Timmer,Petia Topalova

Over the past three decades, the price of machinery and equipment fell dramatically relative to other prices in advanced and emerging market and developing economies. Using cross-country and sectoral data, we show that the decline in the relative price of tangible tradable capital goods provided a significant impetus to the capital deepening that took place during the same time period. The broad-based decline in the relative price of machinery and equipment, in turn, was driven by the faster productivity growth in the capital goods producing sectors relative to the rest of the economy, and deeper trade integration, which induced domestic producers to lower prices and increase their efficiency. Our findings suggest an additional channel through which rising trade tensions and sluggish productivity could threaten real investment growth going forward.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

149832343X

ISBN 13

9781498323437

Fundamental and Speculative Demands for Housing

By: Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Fundamental and Speculative Demands for Housing

By: Weicheng Lian

This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine user-cost-of-housing and the elasticity of substitution between land and structures in producing housing services. I find that the impact of demand for housing services on house prices is amplified by a small elasticity of substitution, and demand explained four fifths of the U.S. house price boom in the 2000s.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1498302726

ISBN 13

9781498302722

Exchange Rates and Trade

A Disconnect?

By: Mr.Daniel Leigh,Weicheng Lian,Marcos Poplawski-Ribeiro,Rachel Szymanski,Viktor Tsyrennikov,Hong Yang

Write a review Read reviews Take a Quiz Solve Book Puzzle

Exchange Rates and Trade

A Disconnect?

By: Mr.Daniel Leigh,Weicheng Lian,Marcos Poplawski-Ribeiro,Rachel Szymanski,Viktor Tsyrennikov,Hong Yang

We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange rate pass-through and the price elasticity of trade volumes are largely stable over time. Economic slack and financial conditions affect the relationship, but there is limited evidence that participation in global value chains has significantly changed the exchange rate–trade relationship over time.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1475587562

ISBN 13

9781475587562

A Diversification Strategy for South Asia

By: Weicheng Lian,Fei Liu,Katsiaryna Svirydzenka,Biying Zhu

Write a review Read reviews Take a Quiz Solve Book Puzzle

A Diversification Strategy for South Asia

By: Weicheng Lian,Fei Liu,Katsiaryna Svirydzenka,Biying Zhu

While South Asia has gone a long way in diversifying their economies, there is substantial scope to do more. Some countries – India, Nepal, and Sri Lanka – can build on their existing production capabilities; others – Bangladesh, Bhutan, and the Maldives – would need to undertake a more concerted push. We identify key policies from a large set of potential determinants that explain the variation in export diversification and complexity across 189 countries from 1962 to 2018. Our analysis suggests that South Asia needs to invest in infrastructure, education, and R&D, facilitate bank credit to productive companies, and open to trade in order to diversify and move up the value chains. Given the COVID-19 pandemic, investing in digital technologies as part of the infrastructure push and improving education are of even greater importance to facilitate the ability to work remotely and assist resource reallocation away from the less viable sectors.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1513584790

ISBN 13

9781513584799

Expectations' Anchoring and Inflation Persistence

By: Mr.Rudolfs Bems,Francesca G Caselli,Francesco Grigoli,Bertrand Gruss,Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Expectations' Anchoring and Inflation Persistence

By: Mr.Rudolfs Bems,Francesca G Caselli,Francesco Grigoli,Bertrand Gruss,Weicheng Lian

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of inflation expectations' anchoring using survey-based inflation forecasts for 45 economies starting in 1989. We then study the response of consumer prices to terms-of-trade shocks for countries with flexible exchange rates. We find that these shocks have a significant and persistent effect on consumer price inflation when expectations are poorly anchored. By contrast, inflation reacts by less and returns quickly to its pre-shock level when expectations are strongly anchored.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

148439223X

ISBN 13

9781484392232

Technological Changes, Offshoring, and the Labor Share

By: Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Technological Changes, Offshoring, and the Labor Share

By: Weicheng Lian

Existing studies on the downward trend in the labor share of income mostly focus on changes within individual countries. I document, however, that half of the global decline in the labor share of income can be traced to the relocation of activities between countries. I develop a two-country model to show that when the relative price of investment goods falls, production activities with a small elasticity of substitution between capital and labor tend to get offshored from high- to low-wage countries. The model provides an explanation as to why such relocation may drive the labor share down in both developed and developing economies, as well as globally.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1498325610

ISBN 13

9781498325615

The Long-Run Trend of Residential Investment in China

By: Ding Ding,Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Long-Run Trend of Residential Investment in China

By: Ding Ding,Weicheng Lian

In this paper we analyze the fundamental drivers of China’s residential investment as a share of its GDP. Our analysis indicates that the economic structural changes that led to rebalancing toward consumption were the key driver of the rising residential investment to GDP ratio in China. We project that residential investment would moderate from the current level of 9 percent of GDP to around 6 percent by 2024, and its contribution to real GDP growth would decline gradually from currently about half percent of GDP to slightly negative over this period, barring policy intervention. The decline in the growth contribution of residential investment reflects the projected somewhat slower pace of rebalancing going forward and the envisaged increases in labor costs due to demographic changes.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484390253

ISBN 13

9781484390252

Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

By: Maximiliano Appendino,Olga Bespalova,Ms. Rina Bhattacharya,Jean François Clevy,Ms. Nan Geng,Mr. Takuji Komatsuzaki,Justin Lesniak,Weicheng Lian,Ms. Sandra Marcelino,Mr. Mauricio Villafuerte,Mr. Yorbol Yakhshilikov

Write a review Read reviews Take a Quiz Solve Book Puzzle

Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

After providing a general overview of the nature, pros, and cons of crypto assets and CBDCs, this paper focuses on documenting their recent experience in LAC. The region records a high interest in unbacked crypto assets and stablecoins and its authorities’ policy responses have varied substantially, ranging from the introduction of Bitcoin as legal tender in El Salvador to their prohibition in many other countries worried about their impact on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering. This paper also describes briefly the results of a survey on CBDCs’ introduction plans and crypto assets regulation. Finally, this paper presents some general lessons and policy recommendations for the region on the regulation of cypto assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 13

9798400234804

Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence

By: Mai Chi Dao,Ms.Mitali Das,Zsoka Koczan,Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence

By: Mai Chi Dao,Ms.Mitali Das,Zsoka Koczan,Weicheng Lian

This paper documents the downward trend in the labor share of global income since the early 1990s, as well as its heterogeneous evolution across countries, industries and worker skill groups, using a newly assembled dataset, and analyzes the drivers behind it. Technological progress, along with varying exposure to routine occupations, explains about half the overall decline in advanced economies, with a larger negative impact on middle-skilled workers. In emerging markets, the labor share evolution is explained predominantly by global integration, particularly the expansion of global value chains that contributed to raising the overall capital intensity in production.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484311043

ISBN 13

9781484311042

More Slack than Meets the Eye? Recent Wage Dynamics in Advanced Economies

By: Mr.Gee Hee Hong,Zsoka Koczan,Weicheng Lian,Mr.Malhar S Nabar

Write a review Read reviews Take a Quiz Solve Book Puzzle

More Slack than Meets the Eye? Recent Wage Dynamics in Advanced Economies

By: Mr.Gee Hee Hong,Zsoka Koczan,Weicheng Lian,Mr.Malhar S Nabar

Nominal wage growth in most advanced economies remains markedly lower than it was before the Great Recession of 2008–09. This paper finds that the bulk of the wage slowdown is accounted for by labor market slack, inflation expectations, and trend productivity growth. In particular, there appears to be greater slack than meets the eye. Involuntary part-time employment appears to have weakened wage growth even in economies where headline unemployment rates are now at, or below, their averages in the years leading up to the recession.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484345355

ISBN 13

9781484345351

The Rise and Impact of Fintech in Latin America

By: Mr. Bas B. Bakker,Weicheng Lian,Yang Liu,Mariusz A. Sumlinski,Yuanchen Yang,Dmitry Vasilyev

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Rise and Impact of Fintech in Latin America

By: Mr. Bas B. Bakker,Weicheng Lian,Yang Liu,Mariusz A. Sumlinski,Yuanchen Yang,Dmitry Vasilyev

In the past decade, fintech has shaken up the financial sector in Latin America providing innovations in lending, payments, insurance, and regulation and compliance. This paper examines this development by focusing on both fintech services and regulation. Exploring fintech’s macro-critical impact using country- and bank-level data, we find that booming financial technologies in Latin America have helped boost competition in the banking sector and inclusion. Additionally, we demonstrate that fintech firms in Latin America experienced robust growth even during the pandemic supported by external funding. Finally, we discuss how regulators are addressing the risks associated with financial technologies and how they are leveraging fintech tools in their supervisory activities.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 13

9798400235474

Natural Disasters and Scarring Effects

By: Weicheng Lian,Jose Ramon Moran,Raadhika Vishvesh

Write a review Read reviews Take a Quiz Solve Book Puzzle

Natural Disasters and Scarring Effects

By: Weicheng Lian,Jose Ramon Moran,Raadhika Vishvesh

This paper uses a novel empirical approach, following the literature on hysteresis, to explore medium-term scarring of natural disasters for countries vulnerable to climate change. By quantifying the dynamic effects of natural disasters on real GDP per capita for a large number of episodes using a synthetic control approach (SCA) and focusing on severe shocks, we demonstrate that a persistently large deviation of real GDP per capita from the counterfacutal trend exists five years after a severe shock in many countries. The findings highlight the importance and urgency of building ex-ante resilience to avoid scarring effects for countries prone to natural disasters, such as those in the Caribbean region.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 13

9798400227172

The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications

By: Samya Beidas-Strom,Weicheng Lian,Ashwaq Maseeh

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications

By: Samya Beidas-Strom,Weicheng Lian,Ashwaq Maseeh

This paper examines housing finance and housing price dynamics in selected emerging Middle Eastern economies over the past two decades. It finds that (i) mortgage markets have experienced rapid development, which has led to lower private per capita consumer spending volatility this decade; (ii) a downward price correction occurred in the housing market after 2007, which appears to have bottomed out; (iii) the rental market appears to be largely determined by region-specific economic fundamentals-a youthful working-age population and wealth variables; and (iv) a segregation between self-owned house and rental price dynamics exists in this region, rendering the former more sensitive to the business cycle.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1451874332

ISBN 13

9781451874334

Is Inflation Domestic or Global? Evidence from Emerging Markets

By: Mr.Rudolfs Bems,Francesca G Caselli,Francesco Grigoli,Bertrand Gruss,Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Is Inflation Domestic or Global? Evidence from Emerging Markets

By: Mr.Rudolfs Bems,Francesca G Caselli,Francesco Grigoli,Bertrand Gruss,Weicheng Lian

Following a period of disinflation during the 1990s and early 2000s, inflation in emerging markets has remained remarkably low and stable. Was this related to a global disinflation environment triggered by China's integration into world trade and the broader globalization in these economies, or to better domestic policies? In this paper, we review the inflation performance in a sample of 19 large emerging markets in the past couple of decades and quantify the impact of domestic and global factors in determining inflation. We document that the level, volatility, and persistence of inflation declined significantly, albeit not uniformly. Our results suggest that longer-term inflation expectations, linked to domestic factors, were the main determinant of inflation. External factors played a considerably smaller role. The results are a useful piece of evidence as emerging markets craft their monetary policies to navigate the future shift in global financial conditions.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484384245

ISBN 13

9781484384244

More Slack than Meets the Eye? Recent Wage Dynamics in Advanced Economies

By: Mr.Gee Hee Hong,Zsoka Koczan,Weicheng Lian,Mr.Malhar S Nabar

Write a review Read reviews Take a Quiz Solve Book Puzzle

More Slack than Meets the Eye? Recent Wage Dynamics in Advanced Economies

By: Mr.Gee Hee Hong,Zsoka Koczan,Weicheng Lian,Mr.Malhar S Nabar

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484346947

ISBN 13

9781484346945

The Rise and Impact of Fintech in Latin America

By: Mr. Bas B. Bakker,Weicheng Lian,Yang Liu,Mariusz A. Sumlinski,Yuanchen Yang,Dmitry Vasilyev

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Rise and Impact of Fintech in Latin America

By: Mr. Bas B. Bakker,Weicheng Lian,Yang Liu,Mariusz A. Sumlinski,Yuanchen Yang,Dmitry Vasilyev

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 13

9798400235474

A Diversification Strategy for South Asia

By: Weicheng Lian,Fei Liu,Katsiaryna Svirydzenka,Biying Zhu

Write a review Read reviews Take a Quiz Solve Book Puzzle

A Diversification Strategy for South Asia

By: Weicheng Lian,Fei Liu,Katsiaryna Svirydzenka,Biying Zhu

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1513584790

ISBN 13

9781513584799

Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence

By: Mai Chi Dao,Ms.Mitali Das,Zsoka Koczan,Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence

By: Mai Chi Dao,Ms.Mitali Das,Zsoka Koczan,Weicheng Lian

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484311043

ISBN 13

9781484311042

The Price of Capital Goods: A Driver of Investment Under Threat

By: Weicheng Lian,Natalija Novta,Evgenia Pugacheva,Mr.Yannick Timmer,Petia Topalova

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Price of Capital Goods: A Driver of Investment Under Threat

By: Weicheng Lian,Natalija Novta,Evgenia Pugacheva,Mr.Yannick Timmer,Petia Topalova

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

149832343X

ISBN 13

9781498323437

The Long-Run Trend of Residential Investment in China

By: Ding Ding,Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Long-Run Trend of Residential Investment in China

By: Ding Ding,Weicheng Lian

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484390253

ISBN 13

9781484390252

Technological Changes, Offshoring, and the Labor Share

By: Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Technological Changes, Offshoring, and the Labor Share

By: Weicheng Lian

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1498316816

ISBN 13

9781498316811

The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications

By: Samya Beidas-Strom,Weicheng Lian,Ashwaq Maseeh

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications

By: Samya Beidas-Strom,Weicheng Lian,Ashwaq Maseeh

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1451874332

ISBN 13

9781451874334

Fundamental and Speculative Demands for Housing

By: Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Fundamental and Speculative Demands for Housing

By: Weicheng Lian

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1498304567

ISBN 13

9781498304566

Is Inflation Domestic or Global? Evidence from Emerging Markets

By: Mr.Rudolfs Bems,Francesca G Caselli,Francesco Grigoli,Bertrand Gruss,Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Is Inflation Domestic or Global? Evidence from Emerging Markets

By: Mr.Rudolfs Bems,Francesca G Caselli,Francesco Grigoli,Bertrand Gruss,Weicheng Lian

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484381599

ISBN 13

9781484381595

Expectations' Anchoring and Inflation Persistence

By: Mr.Rudolfs Bems,Francesca G Caselli,Francesco Grigoli,Bertrand Gruss,Weicheng Lian

Write a review Read reviews Take a Quiz Solve Book Puzzle

Expectations' Anchoring and Inflation Persistence

By: Mr.Rudolfs Bems,Francesca G Caselli,Francesco Grigoli,Bertrand Gruss,Weicheng Lian

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484388844

ISBN 13

9781484388846

Exchange Rates and Trade

A Disconnect?

By: Mr.Daniel Leigh,Weicheng Lian,Marcos Poplawski-Ribeiro,Rachel Szymanski,Viktor Tsyrennikov,Hong Yang

Write a review Read reviews Take a Quiz Solve Book Puzzle

Exchange Rates and Trade

A Disconnect?

By: Mr.Daniel Leigh,Weicheng Lian,Marcos Poplawski-Ribeiro,Rachel Szymanski,Viktor Tsyrennikov,Hong Yang

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

147558749X

ISBN 13

9781475587494

Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

Write a review Read reviews Take a Quiz Solve Book Puzzle

Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 13

9798400234804

Natural Disasters and Scarring Effects

By: Weicheng Lian,Jose Ramon Moran,Raadhika Vishvesh

Write a review Read reviews Take a Quiz Solve Book Puzzle

Natural Disasters and Scarring Effects

By: Weicheng Lian,Jose Ramon Moran,Raadhika Vishvesh

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 13

9798400227172

Protecting Lives and Livelihoods with Early and Tight Lockdowns

By: Francesca G Caselli,Mr.Francesco Grigoli,Weicheng Lian,Mr.Damiano Sandri

Write a review Read reviews Take a Quiz Solve Book Puzzle

Protecting Lives and Livelihoods with Early and Tight Lockdowns

By: Francesca G Caselli,Mr.Francesco Grigoli,Weicheng Lian,Mr.Damiano Sandri

Using high-frequency proxies for economic activity over a large sample of countries, we show that the economic crisis during the first seven months of the COVID-19 pandemic was only partly due to government lockdowns. Economic activity also contracted because of voluntary social distancing in response to higher infections. We also show that lockdowns can substantially reduce COVID-19 infections, especially if they are introduced early in a country's epidemic. Despite involving short-term economic costs, lockdowns may thus pave the way to a faster recovery by containing the spread of the virus and reducing voluntary social distancing. Finally, we document that lockdowns entail decreasing marginal economic costs but increasing marginal benefits in reducing infections. This suggests that tight short-lived lockdowns are preferable to mild prolonged measures.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

INTERNATIONAL MONETARY FUND

Published Date

ISBN 10

1513560433

ISBN 13

9781513560434

Book's by Weicheng Lian

Username

Password

Password again

Birthday

Email