Abstrat:The transition process of labor supply effect is described in a dual economy model subject to population increasing and human capi tal inves tmen t conditions. Based on some empirical evidence from the labor market in Chi na we find the   ver tical effect emerges while the   horizontal effect  is decreasing. The development of China could not depend on   demorgraphic dividends in the long run due to the decreasing horizontal effect. It ∗ s indi spensable to enhance human capital by knowledge and skill accumulation to sustain endorgenous economic growth.

Abstrat:This paper examines 11 developing economies after WWI I and presents two promi nent features of China+ s growth: one is the high growth ratewith low fluctuations, manifesting the, high but stable+ growth pattern; the other is that China as a developing country with largest populati on and vast terri tory, is just experiencing the narrowing gap of regional growth rate during the sustained high growth period. This paper addresses the two features and extends the second one to the analysi s on the decline of regional ( provincial) disparity of GDP per capita. We use the Variation Coefficient, Gini Coefficient and   Coefficient to measure the overall disparity of GDP per capita from 1952 ! 2006, and find that they all show the inver ted U curve with initial widening and the subsequent nar rowing trend. The third inverted U curve in par ticular, according to the Variation Coefficient and Gi ni Coefficien t,reveals that the regional dispari ty of GDP per capita presents some increase in 1990s and the new trend of decline from 2000.While according to   Coefficient, the decline trend will occur from 2005. We also conduct the econometric analysis on the above three inver ted U curves and then conclude that the decline of overall regional disparity of GDP per capi ta has just started and how to consolidate and develop such trend has a long way to go.

Abstrat:Stylized facts in China1 s aggregate fluctuations show two characteristic departures from those observed in developed countries: (1) Changes in the number of China1 s work force appears uncor related with its output; (2) Chi na1 s aggregate consumpti on fluctuates more than its output. Strongly procyclical labor input and smooth consump tion over an agent1 s lifetime resulted from standard RBC models are a mismatch of those stylized facts. However when we introduce labor adjustment cost (model1) and liquidi ty constraints into a standard RBC model (model2) with indivisable labor, second moments from our calibrated models fi t the data quite satisfactorily. The relati ve standard deviations of capi tal, investment and employment with respect to outpu t resulted from model 1 are 0  35, 3  2 and 0  19 respecti vely, very close to 0  37, 3 and 0  19 as observed in practice. When liquidi ty constraint is introduced into the model, relative standard deviation of consump tion with respect to output is also greatly improved from 0  33 of model 1 to 1   13 of model 2 compared with 1  18 in practice.

Abstrat:The purpose of this paper is to study the stage effects of regional rural2urban income disparity to economic growth in the case of China. T o do that , we measure the Tale index and speci fy a panel cointegration model with respect to the Chinese situation of rural2urban income disparity and economic growth. The estimated results of the panel cointegration model indicate that there is the panel cointegartion relationship with di fferent structure depending on the level of the rural2urban income disparity and the economic stage. Such panel cointegration implies that the effect of rural2urban income disparity to economic growth is positive at the beginning of Chinese reform , however , the effect is negative at present . Estimated PVECMindicates that the long - run effects of the disparity depress the economic growth and stimulate the disparity in short run. Therefore , to implementing the view of scienti fic development , we should focus on increasing farmer’ s income s o as to reduce rural2urban income disparity in short run and promoting investment to farmer’ s human capital s o as to change long - run effects of the disparity to the economic growth.

Abstrat:With Chinese financial opening and RMB internationalization carrying on , the study on the correlation between RMB exchange rate and interest rate is more important . This paper gives a framework which shows that (1) managed floating exchange rate regime is g ood for realizing internal and external equilibrium , (2) capital account liberalization is needed , and that (3)foreign exchange interventions for maintaining exchange rate make economy g o wide of equilibrium. With the help of theoretical and empirical methodology analysis , the paper finds that there is some alternate recurrent linkage between RMB nominal exchange rate and interest rate. Both of them have“adjustment 2increase2 adjustment 2decrease2 adjustment”responses and when one is increase or decrease , the other is in adjustment . The paper points out that we should respect the spontaneous action of marketforces when the macro2 economy does some adjustments to come to its internal and external equilibrium. And we should harmonize the RMB exchange rate policy and interest rate policy.

Abstrat:This paper divides the countries in the current international monetary system (CIMS) into three blocs , that is , the core ,the floating periphery and the pegged periphery , and constructs a s o2called Tri2Country Core2Periphery Game Model . In virtue of this framework , this paper studies the equilibriumof the monetary policy game among the three blocs under the asymmetric shocks of total demand , and the conditions and timings a country gives up the fixed exchange rate regime. The main conclusion shows that : whether exchange rate or exchange rate regime is stable or not rests less with the degree of ex ogenous shocks , and more with the asymmetry of the impact . When the core takes a cooperative attitude with the floating periphery , the Nash equilibrium and the stability of the CIMS are more likely to be realized. The key to implement the peg system lies on the g overnment’ s capacity and con fidence. These conclusions are beneficial for China to grasp the correct monetary and exchange rate policy orientation in weakening the asymmetric IS shocks and promoting the exchange rate coordination in East Asia.

Abstrat:The aim of this paper is to investigate business cycle synchronization among East Asia countries( regions) . It has an important implication in terms of evaluating the costs and benefits of macroeconomic coordination. Indeed, using both a cointegration and a common cycles theory in a VAR ( p) framework, a set of countries ( regions) is said to have common and synchronous business cycle if the short  run and long  run dynamics is perfectly correlated. Using seasonally adjusted real GDP per capita for period 1994Q1 to 2005Q3, we show that East Asia countries ( regions) have common and synchronous business cycles and qualify well as a candidate to establish financial cooperation in the future.

Abstrat:Using panel data from 1978 ! 2002 and applying recent GMM techniques developed for dynamic panels, this paper investigates the relationship between the financial intermediation development and economic growth based on samples of di fferent financial controlled areas and di fferent periods. Our econometric resul ts show that financial intermediation development negatively influences economic growth in strong financial controlled area. While in weak financial controlled area, there is no any significant role of financial in termediation development on economic growth. These results mean that loosing financial con trolling policies can improve resource allocation efficacy of financial intermediation.

Abstrat:Bequest motive has direct effects on represen tative consumer ‘s consumption and saving decisions. In this paper, the author uses an overlapping  generations model with bequests to investigate the effectiveness of foreign aid. I find that, under certain circumstances, the impact of foreign aid on recipien t country's capi talaccumulation is non linear, exhibiting the typical kind of threshold effects. This theoretical finding is consis ten t with viewpoin ts such as convergence clubs  and  threshold externali ties in recent cross  country growth literature, and is helpful to explain the severe controversies in the empirical li terature about theeffectiveness of foreign aid. The resul ts of threshold regression analyses using cross country longitudinal data are consistent with the main conclusions of the theoretical model.

Abstrat:The transfer of SOE s proper ty ri ght involves benefi ts readjustment of i ts stakeholders; therefore the design of the trading mechanism is not only to sell the SOE with a high price but also to realize other non !price objectives such as rearrangement of original employees, fur ther development of the enterprise etc. This paper constructs a bidding mechanism with the constraint of accommodating employees to analyze the tradeoff between maximizi ng SOE auction revenue and minimizing induced unemploymen t. By adding that the winner is req uired to settle down a cer tai n quantity of former SOE employees in the new enterprise, this mechanism brings on the competition among prospective investors in both the price and the quanti ty of employment, which can help the government to balance the different objectives more efficiently. However , the constraint will only work under the conditi on that the government has stressed sufficiently on the employees   rear rangement and set the bes t constrai nt threshold. Moreover, the government should set an explicit compensation s tandard for the induced lay !offs to eliminate the investors   accommodating cost disper sion and introduce more s trategic investors with considerable heterogeneity to participate in the bidding .

Abstrat:In this paper , we analyzed the di fferences between two methods of ownership structure — — —direct ownership structure and ultimate ownership structure , compared the di fferent characteristics of the ownership structure and the di fferent types and levels of ultimate owners , and tested the endogenous of ownership structure by using the data of 3217 listed companies in 2004 to 2006. The studies have suggested that , no matter adopting the direct ownership or the ultimate ownership , the relationship between ownership concentration and corporate per formance is reflected as a left2low2and2right2high U curve ; province and local g overnment ownership has obvious negative effects on corporate per formance ; the conclusions of our analysis have con firmed the endogenity hypothesis of the ownership structure.

Abstrat:The essence of economic competitiveness of an agent is how much it can share from the“Comparative Benefit” , which represents the net added gain resulted from the division and trade between it and its partners according to their comparative advantage , in economic activities. S o , competitiveness includes two kinds of capacities : one is the cooperative competitiveness between the agent and its partners (namely , economic coopetitiveness) , the other is the non2cooperative competitiveness between the player and its craftmen (namely , economic dispetitiveness) . With no consideration of the existence of craft competitors , the competitiveness of the agent related to its partner (i . e. coopetitiveness here) is constantly 1 :1 according to their gross level , and just determined by the productivities of itsel f and its partner in terms of their average level shared by per unit of factor inputs. I f the player and its partner all have craft competitors , the competitiveness of any of them is mainly related to the cooperation degree of all the craft competitors in the industry , and , certainly , the productivities of all players. But , as for the dispetitiveness of it with its craft brothers , the productivities of them are still the most important determinants

Abstrat:To test the validity of neoclassical trade theory is always an important research field in international economics,but since researchers have trouble in getting data about autarky prices,direct test of the theory of comparative advantage is very difficult.The experience of Chinese economy separating from outside world before Opium war and trading freely with western countries after Opium war should be looked as a natural experiment.This article uses the data about prices and trade volumes in this period to test the theory of comparative advantage,the results verify the theory sufficiently.