Abstract：For the topic of Global Economic Governance， although there is a lot of scholars usually analyzed it from the view of International Political Science， it also needs to be analyzed in an Economic Science‘s view， because the object of Global Economic Governance is mainly about economic issues. This article discusses the economic meaning of Global Economic Governance from the view of the supply and demand of public goods. In addition， accompanying with development of globalization of Chinese economy， how to participate in the Global Economic Governance becomes a new task for the Chinese opening. Through analyzing the demand characters and supply capabilities of China for the global public goods， the article indicates that to exert the influence of responsibilities， China has to enhance the supply capability for the global public goods. Moreover， it still needs increasing the degree of Chinese external opening to accommodate Chinese economic system to the requirement of making global regulation， so as to increase the supply capability of global public goods.
Key Words: Global Economic Governance； Public Goods； Opening Expansion； Global Regulation

Abstract：The recent financial crisis and the resulting economic crisis highlighted the links between financial factors and the real economy. These events have made it clear that macroeconomic models need to allocate a nonnegligible role to financial frictions and financial shocks. We then develop a dynamic stochastic general equilibrium model to explore how the dynamics of real and financial variables are affected by financial shocks and discuss the importance of financial shocks. And we estimate the structure parameters of the model by using Bayesian methods. We find that financial shocks are the most important driving force of China’s business cycle and they play an important role in explaining the volatility of the growth rate of output, investment, debt, wages and labor, they can explain about 80% of the variances of output growth even with other shocks. And we find that a negative financial shock produces a large drop in output, consumption, investment and labor.
Key Words：Financial Frictions; Financial Shocks; Business Cycle; DSGE Model

Abstract：For a long time， studies on the relationship between economic openness and the effectiveness of monetary policy not only encounter the criticism of lack of microfoundations， but also face with controversial empirical results. By constructing a New Keynesian macroeconomic model， this paper provides a microeconomic foundation for analyzing the relationship between economic openness and the effectiveness of monetary policy under a general equilibrium framework， and the simulation analysis shows that the effectiveness of monetary policy generally decreases with the increase of economic openness. Using the quarterly data from the 1992—2012 period for the Chinese economy， this paper‘s empirical results show that： the more open the economy， the smaller the output and inflation effects of a given change in the central bank interest. This finding not only supports the theoretical predictions of the simulation analysis， but also proves to be robust across all the different specifications and estimation methods examined.
Key Words： Economic Openness； Monetary Policy； Effectiveness

Abstract：After analyzing 1978—2008 provincial panel data， we find that China’s economic fluctuation is closely related with the National Congress of the Communist Party held every five years. In detail， the provincial growth rate of GDP of the preceding years of the Congress is 3.3 percent lower than usual， while that of the next years of the Congress is 2.6 percent higher. Further studies show that these fluctuations are connected with the strengthened administration from the central government to the local government during the Congress. Before the Congress， both central and local governments would strengthen the supervision to their subordinates， limiting the fiscal expenditure in total and changing its structure. The result is the contraction of capital expenditure and the drop of GDP growth rate. After the Congress， the pressure is released， resulting in the weakening of the supervision， which brings the increase in total fiscal expenditure and the capital expenditure. The growth rate of GDP then increases.
Key Words：National Congress of China‘s Communist Party； Government Official Administration； Economic Cyclical Fluctuation.

Abstract：This paper studies the wealth effect of productive fixed assets and nonproductive housing asset based on household survey data. We find that housing assets have no wealth effect on consumption which implies that housing assets are mainly consumer goods rather than investment goods in China. This property also holds for the households with two or more houses， and the rising housing prices cannot stimulate China’s household consumption. In contrast， the productive fixed assets have significant wealth effect， especially for the households who are self-employed. The main mechanism is that productive fixed assets can reduce household precautionary savings and ease household liquidity constraints. The policy implications of this paper is to accelerate the development of mortgage finance and encourage the development of self-employed sectors.
Key Words： Real Assets; Wealth Effect; Household Consumption

Abstract：For a long time, the fiscal local budget has been short of constraint, leading to the over-debt of local governments. There comes an important problem of how to consolidate the local budget and adjust the excess increase of local expenditures. This paper makes up the soft budget index by using the provincial data, following the method of constructing the Blanchard Fiscal Index. Furthermore, it studies what caused the soft budget of local government and how to manage it successfully. We found that the good institutional environment is good at constraining the excess growth of local budget. Meanwhile, the invest impulse of local government inspired by economic growth competiveness, is the fundamental cause of local soft budget. When discussing about the mechanism, we found that the composition of local expenditures would be distorted when institutional environment got worse, as local governments would invest more in constructing areas. And this has largely decreased the probabilities of local budget adjustment. These all conclude that we should improve the institutional environment, as well as changing the distorted incentives that impelled the overimpulse of local government investment.
Key Words：Institutional Environment; Investment Impulse; Soft Budget; BFI

Abstract：What is the effect of the fiscal uncertainty on government revenue and expenditure? Using the monthly time series data of government revenue and expenditure， we build a GARCHinMean model to test the effect of uncertainty. Our results show that the fiscal uncertainty has an asymmetric effect. First， government expenditure growth stimulates government revenue growth， but revenue growth has little effect on expenditure growth. Secondly， government expenditure volatility results in an increase in government revenue， but revenue volatility constraints expenditure growth. Lastly， government revenue and expenditure have persistent responses to shocks of revenue and expenditure growth； however， responses of their volatilities are much shorter to random shocks.
Key Words：Fiscal Uncertainty； Volatility； GARCHinMean Model

Abstract：This paper studies effects of enterprise‘s investment activity on local economy growth quality from the view of microperspective. Based on regional developmental differences， this research explains the reasons for the mismatch of resources in those enterprises that leads economy growth quality to be unbalanced. We find that enterprise investment in fixed assets and nature resource reduced the quality of economic growth in the region with low economic scale. And enterprise’s technology investment can improve the quality of economic growth. Compared with enterprises controlled by central government and private enterprises， the investment activity of local state-owned enterprises has the significant negative effects on economy growth quality， especially in the region with lagging economic scale. Conversely， in the region with higher economic development level， the investment activity of private enterprises is in more accord with market mechanism， which can improve economic growth quality. A further regressive test presents that although the positive effects from enterprises technology investment on economic growth quality， but only in the region with higher economic development level， the enhancing effect from technology investment on economic quality can be released significantly. In our research， we not only explain the dilemma in which the quantitatively economic growth is changed into qualitatively economic growth in the region of transition， but also give an institutional explanation about the microcosmic transmission route of investment-driven growth.
Key Words： Enterprise Investment；Quality of Economic Growth； Regional Differences；Institutional Environment

Abstract：We employed a fair decision model to analyze the substitution effects and substantial fairness for pension system, and gave a test to the China‘s pension system.The results showed that, when individual heterogeneity of labor productivity was very big, differentiated tax policy will be good to substantial fairness from individual aspect.When to cope with aging problem,a cut in redistribution will be good to substantial fairness from system aspect.The changed trend from individual aspect in fullfun-ded and Commission Account was better than system aspect, but the changes of pay-as-you-go was contrary.And the trade-off between individual and system aspect for substantial fairness was important.
Key Words：Pension; Fairness; Efficiency; Substitution Effects; Pension Reform

Abstract：Directed technical progress is an important influencing factor on the distribution of income share， but there are few researches about the influencing factor on the technical progress direction. Based on a discrete time OLG model which endogenizing the factor bias technical progress， this paper analyses the effects generated by old-age dependency ratio to the technical progress direction. The theoretical model shows that the rise of oldage dependency ratio will generating technical progress bias to labor. Based on normalized supplyside system method， this paper measures the Chinese provincial technical progress direction in 1990—2010 and estimates the effect of oldage dependency ratio to technical progress direction. Empirical research shows that the relation between old-age dependency ratio and technical progress direction is not distinctive if we do not control the influence of factor price distortion. But if we control the influence of factor price distortion， then the rise of old-age dependency ratio will bring the technical progress bias to labor. Meanwhile， labor price distortion will bring the technical progress bias to capital.
Key Words：Age Structure of Population； Direction of Technical Progress； Factor Price Distortion； Normalized Supply-Side System

Abstract： The most apparent characteristic of the principal-agent relationship between owner and manager in family business is embedded by the altruistic behavior. By introducing the improved Hamilton genetic coefficient and the “differential sequence” in Chinese local sociology， we measure the level and structure of altruistic behavior， and find that： 1) The level and structure of altruistic behavior both reduce agency cost， and there is a substitution effect between them. 2) The influence of altruistic behavior on agency cost varies along with the changing of the internal organizational environment. The positive effects decrease and the negative effects increase gradually when an enterprise grows to a certain stage. 3) The influence of altruistic behavior on agency cost also varies along with the changing of the external institutional environment. The good external environment is essential to the positive effects of altruistic behavior on agency cost. This paper has important theoretical and policy implications for evaluation and perfection of the governance structure of family business.
Key Words：Altruistic Behavior； Differential Sequence； Agency Cost； Family Business

Abstract：Based on a dynamic model of entrepreneurship choice, this paper empirically analyses the effects of housing institution reform on entrepreneurship using Chinese urban survey data. The results show housing institution reform increases the entrepreneurship rate of workers through decreasing liquidity constrain, and the short-term effect of housing institution reform goes with the long-term effect; the effects of housing institution reform on workers who have senior professional skill, work in a government department, have a middle professional title are higher than other type of family in the entrepreneurship rate.
Key Words: Housing Institution Reform; Liquidity Constrain; Entrepreneurship Choice

Abstract： A factor has been ignored by the traditional entrepreneurship theory， that is， religion. Based on CGSS（2006—2010） data， this paper analyzes the relationship between religion and entrepreneurship. The results show that， no matter on the entrepreneurship of self employed style， or on the entrepreneurship of being boss style， religion has positive effects. By using the number of religious pots per province as the instrumental variable to resolve the endogenous problem， religion still has positive effects on entrepreneurship. The reasons may be that religious believing changes the attitudes to entrepreneurship and the religious social capital loosens the restrains of entrepreneurship. Besides， the reason why religion has positive effects on self employed maybe also that religion has negative effects on education because there are conflict between religion and education in modern China.
Key Words：Religion； Entrepreneurship； Social Capital； Preference； Human Capital