Abstract:In this paper, we first formulate and estimate a hybrid model based on the actual data of China, and then use this model as a framework for studying monetaty policy rules. By means of stochastic simulations, we calculate and compare the welfare loss under the completely commitment optimal rule, optimal Taylor rule and discretion. In the meantime, we also calculate the variation of inflation rate equivalent to the welfare loss. The results indicate that the optimal Taylor rule is a good approximator to the completely commitment optimal rule, which provides a guide to further improvement about the decision and implementation of monetary policy in China. Furthermore, we analyze the current issues existing in the decision and implementation of monatary policy in China, inter alia, the issues about money-growth-targeting. Finally, we give some suggestions for the improvement of monetary policy in China.

Abstract:Rationality is one of three competitive and complementary hypotheses that human reason makes to make sense out of human behavior. The other two are behavioristic and phenomenological. In the past two decades, due to rapid accumulation of data in brain sciences on one hand, and emergence of a phenomenology of the body on the other hand, there is recently a development to converge all the three different approaches aforementioned. This paper is the first effort to outline this possible synthesis in academic rationalization of human behavior.

Abstract:This paper is a theoretical summary for privatization practice of Chinese State-owned enterprises during last five years.Based on specific background of Chinese restructure of property rights,the research discussed the relationship of stakeholder of state-owned enterprises and their choice.According to their behavior and trade-off,the equilibrium model for privatization has been built.The core of the model is optimal target function of entrepreneur,and also it is the key to concern the successful restructure.The constraints of the model reflect the basic guarantee of stakeholders.Therefore,satisfied the equilibrium conditions,the optimal restructure could be reached.The important finding from the model is as following.The optimal solution of privatization model depends on the timing for exit of state-owned enterprises.The best opportunities for exit are in the reasonable proportion for firm net fixed assets,share value of entrepreneur purchasing and compensations for employees.The policy implication of the model provides one of the optimal transition frameworks.Any restructure,which would hurt employees basic interests or would be lack of the entrepreneurs optimal target conduct,could have been away from the optimal equilibrium transition path.

Abstract:Comparative advantage in resource endowments isnt necessary and sufficient condition of industrial competition ability and enterprises viability in a country. If there is comparative advantage in resource endowments in a country, but the country is short of technology advantage and competitive advantage, the enterprises in the country dont possess viability. However, even if a country doesnt have comparative advantage in resource endowments, but there are transaction efficiency advantage and scale economy in the country, the enterprises in the country also possess viability.

Abstract:The objective of this paper is to assess the role of FDI in Chinas economic development with reference to the broader literature on FDI and late development. Two main findings come out from the analyses in the paper. First, it is found that FDI tends to promote the improvement in allocation efficiency, while having a negative impact on productive efficiency. Second, in the context of a comparative analysis of two distinctive regional models, it is found that the economic impact of FDI tends to be more favorable in the inward-looking, capital-deepening pattern of development the ‘Shanghai model’ than that in the export-oriented, labour-intensive pattern the ‘Guangdong model’. Further analyses suggest that the ‘Shanghai model’ has its intrinsic problems of sustainability. The scope for applying it to China as a whole is thus judged to be limited.

Abstract:This paper constructs an investors discriminating mechanism model in which government sells investment environment to different investors with different strength at discriminating prices. Through analysis, this paper maintains that the pursuit of surplus maximization by government lets investors separate, with the best investor getting the socially optimal investment environment while the other investors getting the inferior investment environment. Because of the backward development of Chinas capital market, Chinas domestic capital cant be efficiently integrated; accordingly, Chinas domestic capital was expelled by investors discriminating mechanism.

Abstract:Through implementing modeling synthesis on political demand side of the functions of agents behavior by the usage of orthodox models of international trade theory and anatomy of institutional economics,this paper formulates a modeling system and protraits their evolutional paths where it is emphasized that implication of disparity in both cross-sectional capacity of benefit expression and cross-country governance to impact of the agent policy on agents behaviroal performance.And a model which endogenizes trade policy is inferred to deal with constraints of both negotiated and non-negotiated equilibrium.through CES and VES models,and endogenity of independent variables is ensured with modeling synthesis by the observation of the trade policy practice since the 20 th century.

Abstract:The strong natural monopoly industries are in a dilemma for pricing so that the regulator has to regulate their pricing to trade-off between firm profit and social welfare. The rule of marginal cost is not appropriate to pricing for firms in natural monopoly industries. This paper analyzes the issue of pricing for electricity in China on the basis of the theories of regulatory pricing and incentive regulation. This paper believe that it is necessary to introduce competition into the field of electricity generation and to design different pricing machenism in incentive intensity to fit different firms in efficiency. The development of Chinese regulatory system for electricity pricing is a long changing process. The goals of electricity price regulation in different development stage should consist with the need of ecomomic development. A market pricing system should be established gradually.

Abstract:This article analyzes the denotation, computation and interval determination of the P/E ratio, and the computing methods of P/E ratio in Chinas stock market. With the demonstrative analysis and international comparison of the distribution character of P/E ratio, it reaches the conclusion that while the market is with little bubble and the P/E ratio is in its reasonable interval, Chinas stock market has acquired its investment values.

Abstract:Since the beginning of rural reform in China, the issue about the impact of land property rights on land resource has been greatly concerned by policy makers and scholars. The aim of this paper is to examine the potential impacts of land use rights security and land transfer among households on the quality of soil under farming. Based on a unique dataset on soil fertility from 180 farm plots in 15 counties of 6 provinces over 2 time periods the early 1980s and 2000 and socio-economic data surveyed in the same locations and same time period, the determinants of soil fertility were estimated econometrically. The results show that, secure land use rights improve the long-term fertility of the soil; the informal land transfer among farmer households can give rise to the degradation of the soils long-term fertility; and the increment of opportunity cost of rural labor didnt cause the decline of the soil fertility over last 2 decades in rural China.