Abstrat:The paper studied the forming, function and inner contraction of the planned economic system set by Stalin, the failure of the reform in economic and political spheres aiming to quicken reform by Mikhail Gorbachev, the social and economic damage made by Boris Yeltsins free-market reform, and the stable growth of Russian economy induced by adjustable market economy by Putin. As a comparison the paper analyzed the same aspects in China, and made a few comments on the economic transition and the basic framework of the socialist market economy in China under new economic theories, and proposed some related policies and judgments.

Abstrat:There is a wide consensus among the academia in China that the high economic growth in the past brought little technological progress. Therefore, this low efficient growth model is not sustainable. To investigate the validity of this conclusion, this article presents propositions to judge the capital embodied technological progress by constructing an endogenous economic growth model, in which equipment investment is different from building investment. Using the three propositions, the authors find that there exists manifest technological progress embodied in equipment capital. This form of technological progress rate is at least 5.1%—6.0% over 1990—2005. In addition, the progress rate in middle and western provinces is not certainly lower than that in the east provinces. These findings prove that the dynamic integration of the capital accumulation and technological progress is a stylized fact in Chinas economic growth, which also suggests that the high input growth model is not necessarily low efficient.

Abstrat:In this paper, we try to assess the role of aggregate demand and supply shocks in Chinas macroeconomic fluctuation, using a bivariate structural VAR model to investigate macroeconomic dynamics for China within the aggregate-demand-aggregate-supply framework. We hold that Chinas high growth should be associated more with greatly improved supply capability in recent years. This result implies that the key factors that drive the economic growth have shifted from demand side to supply side under globalization. Therefore, the macroeconomic management should pay more emphases on supply control under current situation.

Abstrat:This paper which synthesis the experiential analysis and the methodology of normative and positive economics to take both qualitative and quantitative analysis apply the "new open economy economics" to the research on the choice of Renminbi exchange rate regime in the short and middle run and set up the structural model and then take the historical economical data during 1985—2005 to perform both the experiential and simulative analysis and have the conclusion: with the continuous increase of international real demand and international price index, in order to improve the welfare of people, the Renminbi exchange rate regime should step forward to be more flexible.

Abstrat:This Paper holds that it is more correct to define liquidity as maturity curve of financial asset. Money and credit growth rate increasing does not mean liquidity excess, which should be defined as that short term asset is more than the desired equilibrium level and long term asset is inadequate in investors portfolio in perspective of asset portfolio theory. On this ground, it is understandable that the typical phenomena of asset price is booming and yields curve becomes flatting accompanied with liquidity excess. Liquidity can be analyzed from various perspectives. The relationship between monetary policy intermediary target operation target and ultimate target might be changed by varied liquidity, therefore, liquidity change excess might make central bank reform monetary policy framework. This paper holds that liquidity management is too narrow in China and proposes some brief advice of improving Chinese liquidity management.

Abstrat:By using the firm-level data of the Chinese manufacturing industry, we studied the property rights reform patterns of 442 public owned enterprises and its implications on firm efficiency. We find that not all reform measures or patterns have positive effect on firm efficiency; according to our classification, there are only three patterns that have positive effect on technical efficiency of the firm, they are: the manger controls the shares or purchases the firm; the management team controls the shares or purchases the firm; foreign investors purchase the firm or organize joint ventures. That is to say, only by transferring the control rights or ownership of the firm from public to private entrepreneurs can reform be called successful. Our study also shows that the bigger of the firm, the more favorable the market and government environment, the younger of the firm, the more efficient of the firm.

Abstrat:Starting from the logical connections between agglomeration and manufacturing growth, this paper identifies the FDI elements in the agglomeration of the major manufacturing industries in China. The empirical checking of the effects is focused on the three targets successively, the general connections between the FDI penetration and manufacturing agglomeration, the FDI elements in all pro-agglomeration factors in specific industries, and the difference of the FDI effects between different industries with differentiated agglomeration degree. All the three empirical works show clear existence of the agglomeration effects of the FDI on major manufacturing industries. A further study aiming at proofing the inverted-U shaped connection between FDI and agglomeration gets a negative answer.

Abstrat:One of the motivation and control mechanisms established in Chinas political and bureaucratic hierarchy is an introduction of term limits and rotation system into higher level government officials. Using a panel data covering detailed information for all the provincial governors including provincial party secretary, mayor for municipal cities, and chairman for autonomous regions between 1978 and 2004, this paper finds a positive impact of both term limits and rotation of governors across provinces on local economic growth. It also finds that term limits and economic growth exhibit a weakly inversed U relationship. Though the rotation of governors matters to local economic growth, regional variation is observed, and the positive impact of rotated governors on local growth turned out to be more obvious in the eastern provinces than rest provinces.

Abstrat:Based on the Putnams work on social captial, we analyse the horizontal and vertical structure of th social capital how to influence the markets trust level, by using the global game method. The horizontal can induce the only high-level trust equilibrium. While in the vertical, when considering the market arbitrator can manipulate the public information, there are multiple eqilibriums in the trust level, and which stability is different in these equilibriums.

Abstrat:This study establishes a new model called SLE-GARCH and investigates the revised leverage effect by utilizing this model. This study considers that expected news could also induce asymmetric volatility so as to unexpected news. Therefore, revised leverage effect based on expected news VLE is taken into account and a new type of model called switching leverage effect GARCH model is developed. Nine stock market indices such as 000002.SH Shanghai China, S&P500 New York, STI Singapore, FTSE London, AORD Australia, GSPTSE Toronto, IXIC NASDAQ, HSI Hong Kong and N225 Tokyo are employed in this study. Empirical results show that there is significant VLE in all markets and unexpected news will be adjusted reversely by expected news, which indicates that overreaction to expected news is presented in the sample markets. Therefore, good expected news will drive the traditional leverage effect while bad news will alleviates the leverage effect. Bad unexpected news adjusted by expected news will cause greater volatility than good ones when the expected news is bad enough to cause the reversal effect of VLE.

Abstrat:After taking income mobility into account, income inequality may not be as serious as those found in the existing literature if the poor today has high possibility to become rich tomorrow, and vice versa. Based on a survey data collected in rural China, we found the possibility of the poorest 25% to climb up to higher income status increased, which means many of them wouldnt stay as the poor as they used to be as time passed. But the upward mobility of those of the middle-income has gradually become stagnant. We then decompose the change of income inequality between the wealthy and the poor into two parts: the income change of those who remaining in the wealthy group and the poor group persistently, and the change due to the shift of income status of those who move upward to wealthy group or downward to the poor group. We found that the contribution of the income mobility to inequality is increasing. We also construct a multinomial logit model to identify the factors which may influence the probability of moving upward, downward, or staying stagnant. We found household dependent population ratio, human capital endowment, and land rental market participation, have significant effects on the income mobility of rural residents in China.

Abstrat:There are diverse opinions in academia about income bi-polarization. Though many scholars views are from discussions of Marx and Deng Xiaoping, but they dont catch on them entirely and cant grasp the precise meaning of bi-polarization. The fundamental character of bi-polarization is that a uniform society breaks up into two groups, and bi-polarization is severer when the disparity within each group is smaller, the gap between the groups is bigger, or the size of the two groups is evener. So bi-polarization is distinct from income inequality and the poorer-richer gap, and every index of income inequality cant be applied to measuring bi-polarization. In the end, this paper summarizes the measurement of bi-polarization and studies income bi-polarization of China. The empirical results show that income bi-polarization is increasing, including urban-rural, within the urban and the rural, coastal-inland, inter-industry.