Abstract:Using household data from poor areas of rural China,this paper has examined how nutrition and health affect productivity.In controlling for endogenous problems of nutrition and health,it found that almost every aspect of health and nutrition had significant impacts on productivity.On average,one percent increase of calorie intake will lead to 0.57 percent increase in income;and one more month illness will result in loss of income by RMB 2300.Those results suggest that investment in health and nutrition in the poor will have substantial returns in terms of income in China.

Abstract:Compared with major grain exporters in the world,most grain crops in China are high in production cost and weak in market competitiveness.After China joining the WTO,protective and administrative measures conflicited with the URAA cannot be utilized as before.Alternative measures should be explored to provide help to farmers to improve competitiveness of their product.Public investment in agricultural research and other production infrastructures should be considered with high priority.This paper examines the effects of public investment in agricultural research on the reduction of production cost of major grain crops in China by using crop-specific data for the past 20 years.It is concluded that,increasing public investment in agricultural research,which is well within the “green box” policy framework and allowed by the WTO rules,is a plausible and effective measure to reduce grain producers private input and to enhance the competitiveness of grain products.It is also of great significance to ensure sustainable food security in China.

Abstract:This paper is trying to find the determinants of market performance in Chinese transition economy.Using the data of 1995 National Industrial Census,the hypothesis is tested,which involved ownership structure and market structure on performance.The results showed state ownership structure has the negative effects on industrial performance,and the concentration ratio and scale variable have positive effects.It also showed there is a good performance for the combination of competition market and lower proportion of state ownership in industries,but it produced a poor performance for the combination of competition market and higher share of state ownership.The coexistence of high share of state ownership and the monopoly competition market have some synthesize results including negative performance and monopoly profitability effects.

Abstract:The paper argues that the well-functioning of the state-owned banks SOBs in China under the condition of severe undercapitalization and a high ratio of bad loans should be attributed to the existence of a special capital structure.In this structure,the state is the shareholder of SOBs on the basis of the reputation it owns rather than on the basis of the capital it provides.The party actually providing the capital are households.Between the two parties,there exists the alliance in terms of capital which has vigorously supported the governments effort in the direction of mobilizing financial residuals via SOBs.The cost has been the increasing risks resulting from low-quality bank loans.Undoubtedly,the government is more than willing to resolve the risks through reforming SOBs.However,the state reputation is unseparable.And that is why reforms in terms of capital structure have ended in failure.In light of this situation,the feasible alternative is to reform SOBs from the asset structure.

Abstract:The author first come up with the question:Can monetary policy iron the excessive fluctuation of stock price1The Portfolio Selection Model in the perfect market shows:Under the given conditions,the stock price will never be overrated or undervalued.The perfect adjusting system of the market does not need the interference of monetary policy;2after adjusting the restrictions of perfect market,the Portfolio Selection Model shows:first,under the information cost restriction information cost is minimum,market has the function to do self-corrections.Second,all premises for central banks interference havent be met.3The Portfolio Selection Model under the particular restrictions in China makes it clear that:The high expected rate of yield is covered mainly by the high-risk premium and high transaction cost.Interest rate regulation can never influence the high rate of yield in the ascending process of the stock price,and also the serious hold-up problems in the descending process.In all,the monetary policy can do nothing to interfere with the excessive fluctuation of stock price.

Abstract:This paper extends Barro 1990 model and Gong and Zou2002model.It presents a standard,dynamic,endogenous growth model with cash-in-advance constraint and multiple levels of government.Tax on income,consumption,and capital are needed to finance an exogenous stream of governments expenditures.The model deals with Nash Equilibrium and examines effects of federal taxes,local taxes,money creation,degree of liquidity,and federal transfer on growth rate.It also discusses growth-maximizing and welfare-maximizing choices of taxes,money creation and federal transfer.In general,money creation can stimulate the economy to grow slightly.And the higher is the degree of liquidity,the higher is the growth rate.Although different taxes have different effects,local wealth tax distorts the economy most severely among all taxes.Next we extend the model to the case with multiple private agents,multiple local governments,and the fedeal government.

Abstract:The paper puts forward a new method to detect changes of weak form efficiency in Chinese stock market—evolving market efficiency test,which is very suitable for emerging markets in transition economies.Our test involves a system consisting of a time-varying AR2 model and an asymmetric TARCH equation.Together with the findings of year-by-year test,we confirm that Chinese stock market has been weak form efficiency since 1997.

Abstract:This paper develops a dynamic endogenous growth model in the framework of South-North trade system,where the southern imitative entrepreneurs is the key factor of economic growth.Further more,we emphasize the effects of degree of intellectual property on the southern imitation.In our model,the economies with more entrepreneurs have faster growth rates than those economies with less entrepreneurs.This papers policy implication is apparent,the policies which affect amount and activities of entrepreneur,and relative institutional environment,will have effects on growth rates.

Abstract:This paper studies the Needham Paradox in a dynamic general equilibrium model.It shows that the drastic difference between the population-resource endowments of China and Western Europe is the key factor that drives the civilization diversification between those two regions.This theory is consistent with Mark Elvins ‘high equilibrium trap’theory.However,it improves on Elvins theory by correcting its inconsistencies and identifying two key factors,scale economies in the industrial sector and Malthusian population growth.they are necessary to created the ‘high equilibrium trap’.

Abstract:Since the 1980s,Transaction Cost Economics TCE has been applied to political issues.Transaction Cost Politics TCP has been appeared.TCP has greatly helped to correct weaknesses of former rational choice political models,at the core of which lies public choice theory.Despite the growth of this body of literature,no critical and complete review has been conducted on them even in English academy.Therefore,it is very useful for us to first review this body of literature in Chinese academy,which would help to enhance studies of political science and transaction cost economics in China.this paper first reviews major studies and their findings in TCP.Next,this paper addresses why TCE can be applied to politics.Finally,this paper discusses problems TCP is facing and future research areas in TCP.