Table of Content

16 March 2009, Volume 29 Issue 3

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THE RELATIONSHIP BETWEEN ECONOMIC GROWTH AND ENVIRONMENTAL QUALITY:AN EMPIRICAL TEST ON THE ENVIRONMENTAL KUZNETS CURVE OF CO₂

HAN Yu-jun, LU Yang

2009, (3):  5-11. 

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Based upon questioning the homogeneous assumption which is implicit in the environmental Kuznets curve(EKC),this paper conducts an empirical study on 165 countries classified into groups.The paper finds that the EKC of the countries with high industrialization and high-income had an inverted U shape,and the EKC of the countries with low industrialization and low income exhibited a slightly inverted U shape,and the EKC of the countries with low industrialization but high income had a shape of /~0,and for the countries with high industrialization and low income environmental pollution grew with income increases.

A STUDY ON THE IMPACT OF CHINA'S INTEREST RATE VARIABILITY ON ITS UNEMPLOYMENT

YI Ding-hong, BAI Jiu-mei

2009, (3):  12-19. 

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Interest rate variability measures variations in interest rates.Empirically studying the impact of interest rate variability on unemployment and comparing the magnitudes of the impacts of interest rate variability and interest rate changes on unemployment have important implications for China's monetary policy coordination.This paper finds that the interest rate variability in China had a negative and time lagging effect on its unemployment,with current unemployment only being effected by the interest rate variability lagged by two periods,and the time lagging effect was greater than the effect of current interest rate on its unemployment.Therefore,interest rate variability should be an important indicator for China's monetary policy monitoring macro-economy.

INCREASING RETURNS AND CHINA'S CAPITAL ACCUMULATION IN ITS INDUSTRIAL SECTOR

LU Bing-yang, YU Yong-da

2009, (3):  20-25. 

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China's industrial sector's capital productivity and profit rate show that the industry sector is experiencing a phase of increasing returns,and this conclusion is supported by the results from our econometric study.Judging by China's economic growth process,technological advances,human capital accumulation,institutional changes,spill-over effect of government services,and transformation of the dual economy all constitute sources of increasing returns in the industrial sector.Investment demand in the industrial sector will stay strong during a considerable amount of time in the future,until the potential of increasing returns brought by technological advances and institutional changes is fully released.

FIXED CAPITAL AND STANDARD COMMODITY

LI Ban-xi

2009, (3):  26-31. 

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This paper discusses the extension of Sraffa's standard commodity to the case in which fixed capital is explicitly considered.In a von Neumann framework where second-hand fixed capital is considered,a generalized standard operation vector can be defined,so that trade off between wages and profits in terms of the generalized standard operation vector is expressed by a line.If second-hand fixed capital is eliminated and only brand new fixed capital is considered,no linear trade off between wages and profits can be observed,even if trade off between them is measured in terms of a generalized standard.

OPTIMAL TAX BURDEN AND TAX STRUCTURE ADJUSTMENT WITH SUSTAINED ECONOMIC GROWTH

LIU Feng-liang, YU Ze, LI Bin

2009, (3):  41-47. 

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With sustained economic growth as the objective,this study's estimates suggest that China's optimal macro tax burden should be 16.47%,after identifying the econometric relationship between macro tax burden and economic growth rate.Since the optimal macro tax burden is lower than the actual tax burden,it is necessary to reduce the actual tax burden.Given the transmission channels for taxation to affect economic growth,this paper suggest that the emphasis of adjusting tax structure in China should be on reducing its business tax,after calculating China sectoral TFP.

AN INTERNATIONAL COMPARISON OF CORPORATE BOND MARKET LEGISLATION AND ITS REVELATIONS

WANG Lin

2009, (3):  48-55. 

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Corporate Bond market is an elementary part of a modern capital market.It has become an urgent task to strengthen the system building up of China's corporate bond market.Key issues to consider in the process of bettering China's bond market include: how to improve and perfect the legal system of the corporate bond market;how to clearly position the corporate bond market,the defining and building up of an integrated supervision system and the interdependent growth between the corporate bond market and the stock market as well as the listed companies.

THE NEGATIVE CORRELATION BETWEEN TRADE CREDIT AND ENTERPRISE SCALE:A THEORETICAL ANALYSIS AND EMPIRICAL TEST ON THE NETWORK OF INTER-PERSONAL-RELATIONSHIP

SU Ru-jie, FENG Han

2009, (3):  66-71. 

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The relationship between trade credit supplied by companies and enterprise scale is obviously different between developed and developing countries.Positive correlation happens in developed countries,whereas the developing countries show a negative correlation.In this paper,after screening a variety of possible mechanisms,based on the empirical outcomes and the econometric test.On the actual data of listed companies in China,we find the relationship among enterprise scale,network of inter-personal-relationship and trade credit is the main reason leading to this result listed above.