We examine the impact of Chinese monetary policies on the excess bond yields of Chinese local bonds issued by Chinese local government entities. We find that an expansion in M2 generally raises the excess yields of the bonds of Chinese local government entities, and the impact is amplified for...

We examine the impact of Chinese monetary policies on excess local bond yields (the spreads over Chinese government bonds), on local bonds issued by Chinese local government entities. We find that an expansion in M2 generally raises the excess yields on bonds issued by local government entities,...

The structural transformation of China - or the reallocation of resources from the agricultural sector to the nonagricultural sector - between 1978 and 2003 was truly remarkable. We develop a two-sector neoclassical growth model to quantitatively assess the driving forces of China's recent...

When examined in isolation, the 2002-2007 period in Turkey stands out as a high growth period. However, the relative performance of Turkey in this period is weaker compared to China. The service sector in Turkey had the lowest labor productivity growth rate. Counterfactual experiments based on a...