This paper attempts to investigate empirically the investment-growth relationship in China. Using the exogeneity framework pioneered by Engle et al. (1983) and Engle and Hendry (1993), we find that fixed investment is a key determinant of China's economic growth, which, surprisingly, has not...

This research finds empirical evidence indicating that smoothed real asset prices lead security prices in a controlled economy. The results are important for illustrating the effect controlled inflation can have on controlled security prices. Copyright 1999 by Kluwer Academic Publishers

This paper outlines a theory of project appraisal wherein the neoclassical premises of conventional cost-benefit analysis are replaced by their Keynesian counterparts. The paper shows how the social rate of return on public and private investment, the private and social discount rates, and other...

The Chinese inflation of 1949-50 was fueled by large budget deficits but was ended in March 1950 before significant deficit reduction occurred. We discuss the fiscal strains that gave rise to this inflation and consider the role played by early Communist market-based anti-inflationary measures...

Agricultural policy decision making in economies undergoing transition to market is in need of empirical tools for assessing the impact of alternative policy options. The econometric means available for such exercise, however, are limited for lack of data and structural breaks in economic...

Using 1971-90 panel data from a Siberian province, two econometric methods are used side by side to examine technical inefficiency with a suggestion as to how the methods might be used in sequence. Estimates derived from a random effects method reveal that technical inefficiency is both...