Working Papers
WP1312Title:Deregulation, Market Vitality and Tourism Economy DevelopmentAuthor:Liu  Ruiming,Mao  Yu  and  Hang  Yankun   View Count:20
       Abstract:As an important part of modern service industry, tourism is called the “green” driving force to promote regional economic growth and achieve industrial optimization as well as upgrading. In recent years, local governments have introduced policies aimed at the development of tourism. To strengthen the combination of culture and tourism, invigorate the market an facilitate the transformation and upg
WP1311Title:Optimal Monetary Policy Rule with the Target of Financial Stability and Its Test in ChinaAuthor:Deng  Chuang  and  Xu  Man   View Count:21
       Abstract:Based on multidimensional financial index system, this paper employed factor augmented vector autoregressive models with time-varying parameter to calculate the dynamic financial conditions index in China, which is used to measure the fluctuation of financial conditions and included in the target system of monetary policy. Combining with the reaction mechanism of monetary policy to economic and fi
WP1310Title:Dynamic coordination development research of manufacturing industry and manufacture-related service industry in China Author:Tang  Xiaohua  and  Zhang  Xinyu   View Count:24
       Abstract:Based on the perspective of coupling coordination, the article measures the overall development level and coupling coordination degree of manufacturing industry and manufacture-related service industry from 2007 to 2014. The measurement was made from the aspect of industry and regional level separately. And refer to the sector of industry scale, economic benefits and growth potential, social contr
WP1309Title:Risk preference of households in China——evidence from China Household Finance SurveyAuthor:Hou  Lei,Song  Xinxi  and  You  Yu   View Count:46
       Abstract:The shape and magnitude of risk preference of China households, although important, have rarely been explored due to lack of detailed household data. Using panel data from China Household Finance Survey (CHFS), we investigate the hypothesis of harmonic absolute risk aversion, and recover the magnitude of relative risk aversion. We find that households' expenditure on risky asset is a linear functi
WP1308Title:China’s Labor Share——The Influence from Financialization of CapitalAuthor:Zhao  Wen  and  Zhang  Juwei   View Count:40
       Abstract:The financialization of capital is a new perspective to analyze the labor share. We build an analytical framework based on " Flow of Funds Accounts " and analyze the labor share in China. The results show that since 2001, the financialization of capital has reduced the labor share and exceeded the sum of other effects for 7 years. It means that, the institutional arrangements of the capital market
WP1307Title:The Impact of Life Expectancy on China’s Household Saving and Health InvestmentAuthor:Yu  Xiumei,  Lei  Xiaoyan  and  Wang  Min   View Count:44
       Abstract:The paper constructs a two-period overlapping generations model to study the impact of life expectancy on household savings and health investment, and based on 2004-2009 China Urban Household Survey data and National Diseases Surveillance Points System data, uses fixed effect method and instrumental variable method to test the model results. The theoretical model shows that by modifying the indivi
WP1306Title:Margin Trading and Short Selling and Firm Innovation:An Analysis based on the Perspective of Both Quantity and QualityAuthor:Hao  Xiangchao,Liang  Qi  and  Li  Zheng   View Count:53
       Abstract:This paper empirically examines the impact of margin trading and short selling on the quantity and quality of firm innovations. To address the endogeneity, this paper first use propensity score matching approach to match an equal number of firms whose stocks are not eligible for credit trading for firms whose stocks are eligible for credit trading, and then construct a general difference-in-differ
WP1305Title:Opinion Leadership, Limited Attention and OverreactionAuthor:Li  Jinliang,He  Chengying,Liao  Dan  and  He  Muyuan   View Count:50
       Abstract:The effect of information transmission upon stock pricing is a subject with theoretical and practical significance. Since launched on-line March 26, 2015, “Baidu Stock Pick (BSP)” had announced stock picks by applying big data analysis on every trading day. In this paper, we utilize this data sample to study the influence of information transmission and investor sentiment on stock prices by consid
WP1304Title:Population Constraint, Local Specialization of Intermediate Products and Enterprise Export DecisionAuthor:Zhou  Mo,Gao  Fangshu  and  Li  Zengdi   View Count:45
       Abstract:Maintaining the low fertility rate for a long time, has labor supply of China’s industrial enterprise turned from unlimited one to a population constraint? What impact does this constraint have on export of China’s enterprise? Once this effect is confirmed, it will mean that the factors, that are often ignored in the study of international trade, will be the key to the transformation of China's tr