China’s pension system is in need of comprehensive reform in that it is fragmented in its coverage and significantly under-funded. Attempts to improve the coverage will likely exacerbate the financial strains. Thus it is urgent to improve the financial sustainability of the system and one...

China is under considerable pressure to reduce its CO2 emissions and has given a public commitment to substantial cuts by 2020. Policy-makers are acutely aware of the possible adverse economic consequences of such cuts and an important part of this issue is the regional dimension – will policy...

The extent of inter-regional disparities is an important policy issue in China and the sources of these disparities have been subject to considerable empirical research. Yet we have relatively little empirical knowledge of the effects on the regional distribution of output of shocks to national...

Both before and after the federal election campaign in 2010, Australians were frequently told that they were spared the worst effects of the Global Financial Crisis because of the government’s timely and decisive fiscal stimulus. However, there are at least two other possibilities: monetary...

This paper reviews the history of the development of the Chinese stock market, analyses the market scale and structure, and sheds light on the prospects of the market. The development of the stock market can be classified into four stages, namely, the early stage of stock market development...

This paper examines the relation between trading volume and stock returns for two Chinese A-share markets and ten individual stocks in the energy sector. We also investigate the effects of exogenous government policies on the relation between trading volume and stock return. Using daily data...

There has been a resurgence of interest in the effect of stock price changes on the real economy in the wake of the long stock market boom of the 1990s and the subsequent correction starting in 2000. One of the primary variables linking the stock market and output is consumption expenditure,...

China has promised to cut CO2 emissions per unit of GDP 40-50% by 2020. It is almost certain that the reduction in emissions will have negative effects on the economy; moreover, the effects are likely to differ across regions, given that there is considerable heterogeneity among Chinese regions....

Using 20 years of Australian quarterly data, this paper decomposes Australian share prices into their fundamental and speculative components. To do this we derive the fundamental share-price-output ratio and, hence, the fundamental share price from a resticted vector-autoregressive model...