CONTENTS
A Solution to the HappinessIncome Puzzle: Theory and
Evidence
································Tian
Guoqiang and Yang Liyan (4)
Income, Income Inequality and Health:
The Impacts of Ruralurban Gap and Occupational
Status
········································Qi
Liangshu (16)
Discriminating Allocation Policies of
Public Goods and Urban Population Controlling：
A New Political Economics Viewpoint on
Hukou System
········································Ye
Jianliang (27)
Is the Volatility of Consumption Less Than
That of Output?
The Volatility of Consumption in China and East Asian Economies
··································Zhang
Keng and Hu Haiou (37)
The Performances of Industrial Productivity
across Regions of Transitional China:
Structural Differences, Institutional
Shocks and Dynamic Characteristics
·························Wang
Zheng， Zheng
Jinghai and Shi Jinchuan (48)
R＆D and Productivity：An Empirical Study on Chinese Manufacturing Industry
········································ Wu
Yanbing (60)
Industrial Agglomeration and Difference of
Regional Labor Productivity:
Chinese Evidence with International
Comparison
·······································Fan
Jianyong (72)
Markov Regime Switching Model and Empirical
Analysis of
the Term Structure of Interest Rates
································Liu
Jinquan and Zheng Tingguo (82)
The NATREX of the Renminbi: 1978—2004
········································Sun
Maohui (92)
A Study on Clustering of Liquidity Premium
of Ownership Restructure in China：
Evidences from Shanghai Stock Market
····························Shen Yifeng, Xu Lin and Huang Juanjuan (102)
A Study on Benefits Allotment in the Reform
of Shareholder Structure of China's
Listed Companies
··························Zhao
Junqiang， Liao
Shiguang and Li Zhan (112)
Intensifying Economic Studies and
Explaining Facts in China:
A Summary of the 6th Fourm of Young Economists
······························Li
Zenggang,Sun Tao and Wei Qian (123)
A Solution to the HappinessIncome Puzzle: Theory and
Evidence
Tian Guoqiang
(Shanghai University of Finance and
Economics and Texas A&M University College Station)
Yang Liyan
(Department of Economics Cornell University Ithaca)
Abstract:
This paper studies the happinessincome paradox: average
happiness levels do not
increase as countries grow wealthier. We
do so by giving a formal and rigorouseconomic
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 nonmaterial status, increasing
incomeenhances 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 nonmaterial wants such as mental status, family life,
health,
basic human rights, etc., when national income becomes
large.
Key Words:Happiness; Economic Growth;
Relative Income Effect; Non
income Factors; Pareto Efficiency
JEL Classification:D610, D620, H230
Income, Income Inequality and Health:
The Impacts of Ruralurban Gap and Occupational
Status
Qi Liangshu
(School of Economics and Management, Tsinghua University)
Abstract:
Using micro panel data from 9 provinces of China, this paper examines
the relation between household per capita
income, communitylevel
income inequality and individual selfrated 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 ruralurban and occupational disparities
in the relation between income, income inequality and health, which implies the
important role socioeconomic status plays in the incomeincome inequalityhealth 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.
Key Words:
Income; Income Inequality; Health;
Socioeconomic Status
JEL Classification:I110，I180，D310
Discriminating Allocation Policies of
Public Goods and
Urban Population Controlling
Ye Jianliang
(College of Economics and CRPE, Zhejiang University)
Abstract:
Based on a dual economies analysis
framework and a correctional Henry
George Model, this paper discusses the
urban population controlling policies whi
ch carried out by a developmentoriented government. We proved
that it's an inefficient
system to adopt both
indiscriminating allocation policies and free population mobility.
Different interest groups
will have different choices on optimalurban 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 underpresent conditions.
Key Words:
Urban Population Controlling; Hukou System;
New Political Economics
JEL Classification:
H410, O210, R380
Is The Volatility of Consumption Less than
that of Output?
The Volatility of Consumption in China and East Asian Economies
Zhang Keng and Hu Haiou
(Antai College at Shanghai Jiaotong University)
Abstract:
We find that the volatility of consumption
in most East Asian economie
s 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 people's
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 cityand 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 China's aggregate consumption.
Key Words:
Consumption; Economic Fluctuations;
Economic Transition
JEL Classification:
E210,E320
The Performances of Industrial Productivity
across Regions of Transitional China:
Structural Differences, Institutional
Shocks and Dynamic Characteristics
Wang Zheng1， Zheng Jinghai2 and Shi Jinchuan3
(1College of Economics, Zhejiang University；2Department of Economics, Gteborg University；
3CRPE, Zhejiang University)
Abstract:
This paper is dedicated to probing into the
dynamic performances of in
dustrial productivity across regions of
transitional China, using the province
level panel data. Based on the approach by
Kumbhakar (2000), TFP growth is decomp
osed into four components. The main results
are as follows. (1) Since 1988, the
industrial TFP growth has been commonly
accelerated across regions, with a rising
technical change rate as the principal
impetus. (2) Meanwhile, technical efficiency
and factors' allocative efficiency
are deteriorated with scale efficiency
switching from being retrogressive to being
progressive. (3) Although 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.
(4) By 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 laborforce and the share of nonSOEs 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.
Key Words:
Transition; Industry; Productivity; TFP;
SOE Reform
JEL Classification:
E230, O140, O470
R＆D and Productivity：An Empirical Study
on Chinese Manufacturing Industry
Wu Yanbing
(Institute of Economics, Chinese Academy of Social Sciences)
Abstract:
The paper investigates the relationship
between R&D and productivity
by using the data on the fourdigital 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 toR&D in high
tech industries is higher than
that in nonhightech industries.
The paper gives empirical proof of
appraising correctly R＆D roles in economicgrowth.
Key Words:R&D; Productivity; Empirical
Analysis
JEL Classification:D210, L600, O310
Industrial Agglomeration and Difference of
Regional Labor Productivity:
Chinese Evidence with International
Comparison
Fan Jianyong
(Institute of World Economy, Fudan University)
Abstract:
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 f
ind that the
estimated elasticity of (average) labor productivity with respect to
employment density is about 88 percent in China, compared to
5 percent in the
US and 45 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.
Key Words:Industrial Agglomeration; Labor
productivity; Locally
Increasing Returns
JEL Classification:J610, R190, R230
Markov Regime Switching Model and Empirical
Analysis of
the Term Structure of Interest Rates
Liu Jinquan and Zheng Tingguo
(Quantitative Research Center of Economics,
Jilin University)
Abstract:
By introducing Markov regime switching into
the term structure of interest rates,
this paper extends traditional
CKLS model to a more commonly statedependent
CKLS model, which is applied to
study on six different groups of maturities of
China interbank offered rates (CHIBOR)
using 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 volatilityor 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.
Key Words:
Term Structure of Interest Rates; Markov
Regime Switching; Nonlinearit
y; CKLS Model
JEL Classification:C390, E430
The NATREX of the Renminbi: 1978—2004
Sun Maohui
(School of Finance, Shanghai Normal University)
Abstract：
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 itnecessitates
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 fullinformation
maximum likelihood system method of
estimation, which covers the period from 1978 to 2004. On that basis the
author advances some
policymaking proposals and supporting measures for further
upgrading the Renminbi exchange
rategenerative mechanism.
Key Words： The Renminbi; Natural Equilibrium Real Exchange
Rate
; System Method of Estimation; Exchange
Rate Misalignment
JEL Classification：C220, F310, F410, 0530
A Study on Clustering of Liquidity Premium
of Ownership Restructure in China
——Evidences
from Shanghai Stock Market
Shen Yifeng, Xu Lin and Huang Juanjuan
(School of Management, Xiamen University)
Abstract：
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 HerfindahlHirschman 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 marketin
Shanghai stock exchange is
moderately concentrated and the clustering pattern
of 10: 3 is probably the consequences of
collusion among underwriters.
Key Words： Ownership Pestructure; Oligarchy; Collusion;
Underwriter
JEL Classification：G320，K220
A Study on Benefits Allotment in the Reform
of Shareholder
Structure of Chinas Listed Companies
Zhao Junqiang, Liao Shiguang and Li Zhan
(Economics & Management School, Shanghai Jiao Tong University)
Abstract：
This paper discusses the benefits allotment
in the process of dualclass 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 dualclass
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.
Key Words： Shareholder Structure Reform; Consideration;
Benefit
s Allotment
JEL Classification：G120, G190, G300
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