Table of Content

16 October 2008, Volume 28 Issue 10

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INSTITUTIONAL FAILURES OF GLOBAL MARKET ECONOMY AND THEIR EFFECTS ON CHINA

WANG Cheng

2008, (10):  5-12. 

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What causes the global inflation,deflation and stagnation of asset market is the institutional failures of the world market economy.Speculative activities without necessary regulations and restraints may result in severe rises and falls of resources price.Therefore the effective measures towards the disorder and crises of the world economy are not only to revive the real economy in supply and demand,but more important to overcome the institutional failures of the market economy worldwide.

RESEARCH ON FOREIGN SUBCONTRACTING ECONOMIC GROWTH MODE—EXAMPLE OF SUZHOU CITY

ZHANG Ye, LIU Zhi-biao

2008, (10):  13-19. 

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Foreign subcontracting is a new mode of economic growth,by means of which developing countries attract foreign subcontracting capital to accelerate the region's economic growth.It plays an important role in capital accumulation,industrial upgrading,and technological progress.The mode is however faced with the challenge of external risks and sustainable development.Government should be implementing policies to advance local firms' development and innovation,helping the transition and upgrading of the mode.

BEHAVIORAL POSTULATE AND ASSET PRICING THEORY

WU Zhong-qun, ZHANG Qun-qun

2008, (10):  20-26. 

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The core of asset pricing theory is behavioral postulate,and behavioral postulate is the axiomatization generalization for human behaviors.Asset pricing theory is the specific application of behavioral postulate based on the problem of asset choices.The correctness of asset pricing theory is tested in reality.While asset pricing theory is proved to have defects,it necessarily traces back to behavioral postulate.There are causality and feedback between asset pricing and behavioral postulate,with the latter as the cause and the former as the result.Simultaneously asset pricing does feedback to behavioral postulate.If we would eliminate the deviation produced by asset pricing theory,behavioral postulate could be focused on.Therefore,the studies about behavioral postulate should be strengthened.

CENTRALIZATION AND DECENTRALIZATION:EVOLUTION OF FISCAL SYSTEM IN CHINA

ZHANG Wen-chun, WANG Wei, LI Yang

2008, (10):  42-49. 

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After the evolution of China's fiscal system,the level of fiscal decentralization did not increased,but there appeared to be a trend of fiscal centralization.Local governments bear excessive expenditure responsibilities.The inappropriate assignments of expenditure and revenue responsibilities caused a high vertical imbalance.Local governments have a high dependence ratio and a low tax control ratio.The future reform of China's fiscal system should consider a trade off between centralization and decentralization,but proper decentralization is inevitable.

POOR EFFICIENCY OF TIGHT MONETARY POLICY TO CURB RECENT INFLATION

LIN Feng

2008, (10):  55-60. 

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Recently,China's Consumer Price Index rises sharply,which represents the emerging inflation pressure.Chinese monetary authority has adopted a series of tight monetary policies to curb the inflation.However,one of the most important features of the present inflation is the structural adjustment of prices.The deep-level reason is the necessity of rectifying the distorted price system of factors of production and adjusting the economy development mode.Furthermore,there is deviation between the money supply growth rate and the inflation rate.Hence,the further tight monetary policies are inefficient on curbing the recent inflation.The comprehensive countermeasures should be carried out to control Chinese economy.

WHERE TO GO:REVIEW OF SOLUTIONS TO PROBLEMS OF "AGRICULTURE,VILLAGES AND FARMERS"

WANG Guo-shun, YU Xin-rong

2008, (10):  66-71. 

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The studies about the solutions to the problems of "Agriculture,Villages and Farmers" have been a hot issue since the issues were proposed and studied.According to the different characters and methods of the studies,we divide them into several groups: the most representative ones are "city school" and "village school";and the most innovative ones are "culture school" and "non-market school".All the studies provide significant contributions and guidance to the solutions of the problems in a new period.