Abstrat:In this paper, we analyze the status and trends of globalization of services, and explore theoretic issues. Firstly, we describe the status and characteristics of globalization of services, showing that it has been one of important parts and latest characteristics of economic globalization. Secondly, we put forward main factors influencing the globalization of services, emphasize that these factors will be available and promote the process in the long term. Besides, we distinguish the "nominal growth" and "real growth" of services and globalization of services. Thirdly, we discuss the applicability of the classical labor division theory, pointing out that comparative advantage theory and factor endowment theory are applicable to the services division globally. Further more, we bring out the viewpoint of reverting goods and services to combination of factors to extend the application of the theory. We illuminate four traits of globalization of services, which are the importance of human capital, labor virtual flowing across countries, knowledge-intense producer services and non-economic influence. The conclusion is that globalization of services benefits the world economic growth and solving global problems, China should utilize this chance to promote its development, and related research should be reinforced and deepened.

Abstrat:The unified theory of long run economic growth has become a new research field. However, existing researches on this field focus mostly on model structure, but they didnt integrate most enough factors into their model, which are usually believed to be very important in explanation of the modern economic growth, especially the factor of social ambience. This paper establishes a multi-factor model on unified theory to explain the evolvement process of both modern growth and the Great Divergence. Some suggestions based our model are given for the development of undeveloped and developing countries. We claim that: any one factor was not enough to trigger the Great Divergence; the common present of the mercantilism motivated by Renaissance and the exploitation of the New World became a sufficient condition for the Industrial Revolution in Europe, which formed the Great Divergence increasingly.

Abstrat:Inflation inertia is closely related to effects of monetary policy. This article employs grid-bootstrap unbiased estimator and unknown structural break test to analyze the nature of inflation inertia in China over 1980—2007. Empirical results show that inflation maintains high inertia even in the low inflation environment, which indicates that the lag effect of monetary policy in China is remarkable and the response of inflation to monetary policy change is relatively slow. The numerical results also show that the central bank should take actions at least one year prior to the emergence of inflation pressure in order to cope with this lag effect. Therefore, the central bank should be cautious not only to the rising inflation but also to the effect of high inflation inertia on monetary policy.

Abstrat:The traditional theories about SBC implicitly assume that the lender and debtor play the game only once. When we relax this assumption and consider the long-run relationship between the lender and debtor, SBC and moral hazard problem will be greatly alleviated. In this paper, we originate the concept of long-run SBC and construct a more general framework in which both traditional SBC and long-run SBC can be incorporated. Under the general framework, we discuss the effect of policy burdens on SBC, and demonstrate the trade-off between them. The reason that the SBC problem is severer in less developed country than in developed countries might be attributed to more policy burdens.

Abstrat:Governmental preference to maximizing of fiscal utilities tends to be one of promoting factors in property restructurings of public enterprises. Relevant study on this issue, however, has not been sufficient, especially lacking positive analysis basing on enterprise data. This paper fills the gap by testing the impacts of the property restructurings on fiscal revenues through the surveys of 145 industrial firms in China. We find that property restructurings of public enterprises actually raise the levels of tax-paying in restructured firms, which is consistent with the hypothesis on governmental nature to maximize fiscal utilities. And we also find that the impact of the property restructurings on level of tax-paying varies nonlinearly over years after the restructurings. This is worthy to note in future approach.

Abstrat:Based on a constructed index for investors protection in 2000—2004, this paper examines the effect of investors protection on corporate performance. We find that corporate performance is positively associated with the degree of investors protection, and this association becomes strengthened for state-controlling listed companies. We also find that a higher degree of investors protection tends to reduce the negative effect of controlling shareholding on corporate performance, limit the funds appropriation by controlling shareholders, and lower the demand for outside auditing.

Abstrat:In this paper, land fragmentation incurred by present Chinas rural land system, i.e., Household Responsibility System HRS will be investigated through empirical studies. After the founding of mechanism of land fragmentation affecting farmers income, an econometrical model is established to find that impacts of land fragmentation on farmers income are positive. Then a regression based approach, i.e., Shapley-value decomposition procedure is employed to find that land fragmentation could reduce the farmers income inequality. Based on the empirical results, it could be derived that the existence of land fragmentation is still rational, and on the other hand, sustaining the rural land system is essential to increase famers income and reduce famers income inequality.

Abstrat:To resolve the environmental problem of China, we must proceed from reality and consider the industrial growth, resource conservation and environmental protection comprehensively. The paper calculates local efficiency of environmental technology to evaluate the coordination of environment and industrial growth and makes regressive analysis on the difference of environmental technological efficiency based on the data of inputs of elements and resources, industrial outputs and emissions of our 30 provinces, cities and areas. The study finds that: 1 the inter-regional coordination of the environment and industry is highly unbalanced. The industrial development and environment of eastern coastal areas coordinate better. However, the environmental technological efficiency of the central and western regions is poorer, and the relationship between industry and environment of five regions, Shaanxi, Shanxi, Guangxi, Gansu and Ningxia, is seriously unbalanced. 2 to achieve the coordinated development of environment and industry, we must accelerate the pace of upgrading of the industrial economic structure, deepen the reform of the structure of property rights, and promote the collective development of enterprises; we must develop independent R&D and increase the introduction and investment of technology, strengthen the management of funds of the technological transformation of state-owned enterprises and improve their efficiency in use; we must encourage foreign direct investment and restrict the access of the industries of high pollution and high energy consumption at the same time. In short, only if we develop in a comprehensive, coordinated and balanced way, may we really solve the environmental problems and realize the "Sound and Rapid Development" of national economy.

Abstrat:Based on a new data set about individual factor payments, we estimate the national income distribution by integrating individual factor income distribution for 28 provinces between 1978 and 2002. The characteristic and mechanism of the dynamics of the national factor income distribution are documented. The whole national income distributions shift to the right over time, but gradually move toward the bimodal distribution, which visualize the picture of the polarization of income. We also find the bimodal distribution can attribute to the across-sector difference in marginal product of labor, and that other kinds of difference in marginal product also distort the national income distribution substantially, the magnitude ranged from 2% to 15%. Our findings are robust, and may shed highlights on the direction of the ongoing income system reform in China.

Abstrat:This paper empirically examines the fluctuation and regional difference of the strength of precautionary saving motives in rural China by employing the fixed effects instrumental variables model on a panel data set from 1992 to 2006. It is found that there does exit a strong precautionary saving motive in Chinese rural inhabitants and that the strength of western rural inhabitants is stronger than that of the central and eastern rural ones. However, the rolling estimates reveal a considerable variation across different geographic regions in rural China. Lastly, based on the explanation for the empirical findings, the paper proposes policies to mitigate the high growth rate of rural habitants saving in China.

Abstrat:The classical theory of incomplete contracts argues that contractual incompleteness will bring on inefficient specific human capital, but it cant explain the fact that employees efficiently invest in specific human capital abounds. Introducing repeated games and the asymmetric information of investors ability into the classical holdup model, this paper proves that although contractual incompleteness will definitely cause the holdup problem, holdup may not necessarily impede efficient investment in specific human capital under some conditions. This paper characters three perfect Bayesian equilibria: Good reputation induces high-type agent to invest social-best specific human capital in the first period, and compel low-type agent to quit the market; neutral reputation induces both types agent to invest social-best specific human capital; however, bad reputation induces both high-type agent and low-type agent to quit the market. Also, this paper indicates that property rights still matter in dynamic environment.

Abstrat:This paper mainly deals with three basic propositions of Language and Economics, a new branch of economics, from the standpoint of human capital, public good and institutions. As a kind of human capital, language is one of the important determinants of labor market employment and earnings, and it is closely related with social economic activities and personal status; as a kind of public good, language can influence the choice-making and constitution of language policy and language planning; as a kind of institution, language has some influences not only on the transaction cost, but also on the efficiency of other institutions. So far as the current researches are concerned, we think the future researches of Language and Economics can either be based on them, or develop around them. In this sense, they will constitute a basic analytical framework of Language and Economics.