Suchergebnisse

Cover -- Half Title -- Title -- Copyright -- Contents -- List of Contributors -- Editors' Introduction -- PART I: ECONOMIC GROWTH -- 1 Higher Education in China: A Growth Paradox? -- 2 Taxation and Economic Growth in China -- 3 How Size Matters to Future Chinese Growth: Some Trade- Theoretic Considerations -- 4 Product Innovation, Capital Accumulation, and Endogenous Growth -- PART II: FOREIGN DIRECT INVESTMENT AND TRADE -- 5 Regional Attributes, Public Inputs and Tax Competition for FDI in China -- 6 An Econometric Estimation of Locational Choices of Foreign Direct Investment: The Case of Hong Kong and U.S. Firms in China -- 7 Revealed Comparative Advantages and Intra-regional Trade of the World's Three Major Regions: 1980-1995 -- PART III: INTERNATIONAL FINANCE -- 8 Trade, Financial Linkages and Contagion of Currency Crises -- 9 Exchange Rate Dynamics: Where is the Saddle Path? -- 10 How Well Has the Currency Board Performed? Evidence from Hong Kong -- PART IV: SOCIOECONOMIC ISSUES -- 11 A Modified Harris- Todaro Model of Rural-Urban Migration for China -- 12 The 'Banker Effect' on Chinese Stock Pricing -- 13 China's Food Economy and Its Implications for the Rest of the World -- Index

Using a survey, this paper examines the practices of risk management using financial derivatives by enterprises in Shanghai. It is found that the use of financial derivatives by Shanghai enterprises is still at its infancy stage. Many enterprises focus on only one or two types of derivatives for managing their business risks. This may be attributed both to the government regulations against speculation and the underdevelopment of the derivative markets in China.

AbstractThis paper examines the income distribution and welfare effects of online sales and home delivery by considering an emerging platform economy with urban and rural regions. With a given number of urban manufacturing firms, a rise in online sales, which boosts home delivery, can reduce the wage inequality between skilled and unskilled labor in the short run. The wage gap can be narrowed further in the long run with the exit of manufacturing firms. Moreover, firm exit can mitigate the excessive number of firms in the urban manufacturing sector, thus improving the welfare of the platform economy and increasing the optimal size of online sales in the long run.

AbstractThe impacts of a point‐by‐point tariff/tax reform on the environment under the origin‐based or destination‐based tax principle are examined. The policy reform under the origin‐based principle can raise the optimal pollution tax and, hence, improve the environment when the consumption demand and pollution are strongly substitutable, whereas the reform under the destination‐based principle lowers the optimal pollution tax and, hence, worsens the environment. Nonetheless, when the consumption demand and pollution exhibit weak substitutes or even complements, the tariff/tax reform results in less environmental deterioration under the destination‐based principle.

AbstractThis paper examines the ramifications of an imperfect product market, with reference to factor growth and foreign investment, for a small Harris–Todaro economy with the agricultural (manufacturing) sector under perfect competition (monopoly protected by an import quota). It is shown that factor growth entails multiple component effects of conflicting signs (i.e. the primary growth effect, the distortionary production effect, and production and employment effects induced by changes in the domestic commodity prices), and, hence, can be welfare‐reducing. Similarly, an inflow of foreign capital can be immiserizing when the foreign capital earnings are repatriated at the domestic rental rate.

Abstract This paper examines the resource allocation and income effects of public‐sector pricing. During the short run, raising public‐sector prices leads to a worsening in public‐sector efficiency, causing a decline in GNP. In the intermediate run, the policy begins to improve public‐sector efficiency and, hence, increases GNP. At the outset of the transition to a steady state, the pricing policy continues to improve efficiency. Nevertheless, efficiency and GNP remain invariant across steady states in the long‐run equilibrium. The implications of the pricing policy are also discussed.

Aid conditional on the purchase of an imported capital good increases the supply of, and demand for, the good. Examining the effects of tied aid on capital accumulation, the current account, and welfare, we find that two resultant conflicting forces render the price of the capital good indeterminate. If the demand pressure is larger than the supply response, the capital stock increases at the expense of the current account and welfare improves. Alternatively, if the demand pressure is less than the supply response, capital is reduced. This may be detrimental to welfare. JEL Classification: F35, F11 Contingentement à l'importation, aide liée, accumulation et bien‐être. Une aide conditionnelle accordée pour l'achat d'un bien importé accroît l'offre et la demande de ce bien. En examinant les effets d'une aide liée de ce type sur l'accumulation du capital, le compte courant et le niveau de bien‐être, les auteurs montrent que deux forces contradictoires rendent le prix du bien capital indéterminé. Si la pression sur la demande est plus grande que la réponse du côté de l'offfre, le stock de capital s'accroît au détriment du compte courant, et le niveau de bien‐être s'accroît. D'autre part, si la pression en provenance de la demande est moindre que la réponse du côté de l'offre, le stock de capital est réduit. Cela peut entraîner une réduction du niveau de bien‐être.

We use a general equilibrium model to examine the welfare effect of domestic equity requirements on multinational firms in the presence of alternative types of trade instruments and varying degrees of the mobility of foreign capital. It turns out that, under quotas, raising equity requirements improves welfare in the short run but reduces welfare in the long run. In contrast, when tariffs are in place, the policy of domestic equity requirements lowers welfare in the short run but raises welfare in the long run.