Table of Content

16 November 2007, Volume 27 Issue 11

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AN EXPLANATION OF CHINA'S TRADE BALANCE AND IT'S FUTURE PERSPECTIVE

WANG Jin-bin, LI Nan

2007, (11):  19-25. 

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This paper argues that both the export-oriented policies and endowments make contributions to the formation of China's trade paradigm—— exporting the manufacture products while importing the primary products,and thus the trade surpluses.The rapid growth of trade surpluses in recent years indicates that the comparative advantages inherited in the growing big markets and low-cost labors are gradually become effective.So China's trade surpluses will further expand and no any low-cost measures can decrease the trade surpluses effectively.

THE IMPACES OF ADVERSE INCOME SHOCK IN LABOR MARKET ON CONSUMPTION:EVIDENCE FROM URBAN CHINA

DU Feng-lian, SUN Jing-fang

2007, (11):  26-31. 

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Unemployment raises adverse earning shock,which tends to change the consumption behavior of the agents'.This paper studies the effects of adverse earning shock on consumption using Unemployment and Re-employment Survey Data conducted by China N.B.S.in 2003.We find that unemployment has affected expenditure on food and education in different ways.Those who have suffered earning shocks can smooth their food consumption more than education on average.Education attainment has positive effect on smoothing expenditure on education.Being re-employed can decrease the expenditure share on food while increase the expenditure on education.Unemployment duration has negative effect on education even for those re-employed.Women laid-offs reduce the expenditure on both food and education;the expenditure on education will be improved once they are re-employed.

"AN ANALYSIS OF DRAG" OF LAND RESOURCES IN CHINA'S ECONOMIC GROWTH

CUI Yun

2007, (11):  32-37. 

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Land resources are important material basis of survival and development of mankind.According to the assumption of David Romer,real economic growth will show a declining trend because of the limitations of land and other natural resources,namely,there exists a kind of drag caused by the consumption of land and other natural resources.Based on the analysis,the author computes China's economic growth drag of land resources during 1978~2005 in this paper,i.e.averages about 1.26 percent per annum.In other words,due to the consumption of land resources,China's economic growth rate has been reduced by average 1.26% annually during 1978~2005.This number is rather large.Computed on the basis of the data,China's economic growth rate will be reduced to 74% of the present because of the drag of land resources in 2030,and it will be reduced to 57% of the present in 2050.

MONEY DEMAND ELASTICITY,EFFECTIVE MONEY SUPPLY AND MONEY MARKET DISEQUILIBRIUM:"CHINESE PUZZLE" AND LONG-TERM EXCESSIVE LIQUIDITY

LI Zhi-guo

2007, (11):  38-44. 

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Chinese excessive liquidity problems are more serious than other main countries.The upgrading industrial structure and the increasing open degree lead to the excessive money demand and higher money demand elasticity.The imbalance between money demand and money supply is the key of Chinese excessive liquidity problems.

STUDY ON TOTAL REVENUE OF CHINA'S STOCK MARKET IN TOTAL CIRCULATING

CHEN Zhang, LI Jing

2007, (11):  45-50. 

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Total circulating,a core factor for stock market restructuring currently,has a negative impact on total revenue of the stock market.However,the earlier restructuring takes place,the less negative impact it would occur.Transaction fee,corporation dividend and additional fund contribute differently with the promotion of total circulating,while additional fund always plays a deterministic role in revenue distribution.