Working Papers
WP1148Title:Optimal Fiscal and Monetary Policies in the Face of Disasters in ChinaAuthor:Zhao  Xiangqin,  Yuan  Jing  and  Chen  Guojin   View Count:14
       Abstract:With the introduction of government productive expenditure, we propose a New Keynesian DSGE model with the rare disaster shock, and the calibration results show that our model can fit the stylized facts of the Chinese economy better. We calibrate our model to contrast optimal policies under commitment and discretion regime in the Chinese economy, and find that : (1) compared to the discretion regi
WP1147Title:Currency Regulation and the Liquidity Diversion Mechanism between the Real Economy and Capital MarketAuthor:Wang  Hao   View Count:9
       Abstract:Guiding the adjustment of industrial structure and upgrading the supply structure are the major goals of monetary policy. In order to judge the effectiveness and targeted effect of monetary policy on industrial restructuring, the liquidity diversion mechanism between the real economy and capital market, and the difference that it performs in different industries and ownerships, are all measured in
WP1145Title:How Serious Overcapacity is in China?——Comparative Analysis and Stylized FactsAuthor:Zhang  Shaohua  and  Jiang  Weijie   View Count:17
       Abstract:The enterprise's production process is a multi-stage inputs and outputs and dynamic decision-making process, the traditional efficiency evaluation methods applied only to the initial input and output to calculate efficiency, and ignore the production process during the business activities, which may be errors in the estimation of the degree of excess capacity in China. For this purpose, this paper
WP1144Title:Inquiry into Transaction Theory and Demand for Policy-oriented Agricultural InsuranceAuthor:Hu  Chao,Tao  Jianping  and  Cheng  Jing   View Count:16
       Abstract:By inheriting Marshall’s theory of demand, this article derives a theory of demand for policy-oriented Agricultural Insurance. The informal risk-sharing arrangements among Chinese farmers have been ignored when the officials promulgated “Agricultural insurance regulations”. We have applied “1993-2006 Hubei Rural Tax and Fee Reform” material to verify the demand theory, and found a significant drop
WP1143Title:Cluster-based Trade Credit and Firm Export:An Explanation for China’s Export MiracleAuthor:Ma  Shuzhong  and  Zhang  Hongsheng   View Count:17
       Abstract:China achieved a huge export growth despite an underdeveloped capital market. This paper tries to provide an explanation for this puzzle from the cluster-based trade credit point of view. We find that total trade credit within a cluster can promote significantly the export value of firms in the cluster by affecting private firms’ export mainly with smaller or insignificant effects on state-owned e
Title:Marx's Income Distribution Theory and Its Modern EnlightenmentAuthor:Cao  Yongdong   View Count:27
       Abstract:Marx’s income distribution theory about the capitalist mode of production reveals the antagonistic labor-capital contradiction in the capitalist mode of production. The antagonistic labor-capital contradiction is the root of all contradictions in the capitalist mode of production ,and it runs through the whole process of the capitalism from produce, development, to perish. The future communist soc
WP1141Title:China’s One-Child Policy and the Missing of EntrepreneurshipAuthor:Chen  Gang   View Count:21
       Abstract:Personality traits is one of the main roots of entrepreneurship, but the only child’s entrepreneurship is inadequate because of lacking social interaction and resource dilution from siblings which would lead to more risk averse, less competitive and less trusting. Using CHIP data in 2008 and based on the fuzzy regression discontinuity design, this paper finds that only child’s entrepreneurship is
WP1140Title:The Impacts of Public Transfers on Income Distribution and Poverty in China Author:Xie  E   View Count:21
       Abstract:When doubling public transfers,government balance is held fixed with two different financing options, one of financing options is increase in direct taxes to households and firms, another one is increase in indirect taxes, based on a linked top-down, bottom-up (TD-BU) model which combines an econometrically-estimated microsimulation (MS) model and a computable general equilibrium (CGE) model, this
WP1139Title:Separation of Ownership, Agency Costs and Funds Idle——Evidence from China’s Listed Firms from 2007-2015Author:Wen  Chunhui  ,Li  Silong  ,Yang  Jinqiang  and  Luo  Ming   View Count:29
       Abstract:Based on the tripartite game between managers, the ultimate controlling shareholder and minority shareholders of listed companies, we construct investment decision-making model including managers decision, controlling shareholders decisions and both echoing decisions. We use the model to analyze the influence of two types of agency costs of the management private benefit and private benefit of con