This study is motivated by the China puzzle: the very impressive post-reform growth with relatively low aggregate volatility in the absence of healthy financial institutions by international standards. We argue that political economy constraints on the reform process have made China‟s...

This paper develops an optimization model to analyze the policy formulation under China's dual-track grain procurement system. By capturing the redistribution objective and the urban food security objective in a political preference function, we provide some rigorous explanations of three...

Using a quantity conjectural variation model, this paper examines whether an <i>ad valorem</i> tariff and a specific tariff are equivalent under duopoly. We show that if the average per-unit import tax is the same for the two tariffs, domestic output will be smaller while foreign output will be larger...