Causal observation shows that many developing countries adopt certain strategic trade measures such as export subsidies and domestic currency devaluation to promote their exports. Are there any economic rationality behind these measures? The answer is yes. Using a general equilibrium model, we...

This study proposes a new approach to the estimation of daily volatility in financial markets. To do this we evaluate a number of traditional estimators of daily volatility based upon intra-day data and propose a new estimator of daily volatility based upon intra-day data which is both unbiased...

The usual belief is that the China's state enterprise reform with contract management responsibility system has led state-owned enterprises to maximize profit. Nonetheless the poor performance of state-owned enterprises after the reform relative to other forms of enterprises remains a puzzle. As...

There as been on-going debate and empirical investigation in the literature as to whether or not the term structure contains information about future inflation. In this paper, the authors present new evidence about the information in the term structure of interest rates about future inflation in...