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Table of Content 期刊目录
1. China's economic development and cultural renaissance in the multipolar growth world of the twenty-first century
Justin Yifu Lin
Pages 1-11
2. Interpreting fluctuations in output growth in China
James Laurenceson
Pages 12-20
3. Labor scarcity and the turning point in the Chinese rural sectors: empirical evidences from a frontier production function study
Akira Era & Shota Moriwaki
4. Housing affordability in Macau: evidence and policy
Hsiao-Chuan Chang
Pages 46-56
Article Abstract 文章摘要
1. China's economic development and cultural renaissance in the multipolar growth world of the twenty-first century
Justin Yifu Lin
Pages 1-11
Abstract: Based on Malinowski's definition of culture as an integral whole of artifacts, organizations, and values, this paper analyzes the possibility of China's rapid economic development leading to a revival of Chinese culture with ren (benevolence) as its core value. Emerging economies such as India, Brazil, Russia, South Africa, and Indonesia have their own unique cultural heritages. In the twenty-first century multipolar growth world, they are also likely to maintain their respective core values and become modern nations like the forerunning Western industrialized nations, Japan, and Korea. The twenty-first century is likely to be a time of all civilizations developing, prospering, and shining together.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2013.830807
2. Interpreting fluctuations in output growth in China
James Laurenceson
Pages 12-20
Abstract: Unlike in OECD countries, fluctuations in output growth in China are not straightforward in their interpretation. On the one hand, they reflect the business cycle, which results from shocks to aggregate demand. On the other hand, they also reflect the structural transformations that have accompanied China’s transition to a market economy. Demand shocks can be identified by virtue of the persistence of their impact. This paper decomposes the variance in provincial, regional, and national output growth according to its persistence characteristics. The results suggest that during the reform period, only a minority of output growth variance can be attributed to demand shocks and business cycle fluctuations. It is also found that there is substantial heterogeneity in the persistence characteristics of output growth across provinces. Implications of the findings for macroeconomic policy are discussed.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2013.831236
3. Labor scarcity and the turning point in the Chinese rural sectors: empirical evidences from a frontier production function study
Akira Era & Shota Moriwaki
Pages 21-45
Abstract: The purpose of this study is to examine whether overemployment has existed in the Chinese agricultural sector since 2000. The moment when overemployment ceases to exist is called the ‘turning point.’ After the turning point, an economy would be classified as entering the developed stage. Since the later half of the 2000s, many studies have analyzed the turning point of the Chinese economy. However, these studies have not reached a consensus as to the existence of overemployment. Varieties of data sources for the empirical studies have affected the discrepancies of these results. This study uses the flow data (e.g., the days of work and the daily wage) rather than stock. From our estimation results, we confirm that the Chinese agricultural sector has been increasing its production efficiency. In addition, our study indicates that overemployment is decreasing in almost all provinces and some regions have achieved a turning point.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2013.831229
4. Housing affordability in Macau: evidence and policy
Hsiao-Chuan Chang
Pages 46-56
Abstract: This paper investigates a contemporary issue of housing affordability in Macau. A theoretical general-equilibrium model substantiates that government policies influence the house price and quantity differently in different scenarios. Data of earnings by industry and occupation are employed to disclose the variation of affordability among different groups over the past seven years. The year of 2004 was the golden age of homeownership. In 2011, the situation deteriorated and the market price cast huge pressure on home buyers. Unaffordable house prices coexist with many vacant units. Facing such a market failure, people of Macau continuously request government intervention. The core of curbing soaring house prices is to reduce profits in house flipping. Policy suggestions mainly fall into aspects of taxation and regulations of financial assistance for mortgage.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2013.831235
