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"Chu, C. Y. Cyrus"
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Coresidence With Elderly Parents: A Comparative Study of Southeast China and Taiwan
Using recent survey data from the Panel Study of Family Dynamics (PSFD) on 1,655 married persons born in 1964-1976 in southeastern China and Taiwan, we studied coresidence with elderly parents using a multinomial probit model for coresidence type and an ordered probit model for residential distance. The study yielded four findings: (a) Patrilocal coresidence was more prevalent in Taiwan than in China; (b) matrilocal coresidence was more prevalent in China; (c) practical factors mattered in both places; (d) in Taiwan only, a couple's economic resources facilitated breaking away from patrilocal coresidence. The findings suggest that, although economic development does not necessarily result in less traditional familial culture, personal economic resources may enable individual couples to deviate from tradition.
Journal Article
Males’ housing wealth and their marriage market advantage
In theory, people who own real estate should have advantage finding a partner in the marriage market. Empirical analyses along this line, however, face three issues. First, it is difficult to identify any causality for whether housing facilitates marriage or expected marriage facilitates a housing purchase. Second, survey samples usually do not cover very wealthy people, and so the observations are top coding in the wealth dimension. Third, getting married is a dynamic life cycle decision, and rich life-history data are rarely available. This paper uses registry data from Taiwan to estimate the impact of males’housing wealth on their first-marriage duration, taking into account all three issues mentioned above. We find that a 10% increase in real estate wealth increases probability of a man getting married in any particular year by 3.92%. Our finding suggests that housing or real estate is a status good in the marriage market.
Journal Article
Coresidence With Husband's Parents, Labor Supply, and Duration to First Birth
This article investigates the time to first birth, treating coresidence with husband's parents and labor supply as endogenous and using representative data on Taiwanese married women born during 1933-1968. We use a full-information maximum likelihood estimator for a duration model with endogenous binary variables. Results controlling for endogeneity suggest that both coresidence and working are associated with a delay in childbearing, reversing the effect of coresidence on the timing of first birth but not that of working. Women in earlier cohorts tend to choose coresidency and not working, and an increasing number of women from later cohorts choose to do both or to work only.
Journal Article
Variations of wealth resemblance by family relationship types in modern Chinese families
For a long time, social scientists have used correlations in social status, measured by such characteristics as schooling, income, or occupation, across family members to capture family resemblance in social status. In this study, we use millions of records from a public registry to estimate the wealth correlations among Taiwanese kinship members, from the closest parent–child pairing to the farthest kinship ties, with only 1/32 genetic relatedness. Based on this wealth correlation, we present a complete picture of economic similarity among kin members. These correlations give us a better grasp of the hitherto obscure Chinese family structure than that of mechanical genetic relatedness. We obtain statistical evidence to support the following hypotheses: Family members’ wealth resemblance to male egos is stronger than to female egos, wealth correlations are larger along patrilineal lines than along matrilineal counterparts, wealthy families have larger correlations within the nuclear family members but smaller correlations outside it, and adopted children have weaker wealth resemblance with close relatives.
Journal Article
Effects of Sibship Structure Revisited: Evidence from Intrafamily Resource Transfer in Taiwan
Numerous studies have consistently found negative effects of sibship size on educational outcomes. Three main explanations of these effects have been offered in the literature: (1) the dilution of family resources, (2) a changing intellectual environment in the family for each succeeding sibling, and (3) unobserved selectivity at the family level. In this article, the authors propose a fourth explanation as an extension of the resource-dilution hypothesis: In a traditional or transitional society where resources from all family members are pooled together, families may sacrifice the educational opportunities of older (female) siblings and use their remittance to compensate the family expenses, particularly when there are younger siblings. With analyses of data from the Panel Study of Family Dynamics (PSFD), the authors found empirical evidence to support this explanation. In particular, they found that the negative effects of sibship size are the strongest for girls with younger brothers and sisters who are spaced apart from them. They interpret this unusual high-order interaction involving sibship size, gender, density, and seniority within the context of Taiwan's patriarchal culture, in which families typically favor boys over girls.
Journal Article
On the Efficiency Aspect of Inheritance Taxation
Bequest by definition is what a child receives from her deceased parent. This fact implies that returns to bequeathed capital may vary substantially across children if the capital market is not perfect. Previous studies on inheritance tax such as Piketty and Saez (2013), however, are mostly built on the perfect-capital-market premise under which bequeathed capital all receives a common rate of return. Theoretically, this paper identifies inheritance tax as a device for increasing TFP (total factor productivity) by correcting the possibly inefficient misallocation of bequeathed capital. Numerically, calibrating the U.S. economy suggests that it is optimal to significantly increase the progressivity of the inheritance tax from the current level, which contributes to a steady-state 6.29% increase in TFP.
Journal Article
Internal Control versus External Manipulation: A Model of Corporate Income Tax Evasion
We offer a formal model of corporate income tax evasion. While individual tax evasion is essentially a portfolio-selection problem, corporate income tax evasion is much more complicated. When the owner of a firm decides to evade taxes, not only does she risk being detected by the tax authorities, more importantly, the optimal compensation scheme offered to the employees will also be altered. Specifically, due to the illegal nature of tax evasion, the contract offered to the manager is necessarily incomplete. This creates a distortion in the manager's effort and reduces the efficiency of the contract. Tax evasion thus increases the profit retained by the firm not only at the risk of being detected, but also at the cost of efficiency loss in internal control.
Journal Article
Population dynamics : a new economic approach
Population Dynamics fills the gap between the classical supply-side population theory of Malthus and the modern demand-side theory of economic demography.In doing so, author Cyrus Chu investigates specifically the dynamic macro implications of various static micro family economic decisions.
eBook
Warren Buffett versus Muhammad Yunus
Warren Buffett proposed the Giving Pledge, a campaign to encourage the wealthiest rich to commit to giving most of their wealth to philanthropic causes. These benevolent entrepreneurs first maximize their business profit, and then donate their earned wealth to the poor. Muhammad Yunus proposed an alternative social business approach: the owner of social businesses maximizes the poor's welfare under the constraint of no persistent gain or loss. This paper finds that a social-business owner can do better than a benevolent entrepreneur only when the poor's wealth is not very low, a background not consistent with what Yunus considered.
Journal Article