The paper analyses two cross-section national household surveys, relating to the years 1988 and 1995, to explain the rise in inequality of income that occured in Chine over those seven years. The Gini coefficient of household income per capita increased from 38 to 45 per cent, i.e. by 1,0...

This paper attempts to analyse certain significant aspects of increasing income inequality in China in the nineteen years since the start of economic system reform. Materials and data used in this paper are partly from a sample survey of rural and urban households made by the income distribution...

Increasing wage inequality is a feature of many economies in recent years, and the same is true of China. Whereas in most countries it is normally interpreted as a move from one market equilibrium to another, in China it is more likely to reflect a move away from extreme disequilibirum. Two...

This paper proposes a "Flexible Disequilibrium Model" (FDM) which allows for a flexible specification of technology and of firm-level heterogeneity in technical and allocative efficiency levels. FDM is implemented on a G-5 banking dataset covering the period 1989-1996. Significant scale...

An I(2) analysis of inflation and the markup in undertaken for the G7 economies and Australia. We find that the levels of prices and costs are best described as I(2) processes and that except for Japan a linear combination of the log levels of process and costs cointegrate to the markup that is...

This paper estimates a model of retail oligopoly where consumers choose between stores using consumer data which specifies the firm operating the chosen store and not the specific store (as is convenient practice for retail surveys). The location and other characteristics of the stores are...

We model underpricing as being endogenous to the wealth loss minimization problem encountered in a stock market flotation. The benefits of reducing underpricing depend on the entrepreneur`s participation in the offering, via the secondary shares he sells, as well as the magnitude of the dilution...

This paper examines the relation between financial, corporate and legal systems, and economic performance in different countries. It reviews international comparisons that undertake detailed analyses of individual, developed countries and studies that use large, cross-country data banks,...

In this paper we address the question as to why fund managers may trade on short-term information in a financial market that offers more profitable trading on long-term information. We consider a setting in which a fund manager`s ability is unknown and an investor uses performance observations...

This paper uses clinical evidence to show how the German system of corporate control and governance is both more active and more hostile than has previously been suggested. It provides a complete breakdown of ownership and takeover defence patterns in German listed companies and finds highly...