Table of Content

16 April 2013, Volume 33 Issue 4

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THE MECHANISM OF INFLATION PROCESS IN CHINA: A NEW MONETARISM APPROACH

ZHANG Cheng-Si,TONG Guan-Liang,WANG Lin-Kai

2013, 33(4):  5-12. 

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Inflation in China was mainly attributed to structural factors or cost-push type factors. However,this paper showed that monetary expansion and high housing price were fundamental driving factors of inflation in China since the mid-1990s. This paper applied Meltzer's new monetarism framework in conjunction with an extended AS-AD model with structural imbalances in both supply and demand sides. This paper proposed that the non-market interest rate system was the financial institutional foundation for the housing-price-driven inflation in China. From the perspective of institutional arrangement,policy-makers should put more weight on balancing supply and demand of the economy,instead of focusing on demand management.

ANALYSIS ON CONTRIBUTION OF EFFICIENCY EMBODIED TECHNOLOGY PROGRESS

ZHU Zi-Yun-1,ZHU Tu-Xing-2

2013, 33(4):  13-22. 

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The enhancement of factor productivity was the result of technology progress. By introducing the concept of efficiency embodied technology progress,and using the comprehensive index of capital productivity and labor productivity,this paper built a three-factor decomposition model of the capital scale,the size of the labor force and the overall technology progress in the economic growth. This paper applied the time-series data in China from 1980 to 2010 to empirically analyze the contribution of technology progress. The results indicated that the economic growth originated from the scale growth of capital,the low contribution of the size of labor force and the high contribution of technology progress. The contribution of technology progress originated from the quality and efficiency of production technology,the low contribution of the labor force composition between industries and other management technology progress.

THE EXPORT OF CHINESE FIRMS AND MULTI-FACTOR DISTORTIONS

XIAN Guo-Ming,CHENG Ya-Hao

2013, 33(4):  23-32. 

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This paper estimated the relative distortions of the factors,including the capital,labor and intermediate inputs market,based on the firm-level data from 1999 to 2007 and examined whether these distortions could be the reason of the unique cost advantage of Chinese firms export. The empirical results showed there existed serious factor price distortions of Chinese manufacturing firms and the different factors had different extent of price distortions. Labor price distortion widely existed,where economy developed at the expense of labor marketization. The state-owned firms had lower capital price while the private firms had relative higher capital price. The related industries of energy firm,raw materials firm and foreign enterprises had low intermediate inputs prices. Factor market distortions played a role in promoting firms export orientation and enterprises would transfer a cost advantage to an export advantage. This conclusion suggested that the low factor price of the Chinese products was the reason of competitiveness in the international market.

CREDIT CONSTRAINT AND THE CHOICE OF INFORMAL FINANCE

ZHAO Jian-Mei-1,LIU Ling-Ling-2

2013, 33(4):  33-42. 

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This paper studied the impacts of credit constraints on the selection of informal finance in rural China. Motivated by a theoretical framework,this paper established the direct method of elicitation to China rural survey data. The bivariate probit estimation revealed that both supply-side and demandside credit rationing significantly constrained rural households' capital demands. Importantly,demandside credit rationing imposed greater marginal effects on the adoption of informal finance than that of supply-side constraints. Above conclusions could provide important guidance in rural policy design.

STUDY ON THE INNOVATION MODE OF RURAL FINANCE
——An Empirical Analysis of Forestry Carbon Sequestration Transaction

LAN Hong-1 ,ZHU Ying-2,MU Zheng-She-3

2013, 33(4):  43-50 . 

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The rural financial exclusion had greatly influenced the development of the rural economy. The main reason was that financial institutions could not achieve the goal of profit maximization when they carry out financial services in rural areas. This study showed that the forestry carbon sequestration transaction was an innovation mode for defusing the problem of rural financial exclusion,which would guide the flow of capital back into rural areas,and promote financial institutions to realize their own sustainable development. This paper applied the Guangxi Pearl River Basin forest carbon sequestration project to empirically verify the effectiveness of forestry carbon sequestration trade. Developing forest carbon sequestration transactions could play the role on defusing rural financial exclusion,which should be vigorously promoted by government.

A MEASURE OF FCI IN CHINA

WEN Qing

2013, 33(4):  51-58. 

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Over the past decade,some national central banks and international organizations applied a variety of econometric models,and strived to establish the financial conditions index (FCI) to measure a country's financial situation. In this paper,on the basis of fully consider China's economic and financial condition,the aggregate demand equation reduced-model initially built in China FCI. The results showed that,compared with any single variable,FCI was more effective to capture China's financial condition and to forecast future economic trends,which could become important reference for the central banks monetary policy decisions.

THE EMPIRICAL STUDY ON INTERNATIONAL TRANSFER OF ENERGY CONSUMPTION IN CHINA
——Based on the Four Accounting Dimensions of Embodied Energy in Import and Export Trade

CUI Ri-Ming,WANG Lei

2013, 33(4):  59-68. 

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Based on the input-output analysis and from the four dimensions of export,import,maximum and minimum,this paper studied empirically on the embodied energy of China.The empirical results showed that from 2000 to 2011,the import and export embodied energy all had grown on average 20% annually,with 10.19 and 13.58 billion tons of standard coal respectively in 2011. China was a net export embodied energy country,the net export embodied energy had been 0.79～3.39 billion tons of standard coal.In addition,the policy implications were discussed based on the results

FACTOR ANALYSIS FOR DYNAMIC INDUSTRIAL
STRUCTURE ON DPG MODEL
——An Example of Xinjiang

XUE He-Lai-Ti-·Ma-He-Mu-Ti,TANG Xiao-Yu-2

2013, 33(4):  69-78. 

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This paper analyzed the factors of dynamic industrial structure in Xinjiang from 1997 to 2007The study results showed that the leading industries in Xinjiang were food manufacturing,electricity and heat supply in the first period (1997—2002),which changed to the industries of housewares manufacturing and smelting industry in the second period (2002—2007)The development mode in Xinjiang was varied from domestic demand leading to the export leading patternThe insufficient technology progress was the bottleneck of fostering strategic emerging industries in Xinjiang,which required highlevel human capital and technology transfer policy

AN ANALYSIS ON THREE MODES OF INTERNATIONAL SUPPLY CHAIN FINANCE

XIE Shi-Qing-1,HE Bin-2

2013, 33(4):  80-86. 

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Supply chain finance was a financial innovation aimed to lower the financing cost of supply chain and solve the problem of shortage of funds on supply chain nodes. This paper first analyzed three typical modes of international supply chain finance,including the logistics enterprises mode represented by the United Parcel Service (UPS),the enterprise group mode represented by the General Electric Credit Corporation (GECC) and the commercial bank mode represented by Standard Chartered Bank (SCB). A comparative analysis was conducted on three modes from the four aspects of financing initiative,the advantage of operation,information,and the appropriate application. This paper finally provided some implications for better development of supply chain finance in China.

TRANSACTION COST AND EFFICIENCY OF MODERN AGRICULTURE MANAGEMENT AND CONSTRUCTION ——Based on Three Regions'County-level Survey

YU Kang-Kang,ZHU Xin-Kai,YANG Cheng-Lin

2013, 33(4):  87-99. 

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This paper analyzed the differences of China's modern agriculture management and construction in different regions Based on the survey of 110 counties in 10 provinces,this paper built a generalized linear model to compare the endowments and the developments in different regions Empirical results showed that lower transaction cost,standard procedure and perfect information would improve the efficiency of agriculture management and construction

THE STUDY OF CHINESE RURAL ECONOMIC ORGANIZATION DEVELOPMENT FROM THE PERSPECTIVE OF POWER ALLOCATION,CONTRACT MATURITY, AND GOVERNMENT CONSTRAINTS

ZHAO De-Qi

2013, 33(4):  100-112. 

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China's rural household contract management system was insufficient as the core of the small-scale peasant economy in the rapid development of market economy competition ability. The development of organization was a practical way to promote rural economic growth and increasing farmers' income. Many studies showed that economic organization development was based on the power allocation,contract maturity and the government constraints. This paper explored the institutional organization would improve the competitive equilibrium of supply and demand mechanism,after in-depth study of Chinas rural economy rural land transfer,farmersc'ooperation,the circulation of agricultural products,agricultural production and rural financial services. Some suggestions were provided for the development of China's rural economic organization.