This paper applies a two-stage, double bootstrapping data envelope analysis approach to investigate whether and to what extent various distinctive corporate governance practices affect productive efficiency in a sample of 461 publicly listed manufacturing firms in China between 1999 and 2002. We...

In the transition from a command to a market economy, macroeconomic stabilization poses a grave problem facing the reform governments. A distinct feature of China's economic fluctuations in the post-1979 period has been its "soft-constraint competition." A two-region game theoretical model is...

To estimate the economic policy effects of per unit policy change the conventional policy multipliers, as a measure of policy effects can be easily calculated from the traditional dynamic econometric model without expectations variables. However, the past decade has witnessed much research and...

Despite a series of revaluations, which started in July 2005, hot money has been sporadically sneaking into China in anticipation of further revaluations of the renminbi. In this paper we build a monetary model to show how anticipated revaluations lead to the instability of a pegged exchange...

This paper offers strong further empirical evidence to support the intrinsic bubble model of stock prices, developed by Froot and Obstfeld (American Economic Review, 1991), in two ways. First, our results suggest that there is a long-run nonlinear relationship between stock prices and dividends...

A simple monetary model is built to illustrate that the pegged exchange rate system will collapse under an unstable external environment via the balance sheet contagion and the "boiling frog" effect, even if the domestic policy and the fundamentals are sound. If agents anticipate this happening,...

This paper extends a matrix inverse result of M. L. Higgins (1994) and presents a new unified double length regression method to calculate the two-step generalized least squares estimators of two types of rational expectations models with current anticipated and unanticipated components. The...