Inflation is always an important indicator to measure whether economy is stable and healthy. This paper provides a substantive survey of the research on the welfare cost of inflation, and uses the methods of consumer's surplus and neo-classical general equilibrium models respectively to estimate...

We conduct an empirical study on Chinese listed firms' investment-cash flow sensitivities in different stages of the macroeconomic cycle during 1993–2004, and find that macro-economy has a significant effect on investment-cash flow sensitivities. When economic slowdown occurred between 1998...

Graduate School of Economics, Osaka University, Osaka 560-C8531, Japan

With new data and a new methodology, this paper reassesses the forces that led to the rise of Chinese sericulture in the late nineteenth and early twentieth centuries. The study challenges the prevailing view that Chinese peasants switched to sericulture in order to gain a higher aggregate...

Center for China Study, Tsinghua University, Beijing 100084, China; Department of Economics, Geborg University, Sweden

This paper empirically examines the potential for forming an Optimal Currency Area (OCA) in selected Asian economies, including ASEAN countries, China, Japan and Korea, by testing Generalized Purchasing Power Parity (G-PPP) using Johansen's cointegration approach. We investigate the long-term...

This paper explores the direct effect of ownership and technology imports under the framework of neoclassical economic theory. The econometric analysis is based on panel data from a random sample of large and medium-enterprises in Shanghai, during the period of 1998 to 2003. The results show...

This paper studies the process and the performance of transition with the following logic: transition is an objective process in accordance with the general principles of economic history; the objectivity is embodied in the expected economic and social effects of transition, the profound...

This paper analyzes the effect of changes in real exchange rate on manufacturing employment. Our theoretical model predicts the positive effect of depreciation of real exchange rate on employment through a firm s expectation on changes in real exchange rate and the interaction between real...