We test five hypotheses regarding the causes of privatization in China by using firm-level panel data collected in 11 cities in the period 1995-2001. We have found that privatization is positively linked with hardened firm budgets and the extent of market liberalization, but is constrained by...

This paper analyzes a useful accounting framework that breaks down the current account to two components: a composition effect and a growth effect. We show that past empirical evidence, which strongly supports the growth-eect as the main driver of current account dynamics, is mis- conceived. The...

This paper analyzes a useful accounting framework that breaks down the current account to two components: a composition effect and a growth effect. We show that past empirical evidence, which strongly supports the growth effect as the main driver of current account dynamics, is misconceived. The...

This paper assesses the sustainability of China's export-oriented growth over the medium to longer term. It shows that maintaining the current export-oriented growth would require significant gains in market share through lower prices in a range of industries. This, in turn, could be achieved...

We examine changes in bank credit across a wide range of emerging market economies during the last decade. The rich time-series and cross-section information allows us to draw broader lessons compared to many existing researches, which focus on a specific set of emerging market economies or on...

This paper gauges the key determinants of China's private consumption in relation to GDP using data on the Chinese economy and evidence from other countries' experiences. The results suggest there is nothing "special" about consumption in China. Rather, the challenge is to explain why the...

In the framework of a dynamic general equilibrium model, this paper studies how vertical externalities affect the development of heavy industry in a developing economy. The model is comprised of an intermediate and a consumer product sector. The production of both types of goods has pecuniary...

The performance of a novel dry-expansion evaporator developed for a wastewater source heat pump (WWSHP) was experimentally tested and the test results are reported. The evaporator is a retrofitted shell and tube heat exchanger where bio-fouling build-up on tube surface can be easily removed from...

When an air source heat pump (ASHP) unit is used for space heating at low ambient temperatures in winter, frost may form on its outdoor coil surface. Since the accumulated frost adversely affects its performance and energy efficiency, periodic defrosting of the outdoor coil is necessary....

This paper examines the effect of bubble-bursting policy in the case where the central bank sometimes tries to deflate an asset which is not, in fact, overpriced. We consider the case of a “semi-bubble,” where some traders know that an asset is overpriced, but others do not. Unlike most...