This paper uses the panel data of 15 countries from 2009 to 2020 to construct the time-varying parameter panel vector error correction model for testing the hypothesis of dynamic hedging characteristics of gold on exchange rate. As the existing literature has never considered that the foreign...

This paper considers the non-monotonic effect of the partial privatization campaign on the capital allocation distortion of large SOEs in China by using the Chinese firm-level panel data. We construct a theoretical model to show that the rise in the degree of partial privatization has the...

This paper proposes a new theory so called bilateral rent-seeking to explain the dramatic growth of foreign direct investment (FDI) inflow in China in the past several decades. We construct a Nash bargaining model to illustrate the relevance of how the reciprocal relationship between the local...