Rice vs.Wheat:How Rice Farming Shaped Informal Finance in China

China’s financial system is characterized by the coexistence of both formal and informal finance,and informal finance appears to be more prevalent in the south of the country compared to the north.In this paper,we use the historical demarcation of rice-farming regions and the percentage area of rice sown to ascertain the regional distribution of rice farming in the south and wheat farming in the north in order to analyze the role of rice farming in the evolution of different types of financial institutions in China.We find that rice cultivation has a positive effect on informal financial development,though its impact on formal finance is insignificant.Unlike wheat farming,rice cultivation requires farmers to collaborate during busy farming seasons and necessitates the construction of irrigation systems.Such collaboration helped enhance an acquaintance society,in which both parties to transactions enforced the rules and contract terms of their own initiative,paving the way for informal finance.This paper not only demonstrates the cultural roots of the regional financial disparities in China but also expands the research on the ways in which farming practices from the past have shaped the development of China’s present financial markets.

SOE Reform: from Corporate System to Ownership System

China’s restructuring of state-owned enterpsies has been a major component of the country’s reform and opening, and a driver of its impressive economic growth of the last two decades. An examination of this restructuring is important not only as a contribution to the general economic development literature, but also for China to best understand how its development has played out so far, and thus how it might best be continued.

Conservation Law Classification and Integrability of Generalized Nonlinear Second-Order Equation

This paper is concerned with the generalized nonlinear second-order equation.By the direct construction method,all of the first-order multipliers of the equation are obtained,and the corresponding complete conservation laws(CLs) of such equations are provided.Furthermore,the integrability of the equation is considered in terms of the conservation laws.In addition,the relationship of multipliers and symmetries of the equations is investigated.

Does Family Planning Increase Children's Income?

Whether the generation affected by the family planning will benefi t directly is the key to test whether the policy implications are the same to collective and individual.There are researches on the family planning's consequences are usually in the macro-level.In order to discovery how family planning directly affects the individual,this paper use micro data from China Family Panel Studies(CFPS) 2010 to test the impact of family planning on children's personal income.The results shows that"quantity-quality tradeoff"hypothesis holds on human capital levels in China,and the implementation of family planning policy effectively increases children's education level,but the social capital effect of siblings is also reduced by the family planning policy.Considering the two kinds of effects,the family planning policy has not signifi cantly affect children's personal income.

Lie Symmetry Analysis,Bcklund Transformations and Exact Solutions to (2+1)-Dimensional Burgers' Types of Equations

This paper is concerned with the (2+1)-dimensional Burgers' and heat types of equations.All of the geometic vector fields of the equations are obtained,an optimal system of the equation is presented.Especially,the Bcklund transformations (BTs) for the Burgers' equations are constructed based on the symmetry.Then,all of the symmetry reductions are provided in terms of the optimal system method,and the exact explicit solutions are investigated by the symmetry reductions and Bcklund transformations.

Robust linear optimization under matrix completion

Linear programming models have been widely used in input-output analysis for analyzing the interdependence of industries in economics and in environmental science.In these applications,some of the entries of the coefficient matrix cannot be measured physically or there exists sampling errors.However,the coefficient matrix can often be low-rank.We characterize the robust counterpart of these types of linear programming problems with uncertainty set described by the nuclear norm.Simulations for the input-output analysis show that the new paradigm can be helpful.