Are there digital tech bubbles in China?
Abstract
This exploration employs the generalized supremum augmented Dickey-Fuller (GSADF) approach to explore whether there are digital tech bubbles in China. The empirical results suggest the existence of multiple digital tech bubbles, which are mostly accompanied by an excessive rise. However, the appearance of digital tech bubbles is curbed since 2016, mainly due to the increasing mature regulations in relevant fields. Besides, bubbles in different digital technologies are similar during the same period, which could be attributed to the close relationships among them. Additionally, we further investigate the factors influencing the explosive behaviours, and find that the Chinese stock market positively affects digital tech bubbles, while economic policy uncertainties and situations negatively influence such explosive behaviors. In the context of the new round of scientific and technological revolution and industrial transformation, these conclusions provide valuable implications to achieve the target of constructing a “Digital China” by becoming moderately cautious about potential bubbles in the digital tech industry.
First published online 11 October 2023
Keyword : digital technology, explosive bubbles, generalized supremum ADF, China
How to Cite
Qin, M., Su, C.-W., Qiu, L., & Lobonţ, O.-R. (2023). Are there digital tech bubbles in China?. Technological and Economic Development of Economy, 1-24. https://doi.org/10.3846/tede.2023.19417
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Enoksen, F.-A., Landsnes, C.-J., Lučivjanská, K., & Molnár, P. (2020). Understanding risk of bubbles in cryptocurrencies. Journal of Economic Behavior & Organization, 176, 129–144. https://doi.org/10.1016/j.jebo.2020.05.005
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Geuder, J., Kinateder, H., & Wagner, N.-F. (2019). Cryptocurrencies as financial bubbles: The case of Bitcoin. Finance Research Letters, 31, 179–184. https://doi.org/10.1016/j.frl.2018.11.011
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Gui, J.-X., Pu, J.-C., Naktnasukanjn, N., Yu, X., Mu, L., & Pan, H.-P. (2022). Measuring investor sentiment of China’s growth enterprises market with ERNIE. Procedia Computer Science, 202, 1–8. https://doi.org/10.1016/j.procs.2022.04.001
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Haddad, V., Ho, P., & Loualiche, E. (2022). Bubbles and the value of innovation. Journal of Financial Economics, 145(1), 69–84. https://doi.org/10.1016/j.jfineco.2022.04.006
Kassouri, Y., Kacou, K.-Y.-T., & Alola, A.-A. (2021). Are oil-clean energy and high technology stock prices in the same straits? Bubbles speculation and time-varying perspectives. Energy, 232, 121021. https://doi.org/10.1016/j.energy.2021.121021
Khan, K., Su, C.-W., Umar, M., & Yue, X.-G. (2021). Do crude oil price bubbles occur? Resources Policy, 71, 101936. https://doi.org/10.1016/j.resourpol.2020.101936
Kyriazis, N., Papadamou, S., & Corbet, S. (2020). A systematic review of the bubble dynamics of cryptocurrency prices. Research in International Business and Finance, 54, 101254. https://doi.org/10.1016/j.ribaf.2020.101254
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Lee, C.-K., & Yu, L.-M. (2022). A multi-level perspective on 5G transition: The China case. Technological Forecasting and Social Change, 182, 121812. https://doi.org/10.1016/j.techfore.2022.121812
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