In this article, we investigate how information revelation rules affect the existence and the efficiency of equilibria in two-round elimination contests. We establish that no symmetric separating equilibrium exists under the full revelation rule and find that the non-existence result is very...

The financial intermediation-growth nexus is a widely studied topic in the literature of development economics. Deepening financial intermediation may promote economic growth by mobilizing more investments, and lifting returns to financial resources, which raises productivity. Relying on...

This paper examines the production aspect of money to bridge between the search-theoretic models and the canonical Walrasian growth models. In this paper, we argue that money can generate real effects via technology choice (high vs. low), we model explicitly the pattern of exchanges to explore...

Construction of physical capital stock data is a key element for estimating production functions, measuring total factor productivity growth, and for growth accounting. Existing literature, however, shows great variations in the estimates of China's national capital stocks because different...

This paper investigates the institutional reason underlying the change in the trajectory of economic growth in post-reform China, and argues that the trajectory of growth was much more normal during the period of 1978-89 than in the post-1989 era. In the former period, growth was largely induced...

Combining insights from the theory of fields to markets and recent geographic literature on regional innovation, I conceptualize regional industry building as a contested process of market building involving initiatives of both economic actors and political actors in intertwined governmental...

Three striking empirical regularities have been repeatedly reported: the positive correlation between housing prices and trading volume, and between housing price and time-on-the-market (TOM), and the existence of price dispersion. This short paper provides perhaps the first unifying framework...

This paper examines the spatial dynamics and emerging locational hierarchies of the venture capital (VC) industry in China, largely as a result of the global expansion of VC investors from the US and other advanced economies. Based on a comprehensive database compiled by the author from the best...

The paper introduces about the rural surplus labor transfer. According to the paper, the transfer of rural surplus labor in China presents such fundamental characteristics as randomness and non-thoroughness, scope and field constraint, and hysteretic nature of employment and industrial structure...