Abstract:
Breaking and eliminating market segmentation, establishing an unified and open market system, and promoting rational flow and optimal allocation of production factors are important tasks in the transitioning China. This paper investigates the price behavior of services in the framework of the law of one price, and focuses on the roles of provincial border and dialect border in the short-run price disparities. We find that:(1) the provincial border effects are significant in education and medical industries, while they are weak in the other service industries;(2) the dialect border also plays a positive role in the education service, especially in the primary, junior high, and senior high school study;(3) we construct a model involving heterogeneity effect and sample selection effect to re-estimate the sample, and the results are robust. The above results reflect that the hukou system attached to the administrative boundary increases the implicit costs of cross-province mobility by influencing education and medical benefits, and regional differences in dialects further increase the resistance to cross regional mobility of the labor by influencing the education of their children.
高晶, 林曙. 省际边界、方言边界和一价定律[J]. 金融研究, 2018, 454(4): 138-154.
GAO Jing, LIN Shu. Provincial Border, Dialect Border, and the Law of One Price. Journal of Financial Research, 2018, 454(4): 138-154.
[1]邓曲恒和古斯塔夫森,2007,《中国的永久移民》,《经济研究》第4期,第137~148页。 [2]高翔、龙小宁和杨广亮,2015,《交通基础设施与服务业发展——来自县级高速公路和第二次经济普查企业数据的证据》,《管理世界》第8期,第81~96页。 [3]黄新飞、李腾和陈思宇,2014,《中国城市边界效应的“一价定律悖论”:来自长三角的证据》,《世界经济》第11期,第100~118页。 [4]黄新飞、舒元和郑华懋,2013,《中国城市边界效应下降了吗?——基于一价定律的研究》,《经济学(季刊)》第4期,第1369~1386页。 [5]黄新飞、陈珊珊和李腾,2014,《价格差异、市场分割与边界效应——基于长三角15个城市的实证研究》,《经济研究》第12期,第18~32页。 [6]黄赜琳和王敬云,2006,《地方保护与市场分割——来自中国的经验数据》,《中国工业经济》第2期,第60~67页。 [7]李郇和徐现祥,2006,《边界效应的测定方法及其在长江三角洲的应用》,《地理研究》第5期,第792~802页。 [8]刘毓芸、徐现祥和肖泽凯,2015,《劳动力跨方言流动的倒U型模式》,《经济研究》第10期,第134~146页。 [9]刘生龙和胡鞍钢,2011,《交通基础设施与中国区域经济一体化》,《经济研究》第3期,第72~82页。 [10]吕慈仙,2015,《异地升学政策如何影响随迁子女的身份认同与社会融合——基于国内若干个大中型城市的调查分析》,《教育发展研究》第10期,第39~46页。 [11]陶然和徐志刚,2005,《城市化、农地制度与迁移人口社会保障——一个转轨中发展的大国视角与政策选择》,《经济研究》第12期,第45~56页。 [12]行伟波和李善同,2009,《本地偏好、边界效应与市场一体化——基于中国地区间增值税流动数据的实证研究》,《经济学(季刊)》第4期,第1455~1474页。 [13]许宝华和宫田一郎,1999,《汉语方言大词典》,中华书局。 [14]余向华和陈雪娟,2012,《中国劳动力市场的户籍分割效应及其变迁——工资差异与机会差异双重视角下的实证研究》,《经济研究》第12期,第97~110页。 [15]赵颖和石智雷,2017,《城镇集聚、户籍制度与教育机会》,《金融研究》第3期,第86~100页。 [16]Anderson, J. E., C. Milot, and Y. Yotov, 2014, “How Much Does Geography Deflect Services Trade?”, International Economic Review(forthcoming). [17]Borraz, F., A. Cavallo, R. Rigobon, and L. Zipitria, 2016, “Distance and Political Boundaries: Estimating Border Effects under Inequality Constraints”, International Journal of Finance and Economics, 21(1):3~35. [18]Broda, C. and D.E. Weinstein, 2008, “Understanding International Price Differences Using Barcode Data”, NBER Working Paper, No. 14017. [19]Ceglowski, J., 2003, “The Law of One Price: Intranational Evidence for Canada”, Canadian Journal of Economics, 36(2):373~400. [20]Choi, C.Y. and H. Choi, 2016, “The Role of Two Frictions in Geographic Price Dispersion: When Market Friction Meets Nominal Rigidity”, Journal of International Money and Finance, 63:1~27. [21]Choi,C.Y., A. Murphy and J.L. Wu, 2017, “Segmentation of Consumer Markets in the U.S.: What do Intercity Price Difference Tell Us?”, Canadian Journal of Economics/Revue canadienne d'économique, 50(3):738~777. [22]Crucini, M.J., C.I. Telmer and M. Zachariadis, 2005, “Understanding European Real Exchange Rates”, American Economic Review, 95(3):724~738. [23]Crucini, M.J. and M. Shintani, 2008, “Persistence in Law of One Price Deviations: Evidence from Micro-data”, Journal of Monetary Economics, 55(3):629~644. [24]Engel, C. and J.H. Rogers, 1996, “How Wide Is the Border?”, American Economic Review, 86(5): 1112~1125. [25]Engel, C. and J.H. Rogers, 1998, “Relative Price Volatility: What Role Does the Border Play?”, International Finance Discussion Paper, No. 623. [26]Engel, C. and J.H. Rogers, 2001, “Deviations from Purchasing Power Parity: Causes and Welfare Costs”, Journal of International Economics, 55(1):29~57. [27]Engel, C., J.H. Rogers and S.Y. Wang, 2003, “Revisiting the Border: An Assessment of the Law of One Price Using Very Disaggregated Consumer Price Data”, International Finance Discussion Paper 777. [28]Gao, X. and Long C-X, 2014, “Cultural Border, Administrative Border, and Regional Economic Development: Evidence from Chinese Cities”, China Economic Review, 31:247~264. [29]Gervais, A. and J.B. Jensen, 2013, “The Tradability of Services: Geographic Concentration and Trade Costs”, NBER Working Paper 19759. [30]Gong, Y., I.H. Chow, and D. Ahlstrom, 2011, “Cultural Diversity in China: Dialect, Job Embeddedness, and Turnover”, Asia Pacific Journal of Management, 28(2):221~238. [31]Gopinath, G., P. Gourinchas, C. Hsieh and N. Li, 2011, “International Prices, Costs, and Markup Differences”, American Economic Review, 101(6):2450~2486. [32]Gorodnichenko, Y. and L. Tesar, 2009, “Border Effect or Country Effect: Seattle May Not Be So Far from Vancouver after All”, American Economic Journal:Macroeconomics, 1(1):219~241. [33]Guiso, I., P. Sapienza, and L. Zingales, 2004, “Cultural Biases in Economic Exchange”, NBER Working Paper 11005. [34]Fan, C. and X. Wei, 2006, “The Law of One Price: Evidence from the Transitional Economy of China”, The Review of Economics and Statistics, 88(4):682~697. [35]Helliwell, J.F. and G. Verdier, 2001, “Measuring Internal Trade Distances: A New Method Applied to Estimate Provincial Border Effects in Canada”, Canadian Journal of Economics, 34(4):1024~1041. [36]Imbs, J., H. Mumtaz, M. Ravn, and H. Rey, 2002, “PPP Strikes Back: Aggregation and the Real Exchange Rate”, NBER Working Paper, No.9372. [37]McCallum, J., 1995, “National Borders Matter: Canada-U.S. Regional Trade Patterns”, American Economic Review, 85(3):615~623. [38]Morshed, A.K.M., 2007, “Is there Really a “Border Effect”?”,Journal of International Money and Finance ,26(7):1229~1238. [39]Parsely, D.C. and S-J. Wei, 2001a, “Explaining the Border Effect: The Role of Exchange Rate Variability, Shipping Costs, and Geography”, Journal of International Economics, 55(1):87~105. [40]Parsely, D.C. and S-J. Wei, 2001b, “Limiting Currency Volatility to Stimulate Goods Market Integration: A Price Based Approach”, NBER Working Paper 8468. [41]Li, Q., M. Li and J. Luo, 2016, “Revisiting Border Effect: Evidence from Taobao.com in China”, Emerging Markets Finance and Trade, 52(1): 22~38. [42]Wu, X.G, 2011, “The Household Registration System and Rural-urban Educational Inequality in Contemporary China”, Chinese Sociological Review, 44(2):31~51. [43]Young, A., 2000, “The Razor’s Edge: Distortions and Incremental Reform in the People’s Republic of China”, Quarterly Journal of Economics, 115(4):1091~1135.