In 1996, the first author of this essay manifested that financial assets structure of China which was then dominated by indirect financing had led to many problems in the economy. After more than ten years of financial reform, has the financial assets structure been improved‘ Can the existing...

This study revisits the Chamley-Judd zero capital taxation result in a model with wealth-in-utility. I prove that when wealth is contained in the utility function, the optimal capital income tax rate is positive in the steady state