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Economic Survey
 
2011 Vol.28 Issue.4
Published 2011-07-06
1 An Institutional Economic Analysis of “China Wonder”
SHENG Hong
The real reason for “China Wonder” comes from economic liberalism, i.e. the transformation from planned economy to market economy. First, the market order is formed, i.e. the rules for the free and voluntary trading among all economic entities|second, property right is defined to individuals. These two aspects constitute our basic system framework after the reform and opening. It is the system framework that led to Chinese economic wonder
2011 Vol. 28 (4): 1-3 [Abstract] ( 3432 ) [HTML 1KB] [ PDF 423KB] ( 2101 )
Finacial Economic
4 An Interdisciplinary Interpretation of the False Consciousness Nature ofMarx’s Law about Supply and Demand Determining Price
WANG Jin-chao, LONG Fu
Neoclassical economics holds that supply and demand determining price is a necessary condition for the optimal allocation of resources. However, the so-called optimal resources allocation by neoclassical economics is limited from inter-disciplinary point of view. The reason is that, the mass, constrained by limited income, can not have a decent consumption bundle. From mathematical perspective, so-called supply and demand determining price is a pseudo hypothesis, the equilibrium of supply and demand at most gives a mapping relation between price and other non-price variables|and price is determined by these non-price variables. The implication for the transitional economy of the above finding is that price is firstly determined by social fundamental institutions. Social fundamental institution is the cause, and price is the result. Hence, we have proved the scientific feature of the false consciousness of the law that Marx more than 100 years ago said about supply and demand determining price
2011 Vol. 28 (4): 4-8 [Abstract] ( 4958 ) [HTML 1KB] [ PDF 732KB] ( 1991 )
9 An Empirical Analysis of the Correlation between Carbon Dioxide Emission and Economic Growth in China
LONG Zhi-he, CHEN Qing-qing
Based on the measurement of Chinese CO2 emissions in 1953-2007, theauthors construct simultaneous equations model through the econometric tests of the data, and study the two-way causality between CO2 emissions and GDP per capita, and the authors analyze the factors that influence CO2emissions. The empirical results show that Chinese CO2 emissions and per capita GDP is a complex interaction instead of a reversed U in the simple EKC model. Increasing per capita GDP can lead to more CO2 emissions, but at the same time, improving energy utilization efficiency, optimizing energy consumption structure, and speeding up the capital equipment renewal will reduce CO2 emissions
2011 Vol. 28 (4): 9-13 [Abstract] ( 5381 ) [HTML 1KB] [ PDF 740KB] ( 2235 )
14 The Interaction between Infrastructure and Economic Growth--A Dynamic Analysis Based on the Method of Vector Auto Regression
XIA Ye-liang, CHENG Lei
Based on the co-integration and Vector Error Correction Model, using time-series data in Beijing during the period 1949—2009, the authors empirically analyze the co-integration relationship and Granger causality between the indexes of all kinds of infrastructure of Beijing and their total output. In the long run, all the kinds of infrastructures are indeed the fundamental condition for the economic growth of Beijing. However, the economic growth in turn has significant effect merely on the infrastructures of road, hospital and education in the long run. As for the short term, only medical and cultural infrastructures play an important role in promoting economic growth. In addition, the effect of the social infrastructures on the economic growth is greater than that of the economic infrastructures, especially the infrastructure of hospital, which plays a significant role in promoting economic growth in the short and long run
2011 Vol. 28 (4): 14-19 [Abstract] ( 6030 ) [HTML 1KB] [ PDF 887KB] ( 2307 )
20 The Formation Mechanism of Chinese Excessive Capacity under Open Economy:Theoretical Interpretation from Multiple Perspectives
TAO Zhong-yuan
In the open economy, the interaction between domestic investment expansion and excessive use of foreign capital as well as inhibition or transformation of the main domestic consumption may lead to excessive capacity. The advancement of industry maturity and standardization of products promoted by International factor mobility and industrial transfer will also lead to the capacity expansion in advance. Technological advances will promote the production efficiency and the acceleration of scale enlargement. Unusual events such as disaster and policies can induce excessive capacity through economic and psychological conduction. The regulation of capacity and prevention of the excessive production should be based on multiple perspectives. Both internal and external markets as well asmarket restoration should go along with policies
2011 Vol. 28 (4): 20-24 [Abstract] ( 4566 ) [HTML 1KB] [ PDF 803KB] ( 2204 )
25 The Effect of Chinese Energy Price Increase on Resident Consumption Level--A Research Based on the SVAR Model
ZHANG Huan ,,CHENG Jin-hua ,
Using the impulse response function of SVAR models and variance decomposition technology, the authors investigated the features of the influence of China’s energy price increase on residential consumption level within different periods. The result indicates that energy price increase has an obvious positive effect on resident consumption level during the whole impulse response period|the increase in residential consumption level has positive impact on energy price level in the short term and it has negative impact in the long term. Moreover, energy price level is mainly affected by its own level in the short term. Resident consumption level makes greater contribution to energy price level in the long time. Resident consumption level is mainly affected by its previous resident consumption level in the short term, and it is jointly affected by resident consumption level and energy price level in the long term. Based on the above conclusion, in regulating energy price and making resident consumption policy, the obvious features of the two should be considered so as to realize the balanced development of energy price level and resident consumption level
2011 Vol. 28 (4): 25-29 [Abstract] ( 5850 ) [HTML 1KB] [ PDF 625KB] ( 2111 )
30 Theoretical and Empirical Analysis of “the Effect of Income Distribution”--Based on the “Specific Factors Theory”
ZHAO Yong, ZHANG Yang
The “specific factors theory” is one of the important theories in the transition from classical trade theory to new classical trade theory, and it is also one of the guiding theories for the economic and trade strategy of the governments of all countries. The authors firstly constructed a mathematic model to make a development research of “the effect of income distribution” based on “specific factors theory”, which provides theoretical basis for empirical analysis|secondly, the authors make an empirical analysis of “the effect of income distribution” in the light of Chinese specific factors. The outcome shows that the theory is still available to china: in the short term, the opening of foreign trade is beneficial to reducing the overall gap between the rich and the poor, and the increase in laborers with high educational background and the enlargement of capital are not beneficial to reducing the overall gap between the rich and the poor
2011 Vol. 28 (4): 30-34 [Abstract] ( 5359 ) [HTML 1KB] [ PDF 572KB] ( 2267 )
35 A Study of Economic Growth and the Change in Urban and Rural Residents’ Income in the Latest 30 Years in the Western Region of China
WANG Bao-qing, LI Zhong-min
Based on the data from 1978 to 2008 in the western region，the economic growth and the evolution of the income gap between urban and rural areas in the western region are analyzed, and it is concluded that the income gap between urban and rural residents shows a so-called inverted U relationship in Kuznets model. This does not mean that the western region has been in the down stage of the inverted U track|on the contrary, the authors conclude that the western region is more likely to be in the up stage or smooth stage. Namely the income gap will still present a further widening trend. Through further regression analysis, the authors aim to narrow the income gap and put forward three pieces of advice: improving the agricultural productivity, transferring surplus laborers and upgrading rural human capital based on the dual economic perspective
2011 Vol. 28 (4): 35-39 [Abstract] ( 5111 ) [HTML 1KB] [ PDF 906KB] ( 1965 )
40 Spatial Difference and Convergence of Discharge Intensity:An Empirical Analysis Based on the Yangtze Delta Area
LU Wen-cong， QI Hui-bo
The authors test the convergence for spatial difference of discharge intensity in the Yangtze Delta Area from 2002~2008. It shows that the characteristics of discharge intensity in Jiangsu, Zhejiang and Shanghai are variant. However, from the results of absolute convergence model, the discharge intensity of industrial waste water, industrial gas and industrial solid waste is convergent significantly. Analyzed from conditional convergence model, except that the growth rate of GDP per capita contributes to spatial convergence of all three discharge intensity, the effects of other factors on spatial convergence are not the same. This reflects that the discharge intensity also depends on industry, trade, population etc. in each city
2011 Vol. 28 (4): 40-45 [Abstract] ( 5000 ) [HTML 1KB] [ PDF 964KB] ( 2044 )
46 A Dynamic Empirical Analysis of Economic Growth, Fiscal Expenditure and Tax Revenue in Henan Province
HAO Xiu-qin
The reasons that macro tax burden of Henan Province is too low and its desirability have become an urgent problem to be researched. Based on the data from 1978 to 2008, through co-integration analysis, error correction model and Granger causality test, the author comes to the conclusion that a reliable long-term equilibrium relationship exists between tax revenue, economic growth and financial expenditure. In the short term, the change in tax revenue is not significantly affected by economic growth and fiscal expenditure. Economic growth and financial expenditure are not the Granger reasons for tax revenue. In the long run, correcting taxes and clarifying fees，optimizing economic structure，converting economic growth mode, improving the quality and efficiency of economic operation are the fundamental measures to improve the tax burden of Henan Province
2011 Vol. 28 (4): 46-50 [Abstract] ( 5993 ) [HTML 1KB] [ PDF 719KB] ( 2191 )
51 The Function Mechanism of Expected Housing Price to Rent Price Ratio: an Empirical Research Based on 35 Large and Medium Cities
XU Jia-jun, GE Yang
According to the model of housing user cost, the change in rentprice ratio will be closely related to interest rate and expected housing price, as well as housing policy. The authors test the changing trend and determinants of it. The result shows the ratio is negatively related to interest rate but positively related to expected housing price both in the short and long term. Thesupply of public rent should be increased in company with suppressing housing prices
2011 Vol. 28 (4): 51-55 [Abstract] ( 4669 ) [HTML 1KB] [ PDF 744KB] ( 2196 )
56 An Empirical Research into the Dynamic Relationship between Land Price and Housing Price in Our Country--Taking Beijing as an Example
LI Cun-pu, HE Jing
The authors used the monthly data of Beijing from 2002 to 2008 and researched the nonlinear dynamic relationship between land price and housing price. The findings show that the influence of housing price on land price is nonlinear and their relationship can be simulated with LSTR1 model. If the change in land price is higher than 27.61% in the former first period, the change in the housing price in the former three and five periods has nonlinear positive effect on the land price of the periods. The implication of the research for policy-making is that it is of great significance to restrain the fast increase (the increase rate should be lower than 27.61%) in land price through implementing related policies. Only in this way can the promotion effect of housing price on land price be retarded
2011 Vol. 28 (4): 56-60 [Abstract] ( 4599 ) [HTML 1KB] [ PDF 635KB] ( 2051 )
61 An Analysis of the Characteristics of the Financing Structure of Small and Medium High-techEnterprises and Their Influencing Factors
YANG Nan
The research into the five index variables of the features of small and medium high-tech enterprises finds that the asset-liability ratio of small and medium high-tech enterprises is generally low. Their financing decisions are determined by the need for short-term business activities and the financing market conditions. The financial structure of the enterprises is not an important influencing factor
2011 Vol. 28 (4): 61-65 [Abstract] ( 5729 ) [HTML 1KB] [ PDF 657KB] ( 1978 )
66 An Analysis of Global Economic Imbalance, Balance and Rebalance
HUANG Wei-ping , ZHONG Biao
By reviewing the logical relations between the accelerated imbalance of global economy and the outbreak of subprime mortgage crisis, the authors probe into the global economic imbalance and the process of rebalancing. Global economic imbalance, a term once frequently used to describe the North-South economic relations, has changed to denote the unsustainability of current account of some core states. The housing bubble burst and outbreak of subprime crisis demonstrated the reality of imbalance between real economy and fictitious economy in the U.S.A, as well as the extreme development imbalance of capital markets around the world. And the crisis, which is a reflection of systemic risks of the world economy, also serves as a devastating adjustment to the past excessive global imbalance. The original intention of global economic balancing is to promote the economy of the developing countries, whereas rebalancing is a quantitative means aiming to adjust the growth model of major countries. In this regard, the RMB exchange rate should not be a reasonable and feasible solution to the global economic imbalance
2011 Vol. 28 (4): 66-70 [Abstract] ( 4235 ) [HTML 1KB] [ PDF 779KB] ( 2027 )
71 A Study on the Relationship between China’s Import of Cotton and Export of Textile and Apparel--Taking the Trade Partner of USA as an Example
WANG Li-rong , ZHOU Shu-dong
After the abolition of ATC, United States and Europe re-imposed restrictions on China’s exports of textile and garment. Meanwhile, China imported a large amount of cotton from America. In the light of the phenomenon, through constructing a VAR model, the authors analyzed the relationship between China’s imports of cotton from the U.S. and exports of textile and apparel with impulse response function etc. The results show that large influx of cheap U.S. cotton played a role in the rapid increase in China's apparel exports after the abolition of the ATC. In solving the textile and apparel trade conflicts between China and America we should make good use of the cotton import from USA as a bargaining chip in order to promote Sino-U.S reciprocal trade
2011 Vol. 28 (4): 71-75 [Abstract] ( 5594 ) [HTML 1KB] [ PDF 685KB] ( 1916 )
76 A Research into the Structure Characteristics of the Service Trade of Our Country and their Influencing Factors
SHU Yan, LIN Long-xin
The results of horizontal and vertical comparison show that the proportion of modern service which is technology-intensive and knowledge-intensive has been on the rise in developed countries, however, China is in a reverse situation. Using the data of 1982-2009, the authors adopt the co-integration theory and error correction model to make an empirical analysis of the relationship between the structure of service trade, physical capital accumulation, human capital accumulation and technological progress, put forward some relevant policy recommendations to achieve the transformation from “service quantity” to “service quality”
2011 Vol. 28 (4): 76-80 [Abstract] ( 5828 ) [HTML 1KB] [ PDF 796KB] ( 2653 )
81 The Protective Nature of Carbon Tariff and Its Influence on the Exports of Developing Economies
SHAO Jian-chun
Previously many scholars have analyzed the various influences of carbon tax or carbon tariffs separately from a quantitative perspective. The author, however, makes a comparative study of the different effects of carbon tax and carbon tariff, and the findings indicate that the carbon tariff to be levied by the developed economies is more favorable to themselves but will bring negative influence on the exports of the developing economies, which qualitatively reveals the protective nature of carbon tariff. Meanwhile, the empirical simulation analysis by a VAR model also verifies the above conclusion in a quantitative manner
2011 Vol. 28 (4): 81-85 [Abstract] ( 6299 ) [HTML 1KB] [ PDF 743KB] ( 2589 )
86 A Research into the Information Requirements and Disclosure Status Qno of Corporate Social ResponsibilityBased on Investor Relations Management
ZHAO Ying
Foreign scholars hold that corporate social reasonability (CSR) disclosure should be an important communication strategy in investor relations management. The questionnaire survey of institutional investors and analysts shows the information on corporate social reasonability has become an important factor that affects their investment decision-making. Respondents generally expressed their concern or focus on the information of environment, energy, employees, customers and social issues. Annual report is recognized as an effective platform for information disclosure. The research into the 1563 listed companies of our country in 2009 finds that the levels of CSR information disclosure are quite different, the overall level of CSR information disclosure is poor, and the level of CSR information disclosure is affected by industry characteristics, firm size and corporate performance
2011 Vol. 28 (4): 86-90 [Abstract] ( 4505 ) [HTML 1KB] [ PDF 1262KB] ( 1992 )
91 A Research into the Supply Chain Coordination with Supplier’s Delay in Payments and Retailer’s Sales Effort
GUI Yun-miao , QIN Li-ping , ZHANG Ting-long
In order to deal with supplier’s delay in payments and supply chain coordination under retailer’s sales effort, the authors constructed the multi-item two-echelon supply chain decision-making model with centralized and decentralized supply chain coordination under retailer’s joint replenishment cycle policy, devised two coordination mechanisms of price discount contract and sales effort cost sharing contract, analyzed the coordination condition and parameter setting of the two contract mechanisms, and obtained the conditions in which retailers prefer price discount contract and sales effort cost sharing contract. A numerical simulation analysis illustrated the effectiveness of these contracts and the influence of the credit period on supply chain coordination was analyzed
2011 Vol. 28 (4): 91-95 [Abstract] ( 4969 ) [HTML 1KB] [ PDF 0KB] ( 1091 )
96 The Influence of the efficiency of Operating Capital Management in Small and Medium-sized Enterprises on Performance--Panel Evidence from Chinese Listed Small and Medium-sized Enterprises
LI Jie
With 199 SMES’ annual financial reports data from 2007 to 2009 as research samples, the author studies the relationship between working capital management efficiency and performance. Regression results show SMES’ performance isnegatively related to the cash cycle reflecting operating capital management efficiency and the accounts receivable cycle as a part of cash cycle and positively correlated with inventory cycle and accounts payable cycle. The research results indicate that management can keep cash cycle, accounts receivable cycle, inventory cycle, accounts payable cycle in a reasonable level by establishing propercredit policy and inventory policy to realize the efficient operation of operating capital
2011 Vol. 28 (4): 96-100 [Abstract] ( 6209 ) [HTML 1KB] [ PDF 751KB] ( 2135 )
101 A Research into the Design of Production Scheduling and Decision-making Support System in the Context of Flexible Manufacturing Cell
ZHANG Xiao-Hong , NIU Li , HAN Xiao-ting
In the light of work shop scheduling problem, the authors designed a production scheduling and decision-making support system in the context of flexible manufacturing environment. Based on the research state of work shop level scheduling system, the authors proposed a general framework for designing the decision making support system and introduced the concept of production optimization engine, and introduced the existing job scheduling model and algorithm into the design of decision-making support system as a model library. Moreover, the self-adaptability and self-matching of job scheduling algorithm is achieved, which meets the actual production need better
2011 Vol. 28 (4): 101-105 [Abstract] ( 4893 ) [HTML 1KB] [ PDF 1161KB] ( 1976 )
106 A Game Analysis of the Evolution of the Supervision of the Tunneling Behavior of Block Shareholders
ZHANG Xue-hong, ZHANG Ren-jun
In a simple framework, the authors established an evolutionary game model from the view of supervision to analyze the relationship between block shareholder and the authority. The results of the replicated dynamics equation show that the initial conditions of the excess gains and normal income of the authority, tunneling amount and the rent of the block shareholders all affect result ofthe game equilibrium|The reference to Walras’s general equilibrium analysis model inferred that different amounts of tunneling cause different equilibrium points, but not all the points are stable
2011 Vol. 28 (4): 106-110 [Abstract] ( 4816 ) [HTML 1KB] [ PDF 770KB] ( 2037 )
111 Integration of Urban and Rural Development：An Empirical Analysis of the Relationship between Urbanization and Agricultural Economic Growth
SU Fa-jin
Making use of co-integration analysis, error correction model analysis and Granger causality test, the author made an empirical research into the relationship between urbanization development and agriculture growth and explored the long-term stability and short term equilibrium relationship between them. The study shows that there is a dynamic equilibrium between them in the long term|the intensity that they interact with each other is different in the long term and short term|they both have the one way causal relationship at different durations of lag
2011 Vol. 28 (4): 111-115 [Abstract] ( 4860 ) [HTML 1KB] [ PDF 821KB] ( 2087 )
116 An Economic Analysis of the System of Land Conversion in Our Country--From the Perspective of the Game of Local Government
TANG Yan-yuan
The rapid demand for land in industrialization urbanization, the protection of farmland and the guarantee of food security are the dilemma in the process of land utilization of our country. There are many problems in the current land expropriation system of our country. They caused local governments to conduct land conversion unevenly and the allocation of land resources between agricultural and non-agricultural use is distorted, which is not conducive to the protection of land rights of farmers and may cause social injustice and the intensification of contradictions. This author applied game theory to investigate the problem from the economic point of view and advanced corresponding policy suggestions
2011 Vol. 28 (4): 116-120 [Abstract] ( 4628 ) [HTML 1KB] [ PDF 779KB] ( 2205 )
121 An Analysis of Knowledge Sharing Based on Leadership Quality and Employee Status
MIN Rui， HE Jin-sheng
In knowledge economy, knowledge management is an important way to obtain and maintain competitive advantage and knowledge sharing is the important part of knowledge management. On the basis of existing researches, the authors introduced employee status as the study object, made a basic data analysis of leadership variant, employee status and knowledge sharing behavior, constructed and tested a theoretical model about employee status, its influencing factors and knowledge sharing behavior, analyzed the relationship between leadership variant, employee status and knowledge sharing behavior, and confirmed the influence of leadership quality on knowledge sharing behavior and the influence of leadership quality on knowledge sharing behavior with occupational burnout as the intermediary variable, and proposed corresponding suggestions
2011 Vol. 28 (4): 121-125 [Abstract] ( 4017 ) [HTML 1KB] [ PDF 718KB] ( 2004 )
126 A Study on the Effect of Skill Training of Surplus Suburban Laborers Dominated by the Government--A Survey Based on Song-jiang District of Shanghai
ZHAO Hong-bin，XIN Fei-fei
The authors take Songjiang District of Shanghai as an example and study the effect of suburban surplus labor skill training dominated by the government and its influencing factors. The results show that younger age, higher education and good family economic situation have positive influence on the training level of the laborers. The probability of women trainees getting professional qualification certificate is bigger than that of men. The employment rate of married trainees is generally higher. Enrollment rate for trainees with heavier family burden is obviously higher. Whether the government arranges employment has significant impact on the employment of disadvantaged groups, but the influence of the result of skill training is not significant. The government should develop rural labor transfer training hierarchically and pertinently, share training costs rationally, give more training support to the disadvantaged groups and make full use of the platform of training institutions to increase farmer employment
2011 Vol. 28 (4): 126-130 [Abstract] ( 4603 ) [HTML 1KB] [ PDF 804KB] ( 2490 )
131 Information Environment, Legal System and Protection of Investors’ Benefits
CHEN Xiao-lin
The author used the 10261 annual observations of the A-share listed companies in Chinese stock market from 2001 to 2009 as the research samples to study the influence of information environment transformation and legal system variance on the protection of investors’ benefits. The research results show that after the information environment transformation in 2007, the probability of informed trading in the stock market becomes low. In the areas where legal system is more thorough, the probability of informed trading in the listed company is lower. The information environment and legal system have interactive effect on the probability of informed trading of shares
2011 Vol. 28 (4): 131-135 [Abstract] ( 4373 ) [HTML 1KB] [ PDF 613KB] ( 2524 )
136 Audit Committee Independence, Financial Knowledge and Accounting Conservatism
XIE Xiang-bing
Using all the listed companies from 2005 to 2008 as the samples, the author studied the impact of the audit committee on accounting conservatism and on the basis of this the author also studied the impact of independence, professionalism of the audit committee and higher leaders within the company on accounting conservatism. The findings show that the companies which have audit committee can improve the conservatism of accounting obviously. The independence of audit committee and accounting knowledge are positively related to the conservatism of accounting. Audit committee is an important part of corporate governance. The research findings provide new empirical evidence for optimizing the corporate governance structure and improving the efficiency of corporate governance
2011 Vol. 28 (4): 136-140 [Abstract] ( 4826 ) [HTML 1KB] [ PDF 744KB] ( 2148 )
141 Salary of Top Executives, Supervision Power and Private Benefits of Control:the Outcome of Salary Limiting
WU Chun-lei ， MA Lin-mei
Using mathematic models, the authors made a theoretical analysis of the outcome of reducing the salary of top executives in different supervision powers. The research finds that in the process of enterprises’ sustainable operation, reducing the salary of top executives may lead to the substitution of private benefits of control for salary, which will result in negative incentive effect. The higher the supervision power, the more obvious the negative incentive effect|the supervision power is the critical factor to determine the substitution level. Unchanged or weakened supervision power may strengthen substitution of private benefits of control for salary. The research results suggest that no matter how the supervision power changes before and after salary reduction, the salary limiting policy may be a failure. It is suggested that the supervision on top executives should be strengthened greatly while their salary is restricted in the countries like China which have issued the salary limiting decree
2011 Vol. 28 (4): 141-144 [Abstract] ( 4467 ) [HTML 1KB] [ PDF 559KB] ( 2115 )
145 The Dynamic Relationship between the Expectation of RMB Appreciation and the Stock Market of China
LIU Bao , LIU Jun
The authors review the impact of international capital on the stock market, the dynamic changes in exchange rates, international trade situation and the current situation of China's capital market. Through the application of co-integration test and VAR model to carry out an empirical study on the impact of China's stock market from RMB NDF since the reform of the RMB exchange rate formation mechanism, the authors find that a co-integration relationship exists between one-year RMB NDF exchange rate against the dollar and the shanghai composite index. The RMB NDF change is a major factor to change the volatility of Shanghai composite index and Hang Seng index|at the same time, from the degree of the impact, Shanghai composite index’s short-term impact is less than that of Hang Seng Index on RMB NDF exchange rate, but in the long run, A shares are more significant. This shows that the final destination of international hot money is the Chinese mainland market, which also verifies a wish of international hot money for the expected revaluation of RMB to a certain extent
2011 Vol. 28 (4): 145-149 [Abstract] ( 5205 ) [HTML 1KB] [ PDF 698KB] ( 1967 )
150 An Empirical Research into the Change in the Spillover Effect of American Stock Market on Shanghai Stock Market after the Shareholding Reform
YU Yu-xin, YU Yu-ying , FU Fang-xing
After the shareholding reform, the spillover effect of the trend of American Stock Market on Shanghai Stock Market became obvious whether in the long or short run|the effect of American Stock Markets on the opening of Shanghai Stock Market is obviously greater than on the closing whether from the aspect of conspicuousness or from the aspect of quantity. It shows that the connection of the stock market of our country with the main international stock market is deepening, but at present the influence of the spillover effect on the psychological aspect of the stock market of our country is greater than that of the flow and distribution of funds
2011 Vol. 28 (4): 150-154 [Abstract] ( 4654 ) [HTML 1KB] [ PDF 690KB] ( 1844 )
155 An Empirical Analysis of the Relationship between Currency Internationalization and Bond Market Development
YANG Rong-hai
The author holds that there is a stable co-integration relationship between the development of the bond markets of the United States, the euro zone and Japan and the internationalization of the bond markets of the United States, the euro zone and Japan. The growth of euro international bond market can effectively enhance the internationalization level of euro. And the internationalization of the euro has significantly improved the extent of its regional bond market development. But this joint effect between the dollar, the yen and their bond market is not obvious. As for promoting the mechanism for the internationalization of RMB, the author believes China needs to give priority to developing offshore financial markets. Through the development of offshore financial markets, RMB international bond market will be actively promoted. In this way, the exchange rate of RMB will be stable and it will promote the healthy development of China’s domestic bond market, and finally achieve the aim of RMB being an investing currency in international economic intercourse
2011 Vol. 28 (4): 155-160 [Abstract] ( 5763 ) [HTML 1KB] [ PDF 782KB] ( 2292 )
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