Working Papers
WP1239Title:Determination of Labor Allocation between Manufacturing and Service IndustriesAuthor:Wu  Qiang,  An  Xiubo  and  Zhu  Shu   View Count:2
       Abstract:Supply side structural reform requires redundant labor in the excessive manufacturing industries to flow into the service industry, and research on labor allocation between service and manufacturing industries should be paid more attention. This paper proposes the potential supply scale of service industry could measure the absolute development space of the service industry, attract the labor to m
WP1241Title:Inequality, Credit boom and Crisis: Reflection on Subprime CrisisAuthor:Yin  Jianfeng  and  Wang  Zengwu   View Count:6
       Abstract:With the background of U.S. subprime mortgage crisis in 2007, we build an overlapping-generations model in which exogenous inequality exists in the same generation to analyze the relationship between inequality, credit boom and crisis. We find rising inequality results in endogenous credit boom through concentration of financial asset in richer households and concentration of financial liability i
WP1240Title:Transmission Mechanism and Effectiveness of Monetary Policy on Interest Rate of Informal FinanceAuthor:Pan  bin,Xie  Ping  and  Jin  Wen  Wen   View Count:5
       Abstract:The failure in heeding the dual financial structure and the resultant doubletrack inte-rest rate system in China's financial environment will lead to incorrect estimation in producing optimal monetary polices, and thus lowers the efficiency of monetary policies. This paper empir-ically analyzed the mechanism of how monetary policies affect the interest rate of private lend-ing, and further discus
WP1239Title:Coase Theorem: Reflection and Development——Concurrently Discuss on the Market Logic of Farmland TransferAuthor:Luo  Biliang   View Count:2
       Abstract:Professor R.Coase and his followers have been focusing on the impact of property rights on the institutional structure of production. However, they pay little attention to the implication of transaction hidden in the definition of property, and ignore the characters of products especially the personified property and its transaction nature. This article develops Coase theorem in the case of farmla
WP1238Title:The driving factor of capital flow and the structural asset bubble——an analysis based on the gravity modelAuthor:Li  Lasheng  ,  Huang  Xiaoxiang  and  Zhang  Huipeng   View Count:15
       Abstract:In the framework of the Extended Quantity Equation of Money, this paper using the gravitational model in physics, investigates the driving factors of money flow in the internal structure of The Real and Fictitious Economy from the theoretical and empirical aspects, and reveals the structural asset bubbles in the internal structure of The Real and Fictitious economy on the basis of the dynamic char
WP1237Title:Selection in the New Cooperative Medical Scheme——A Test with Multiple-Dimension Asymmetric InformationAuthor:Wang  Dongni,  Wang  Guojun  and  Zhu  Wei   View Count:15
       Abstract:Given the voluntary nature of the participation in the New Cooperative Medical System (NCMS), the participation is inherently affected by private (and thus asymmetric) information owned by rural households. This asymmetric information might lead to adverse selection or advantageous selection, reducing the welfare of rural households. Therefore, the identification of the selection in the NCMS is ne
WP1236Title:Generalist VS Specialist:Lifetime Work Experience of CEOs and Mergers &AcquisitionsAuthor:Xu  Yan,  Li  Zhe,  Xu  Nianhang   View Count:10
       Abstract:Talent is the first order determinant of economic growth. How to make good use of talents becomes a hot issue in financial research, especially after the CPC put forward the China's Medium- and Long-Term Talent Development Plan. By collecting the detailed information of 3730 CEOs’ personal resumes from 2002 to 2015 manually, the paper examines how general managerial ability, measured by General Ab
WP1235Title:Agricultural Commercialization, Factor Substitution and Agricultural Production Efficiency——Who Will Feed China?Author:Xu  Qing,Zhao  Sicheng  and  Liu  Jin   View Count:35
       Abstract:Because of China’s industrialization and urbanization and the urban-rural wage differentials, an unexpected labor migration from rural to urban had occurred since the reform and opening-up so that the migrant labor increased their non-farm income. However, under the Chinese Household Registration System (HRS), rural households generally choose the part-time behavior in order to maximize their inco
WP1234Title:Biased Technical Progress, Industrial Structure Change and Factor Income Shares in ChinaAuthor:Wang  Linhui  and  Yuan  Li   View Count:26
       Abstract:Nowadays the decline of labor income shares becomes a universal phenomenon in the world, literature focuses on the effect of industrial structure in transitional economies. But the explaining power and universality is weak, when applying it to developed countries. From the view of biased technical change, this paper constructs a two-sector framework to examine the influence of biased technical cha