Reform and opening up has made China’s economy develop faster than ever. But it has not succeeded in changing the regional disparity in China. In this article, we establish a model factor input called the "lock-...Reform and opening up has made China’s economy develop faster than ever. But it has not succeeded in changing the regional disparity in China. In this article, we establish a model factor input called the "lock-in effect" and analyze the channel of the lock-in effect and how it influences the regional economy. On the analyses of thirty provinces’ panel data in China from 1990 to 2005, we find that the lock-in effect of factor inputs further exacerbates the developmental imbalance among regions.展开更多
The paper discusses the market by seeing two medicines which are Niaspan and Zetia that decrease the cholesterol in the body.Through the paper,we will see that both the drugs are considered to be oligopoly market comp...The paper discusses the market by seeing two medicines which are Niaspan and Zetia that decrease the cholesterol in the body.Through the paper,we will see that both the drugs are considered to be oligopoly market competition followed by the market analysis of the cholesterol medicine in the US from 2011 till 2013 and to check the elasticity of demand from the demand the curve for both the drugs.Later,we come to see the factors that affect the demand and supply for Niaspan and Zetia.Lastly,we end the paper with a conclusion about future expectations and suggestions for the pharmaceutical medicines that can enhance their performances.展开更多
A growing body of evidence suggests that China＇s emergence is having differential effects on Asia＇s advanced and developing countries. The region＇s advanced countries are benefiting from the existence of a large an...A growing body of evidence suggests that China＇s emergence is having differential effects on Asia＇s advanced and developing countries. The region＇s advanced countries are benefiting from the existence of a large and rapidly growing Chinese market for their capital goods, components and technology, whereas its developing countries compete head to head with China in third markets. These facts create additional challenges for late-industrializing Asian countries seeking to catch up with the region＇s industrial leaders. In turn, the emergence of an Asian core and periphery will not encourage the development of a cohesive Asian economic and political bloc. Asian regionalism will be open regionalism in order to prevent regional initiatives from giving rise to costly trade diversion. Efforts to promote Asian financial development and integration are unlikely to come at the expense of the region＇s financial links with the rest of the world. An early move toward a common exchange rate regime with the associated common monetary, stance will be problematic. And, in the absence of these common policies, pressure for the development of powerful regional institutions to formulate the common monetary stance will be at best modest.展开更多
Based on the convergence hypothesis and referring to the experience of East Asian high-performing economies from 1950 to 2010, this paper projects and plots the potential growth rate of the Chinese economy over the ne...Based on the convergence hypothesis and referring to the experience of East Asian high-performing economies from 1950 to 2010, this paper projects and plots the potential growth rate of the Chinese economy over the next 20years. It predicts that the potential growth rate of per capita GDP adjusted by purchasing power parity averages at 6. 02 percent from 2015 to 2035, while the potential GDP growth rate of 2015 would still be above 8percent, which implies that the realized rate of growth has not reached its potential since 2012. Besides, based on the per capita GDP projected and on cross -country comparison, the paper plots the trajectory of structural change of the Chinese economy from 2015 to 2035. The result shows that： （i） the value-added share of primary industry will drop more rapidly than the employment share; （ii） the value-added share of secondary industry will decline and employment share will present an inverted U shape whose turning point will probably come between 2020 and 2025; （iii） both the value-added and employment share of tertiary industry will increase continuously.展开更多
I.INTRODUCTION China has been carrying out significant fiscal decentralization policy for over three decades.However,these reforms have largely concentrated on the revenue side of the budgets,and generally they have n...I.INTRODUCTION China has been carrying out significant fiscal decentralization policy for over three decades.However,these reforms have largely concentrated on the revenue side of the budgets,and generally they have not been coordinated with an explicit strategy for the decentralization of expenditure assignments.展开更多
The present paper is an attempt to define the contours of the right macroeconomic strategy for China. In a nutshell, we believe that the package includes a decrease in saving, with a focus on private saving, an increa...The present paper is an attempt to define the contours of the right macroeconomic strategy for China. In a nutshell, we believe that the package includes a decrease in saving, with a focus on private saving, an increase in the supply of services, in particular health services, and an appreciation of the RMB. This is why we refer to this strategy as a ＂three-handed approach ＂： action on the fiscal and budgetary front, accompanied by currency revaluation. We start by asking how the Chinese economy got to where it is, what the strategy has been since the beginning of the reforms, and what the main characteristics of the economy are today. We then ask what is the desirable path for the future, and which are the main policy trade-offs implied by such a path. Finally, we put the various pieces together to describe what we believe is a consistent policy package.展开更多
This paper uses 4-digit SITC data to identify groups of manufactured goods exported from China to the USA that have strong or rising comparative advantages. We find that most of the trades are inter-industry, with onl...This paper uses 4-digit SITC data to identify groups of manufactured goods exported from China to the USA that have strong or rising comparative advantages. We find that most of the trades are inter-industry, with only a small portion being vertical intra-industry trades （IIT）. Our results confirm that Sino-US trade is complementary. We construct an imbalanced index of IIT, and identify the goods groups that aggravate and reduce the US trade deficit with China. We suggest an approach for calculating a dynamic IIT index that might mitigate the aggregation bias of the existing methodologies. Our improved index reveals that the dynamic imbalances of US-Chinese IIT in manufactured goods are worse than their static IIT imbalances, which means that it would be difficult to correct the deficit of US trade with China in the following couple of years. Adjusting and improving the structures of industries and products is China ＇s major task for sustainable trade growth.展开更多
This study investigates the economic growth and catch-up of Korea over the past half century. Korea＇s growth experience confirms the prediction of a ＂conditional convergence＂ theory. Cross-country regression furthe...This study investigates the economic growth and catch-up of Korea over the past half century. Korea＇s growth experience confirms the prediction of a ＂conditional convergence＂ theory. Cross-country regression further suggests that Korea＇s strong catch-up to the USA is also attributable to its favorable growth factors such as strong investment, lower fertility, greater trade openness, and improvements in human resources and rule of law. However, as Korea catches up to the USA and its steady-state level in per worker output, it will be subject to a growth slowdown unless improvements are made in those growth factors. While manufacturing-oriented and export-oriented development has served Korea＇s success well, poor productivity performance in the services sector has hampered overall productivity growth, Korea＇s experience implies that China＇s potential growth rates are likely to slow in the coming decades due to the convergence effect and with the rebalancing toward a domestic consumption and services-based economy. China needs to upgrade its rule of law, reform state-owned enterprises and improve productivity, particularly in its services sector, to sustain strong growth.展开更多
文摘Reform and opening up has made China’s economy develop faster than ever. But it has not succeeded in changing the regional disparity in China. In this article, we establish a model factor input called the "lock-in effect" and analyze the channel of the lock-in effect and how it influences the regional economy. On the analyses of thirty provinces’ panel data in China from 1990 to 2005, we find that the lock-in effect of factor inputs further exacerbates the developmental imbalance among regions.
文摘The paper discusses the market by seeing two medicines which are Niaspan and Zetia that decrease the cholesterol in the body.Through the paper,we will see that both the drugs are considered to be oligopoly market competition followed by the market analysis of the cholesterol medicine in the US from 2011 till 2013 and to check the elasticity of demand from the demand the curve for both the drugs.Later,we come to see the factors that affect the demand and supply for Niaspan and Zetia.Lastly,we end the paper with a conclusion about future expectations and suggestions for the pharmaceutical medicines that can enhance their performances.
基金This research is financially supported by the National Science Foundation of China （No. 71673033）, and the Chinese Ministry of Education （Nos. 16YJA790058 and 2017CDJSK）.
基金Very preliminary draft of a paper prepared for the project on"China and the Global Economy, 2010", sponsored by the China Economic Research and AdvisoryProgram.
文摘A growing body of evidence suggests that China＇s emergence is having differential effects on Asia＇s advanced and developing countries. The region＇s advanced countries are benefiting from the existence of a large and rapidly growing Chinese market for their capital goods, components and technology, whereas its developing countries compete head to head with China in third markets. These facts create additional challenges for late-industrializing Asian countries seeking to catch up with the region＇s industrial leaders. In turn, the emergence of an Asian core and periphery will not encourage the development of a cohesive Asian economic and political bloc. Asian regionalism will be open regionalism in order to prevent regional initiatives from giving rise to costly trade diversion. Efforts to promote Asian financial development and integration are unlikely to come at the expense of the region＇s financial links with the rest of the world. An early move toward a common exchange rate regime with the associated common monetary, stance will be problematic. And, in the absence of these common policies, pressure for the development of powerful regional institutions to formulate the common monetary stance will be at best modest.
文摘Based on the convergence hypothesis and referring to the experience of East Asian high-performing economies from 1950 to 2010, this paper projects and plots the potential growth rate of the Chinese economy over the next 20years. It predicts that the potential growth rate of per capita GDP adjusted by purchasing power parity averages at 6. 02 percent from 2015 to 2035, while the potential GDP growth rate of 2015 would still be above 8percent, which implies that the realized rate of growth has not reached its potential since 2012. Besides, based on the per capita GDP projected and on cross -country comparison, the paper plots the trajectory of structural change of the Chinese economy from 2015 to 2035. The result shows that： （i） the value-added share of primary industry will drop more rapidly than the employment share; （ii） the value-added share of secondary industry will decline and employment share will present an inverted U shape whose turning point will probably come between 2020 and 2025; （iii） both the value-added and employment share of tertiary industry will increase continuously.
文摘I.INTRODUCTION China has been carrying out significant fiscal decentralization policy for over three decades.However,these reforms have largely concentrated on the revenue side of the budgets,and generally they have not been coordinated with an explicit strategy for the decentralization of expenditure assignments.
文摘The present paper is an attempt to define the contours of the right macroeconomic strategy for China. In a nutshell, we believe that the package includes a decrease in saving, with a focus on private saving, an increase in the supply of services, in particular health services, and an appreciation of the RMB. This is why we refer to this strategy as a ＂three-handed approach ＂： action on the fiscal and budgetary front, accompanied by currency revaluation. We start by asking how the Chinese economy got to where it is, what the strategy has been since the beginning of the reforms, and what the main characteristics of the economy are today. We then ask what is the desirable path for the future, and which are the main policy trade-offs implied by such a path. Finally, we put the various pieces together to describe what we believe is a consistent policy package.
文摘This paper uses 4-digit SITC data to identify groups of manufactured goods exported from China to the USA that have strong or rising comparative advantages. We find that most of the trades are inter-industry, with only a small portion being vertical intra-industry trades （IIT）. Our results confirm that Sino-US trade is complementary. We construct an imbalanced index of IIT, and identify the goods groups that aggravate and reduce the US trade deficit with China. We suggest an approach for calculating a dynamic IIT index that might mitigate the aggregation bias of the existing methodologies. Our improved index reveals that the dynamic imbalances of US-Chinese IIT in manufactured goods are worse than their static IIT imbalances, which means that it would be difficult to correct the deficit of US trade with China in the following couple of years. Adjusting and improving the structures of industries and products is China ＇s major task for sustainable trade growth.
文摘This study investigates the economic growth and catch-up of Korea over the past half century. Korea＇s growth experience confirms the prediction of a ＂conditional convergence＂ theory. Cross-country regression further suggests that Korea＇s strong catch-up to the USA is also attributable to its favorable growth factors such as strong investment, lower fertility, greater trade openness, and improvements in human resources and rule of law. However, as Korea catches up to the USA and its steady-state level in per worker output, it will be subject to a growth slowdown unless improvements are made in those growth factors. While manufacturing-oriented and export-oriented development has served Korea＇s success well, poor productivity performance in the services sector has hampered overall productivity growth, Korea＇s experience implies that China＇s potential growth rates are likely to slow in the coming decades due to the convergence effect and with the rebalancing toward a domestic consumption and services-based economy. China needs to upgrade its rule of law, reform state-owned enterprises and improve productivity, particularly in its services sector, to sustain strong growth.
