China has been growing at a spectacular rate in recent years, enabling per capita incomes to almost quadruple in only the last decade and a half. This paper identifies the sources of economic growth in China from 1953 to 1994. While capital accumulation played an important role in China`s...

Is the stock market responsive to macroeconomic news? This paper employs the daily returns of the Dow Jones Industrial Index, the Samp;P 500 index, the Russell 1000 index, and the Russell 2000 index to examine stock market reactions to a broad list of macroeconomic announcements, including money...

China has been growing at a spectacular rate in recent years, enabling per capita incomes to almost quadruple in only the last decade and a half. This paper identifies the sources of economic growth in China from 1952 to 1994. While capital accumulation played an important role in China's...

A common specification about the behavior of foreign exchange spot and futures prices is that they follow continuous diffusion processes. The empirical regularities uncovered from daily and weekly currency futures data, however, cast doubts on the validity of this model. First, contrary to the...