Zhiyuan Li

School of Economics
Shanghai University of Finance & Economics
777 Guoding Road, Shanghai, P.R. China. 200433
Tel: +8618621053782

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Shanghai University of Finance & Economics

NBER Working Papers and Publications

February 2016Trade Policy Uncertainty and Exports: Evidence from China’s WTO Accession
with Ling Feng, Deborah L. Swenson: w21985
This paper studies how reduction in trade policy uncertainty affects firm export decisions. Using a firm-product level dataset on Chinese exports to the United States and the European Union in the years surrounding China’s WTO accession, we provide strong evidence that reduction in trade policy uncertainty simultaneously induced firm entries to and firm exits from export activity within fine product-level markets. In addition, we uncover accompanying changes in export product prices and quality that coincided with this reallocation: firms that provided higher quality products at lower prices entered the export market, while firms that had higher prices and provided lower quality products prior to the changes, exited. To explain the simultaneous export entries and exits, as well as the chan...

Published: Ling Feng & Zhiyuan Li & Deborah L. Swenson, 2017. "Trade policy uncertainty and exports: Evidence from China's WTO accession," Journal of International Economics, vol 106, pages 20-36. citation courtesy of

July 2012The Connection between Imported Intermediate Inputs and Exports: Evidence from Chinese Firms
with Ling Feng, Deborah L. Swenson: w18260
We use data on Chinese manufacturing firms to study the connection between individual firm imports and firm export outcomes. Since our panel covers the years 2002 to 2006, we can use changes in import tariffs associated with China's WTO entry as instruments. Our regression results show that firms that expanded their intermediate input imports expanded the volume of their exports and increased their export scope, though the magnitude of the effects differed by import source, firm organizational form, and industry R&D intensity. On these dimensions, we find that imported intermediate inputs from OECD rather than non-OECD countries generated larger firm export improvements, that private Chinese firms derived larger benefits from imported inputs than did foreign invested firms, and that imp...

Published: Ling Feng & Zhiyuan Li & Deborah L. Swenson, 2016. "The connection between imported intermediate inputs and exports: Evidence from Chinese firms," Journal of International Economics, vol 101, pages 86-101. citation courtesy of

April 2011Exports and Credit Constraints Under Incomplete Information: Theory and Evidence from China
with Robert C. Feenstra, Miaojie Yu: w16940
This paper examines why credit constraints for domestic and exporting firms arise in a setting where banks do not observe firms' productivities. To maintain incentive-compatibility, banks lend below the amount needed for first-best production. The longer time needed for export shipments induces a tighter credit constraint on exporters than on purely domestic firms, even in the exporters' home market. Greater risk faced by exporters also affects the credit extended by banks. Extra fixed costs reduce exports on the extensive margin, but can be offset by collateral held by exporting firms. The empirical application to Chinese firms strongly supports these theoretical results, and we find a sizable impact of the financial crisis in reducing exports.

Exports and Credit Constraints under Incomplete Information: Theory and Evidence from China,” Review of Economics and Statistics, forthcoming 2014, with Zhiyuan Li and Miaojie Yu. citation courtesy of

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