Abstrat:This paper studies the happiness-income paradox:average happiness levels do not increase as countries grow wealthier.We do so by giving a formal and rigorous economic theory of reference group/aspiration for happiness studies from the perspective of social happiness maximization.We show that,up to a critical income level,which is positively related to non-material status,increasing income enhances happiness.Once the critical income level is achieved,increasing income cannot increase social happiness and in fact,somewhat surprising,social happiness actually decreases,resulting in Pareto inefficient outcomes.A policy implication of our model is that government should increase public expenses on promoting non-material wants such as mental status,family life,health,basic human rights,etc.,when national income becomes large.

Abstrat:Using micro panel data from 9 provinces of China,this paper examines the relation between household per capita income,community-level income inequality and individual self-rated health status.Given the dual structure of China,rural and urban samples are regressed separately.Dummies representing occupational status and their interactions with income and income inequality are introduced into the econometric equation.On the basis of empirical results,this paper discusses the mechanism through which income and income inequality are linked with health.The main conclusion is that there are rural-urban and occupational disparities in the relation between income,income inequality and health,which implies the important role socioeconomic status plays in the income-income inequality-health nexus.Therefore,the key to solve the problem of health inequality is to provide better health care for groups with lower socioeconomic status,to improve infrastructure and social capital in rural area,and to get rid of the barriers between villages and cities.

Abstrat:Based on a dual economies analysis framework and a correctional Henry George Model,this paper discusses the urban population controlling policies which carried out by a development-oriented government.We proved that its an inefficient system to adopt both indiscriminating allocation policies and free population mobility.Different interest groups will have different choices on optimal urban population,while discriminating allocation policies will reduce those gaps.The combination of indiscriminating allocation policies with controlling urban population to maximize regional production is an efficient Hukou system under present conditions.

Abstrat:We find that the volatility of consumption in most East Asian economies is larger than that of output.We preliminarily show that it is related with economic transition.The main volatility of consumption during Chinese economic transition period results from peoples behavior transition in consumption.1.The volatility of Chinese aggregate consumption was rather high before 1990 and after that it became much lower.Furthermore,clear differences exist between city and rural area because their economic transition began in different time.2.The excess volatility of consumption usually appears at the forepart of economic transition.At the later stage the volatility of consumption in most East Asian economies turns much lower.3.Durable goods can not explain main volatility of Chinas aggregate consumption.

Abstrat:This paper is dedicated to probing into the dynamic performances of industrial productivity across regions of transitional China,using the province-level panel data.Based on the approach by Kumbhakar2000,TFP growth is decomposed into four components.The main results are as follows.1Since 1988,the industrial TFP growth has been commonly accelerated across regions,with a rising technical change rate as the principal impetus.2Meanwhile,technical efficiency and factors allocative efficiency are deteriorated with scale efficiency switching from being retrogressive to being progressive.3Although the SOE reform in the late 1990s has constitutes a common shock to the industrial productivity,the eastern area with relatively few SOEs suffers the least from this policy enforcement.4By exploring the sources of productivity differences,we further confirm that the institutional shock launched by SOE reform in the late 1990s is crucial for the enhancement of scale effects as well as the temporarily rapid decline of factors allocative efficiency;in addition,the educational level of the labor-force and the share of non-SOEs in the industrial output contribute positively to the acceleration of technical change and the improvement of allocative efficiency.The economic transition,accompanied by gradual institutional reforms,is reshaping the map of regional industrialization through various channels.

Abstrat:The paper investigates the relationship between R&D and productivity by using the data on the four-digital manufacturing industries in China.We find that R&D has significantly positive effects on productivity through estimating two different kinds of production function model,and that the positive relationship between R&D and productivity is still remarkably existent when market factors and ownership factors are being controlled in the production function model.We also find that the positive effects of R&D on productivity depend on technical opportunities of industries,and that the elasticity of output with respect to R&D in high-tech industries is higher than that in non-high-tech industries.The paper gives empirical proof of appraising correctly R&D roles in economic growth.

Abstrat:Based on the close relationship of industrial agglomeration,labor productivity and regional inequality,this paper holds that locally increasing returns is the source of industrial agglomeration,which improving regional labor productivity and deeply affecting regional inequality.Using data of 261 cities in 2004,I find that the estimated elasticity ofaveragelabor productivity with respect to employment density is about 8.8 percent in China,compared to 5 percent in the US and 4.5 percent in the EU.Further,I find that the difference of agglomeration effect among provinces exists two cases:no difference and significant difference.However,under the polarization of industrial location,both two cases enlarge the divergence of labor productivity among provinces,and keep the high level of regional inequality.

Abstrat:By introducing Markov regime switching into the term structure of interest rates,this paper extends traditional CKLS model to a more commonly state-dependent CKLS model,which is applied to study on six different groups of maturities of China inter-bank offered ratesCHIBORusing monthly data spanning 1996:01-2006:03.On the analysis of estimating and examining,we find that both the drift and diffusion function of different maturities are nonlinear under regimes,where the drift function appears to be a process of strong random walk or mean reversion,and the diffusion function appears to be a state of low volatility or high volatility.Additionally,the results show that the term structure of interest rates of different maturities can be obtained with the nested Markov regime switching CKLS model.

Abstrat:Chinas recent rapid export growth and accumulation of international reserves have generated considerable interest in modeling the determinants of the Renminbi.Equilibrium real exchange rate is one of the core problems which determine whether the substantial exchange rate level is maladjusted and whether it necessitates the adjustment of exchange rate.This paper employs so called NATREX model suitable to the Chinese economy to estimate the equilibrium exchange rate of the Renminbi and the exchange rate misalignment in China by adopting a full-information maximum likelihood system method of estimation,which covers the period from 1978 to 2004.On that basis the author advances some policy-making proposals and supporting measures for further upgrading the Renminbi exchange rate generative mechanism.

Abstrat:More than 346 listing companies in Shanghai Stock Exchange,including the first 29 used for experiments,declared their ownership restructure scheme from the period of April 29,2005 to March 19,2006.On average,the premium received by public shareholders has a tendency to cluster at 10:3,and more than 87.6% of companies have a premium around the area of 10:2 to 10:4.Theoretically,patterns of clustering can be explained either by the cartel theory or the efficient contract theory.This study conduct an empirical research based on a sample of 346 listing companies in Shanghai Stock Exchange.The result of this test shows that Herfindahl-Hirschman index in the underwriter market of Shanghai Stock Exchange is as high as 1411.Entry Analysis also shows that entry is not that easy in the underwriter market.And there is a significant negative relationship between the premium received by public shareholders and the market shares of investment banks.Overall,the empirical evidence indicated that underwriter market in Shanghai stock exchange is moderately concentrated and the clustering pattern of 10:3 is probably the consequences of collusion among underwriters.

Abstrat:This paper discusses the benefits allotment in the process of dual-class equity structure reform and explores the internal factors influencing the real consideration with the model deduction and empirical evidence.The findings reveal that among the companies that accomplished the reform,the dual-class shareholders of most companies obtain the added benefits,but the added benefits in the reform have not been allocated equally.The portion of nonnegotiable shares,corporate performance,growth,shares to be converted to negotiable shares are the critical factors influencing the real consideration,while market premium,acceptance degree of negotiable shareholders and term to be converted to negotiable shares have not been paid more attention to in the reform.