This paper examines the impact of demographic factors on saving, investment, and external balances. We derive a number of semi-structural equations from national accounting principle and the principle that external balances for the world as a whole must sum to zero. The resulting equations...

"This paper studies investment in health and human capital in a life cycle model. Health investment enhances survival to old age by improving health from its endowed level. The model predicts two distinctive phases of development. When income is low enough, the economy has no health investment...

This paper uses correlation of business cycles to gauge the degree of economic integration of the Chinese provinces. The more integrated the provincial economies are, the stronger their correlations should be. Only the correlations between some provinces in eastern China are found to be...

China's economic growth rates since reforms were introduced in 1979 have been impressive. In the past six years, for example, China's annual average growth rate was 9%. In the real estate sector, investment revenues increased by an average of 27% in each year. However, a recent People's Bank of...

There are two main types of data sources of income distributions in China: household survey data and grouped data. Household survey data are typically available for isolated years and individual provinces. In comparison, aggregate or grouped data are typically available more frequently and...

Much of the endogenous growth literature has dwelled on evaluating the spillover effects of trade on growth, but much less efforts have been directed towards tracing and quantifying the spillover effects of foreign investments. This paper, in incorporating the effects of various types of foreign...

This study measures the effect of changes in net housing and financial wealth on household consumption. The link between consumption, income and net wealth is measured within a Dynamic Ordinary Least Squares and a Dynamic Generalised Least Squares framework for the period Q2:1988-Q1:2003. It is...

This paper examines the determinants of technological catching-up across 63 countries over the period 1982-2000. A two-stage empirical approach is adopted. In the first stage, the technological divide between individual countries and the global frontier, known as the metafrontier ratio (MFR), is...