CEJ Volume 2. No. 3. 2009


 date:2010-2-12 11:32:00 source:BiMBA         

Table of Content

1. Assessment of China's macroeconomic situation: relevance of the zero interest rate and quantitative easing polices
Yi Gang
Page 239-255

2. Economic growth and growth linkages in China 1994–2003
Ari Kokko, Christer Ljungwall and Patrik Gustavsson Tingvall
Page 257-275

3. Challenges of population aging in China
Yi Zeng
Page 277-283

4. The impact of foreign capital on the Chinese banking market
Yuan Yuana and Hiroshi Gunji
Page 285-296

5. Redefining Beijing Consensus: ten economic principles
Xin Li, Kjeld Erik Brødsgaard and Michael Jacobsen
Page 297-311

6. Long memory in the volatility of China stock returns
Shiyou Zhu, Min-Hwan Lee* and Kyu Sun Hwang
Page 311-323

7. Social capital, Chinese style: individualism, relational collectivism and
the cultural embeddedness of the institutions–performance link
Carsten Herrmann-Pillath
Page 325-350

8. The China factor in recent global commodity price and shipping freight volatilities
Feng Lu and Yuanfang Li
Page 351-377

Article Abstract

1. Assessment of China's macroeconomic situation: relevance of the zero interest rate and quantitative easing polices
Yi Gang
Page 239-255
Abstract: Using the data available until mid-February, 2009, the article examines China''s macroeconomic situation and looks at the prospect of China''s economy. It analyzes the zero interest rate and quantitative easing policies in terms of relevant empirical evidences in Japan and the prospect of using this kind of policy in the US. It argues that a zero interest rate and quantitative easing policies are not optimal choices for China.
Keywords: China''s macro-economy; zero interest policy; quantitative easing policies
Link to the original text:
http://www.informaworld.com/smpp/title~db=all~content=g919590064~tab=toc

2. Economic growth and growth linkages in China 1994–2003
Ari Kokko, Christer Ljungwall and Patrik Gustavsson Tingvall
Page 257-275
Abstract: This paper investigates to what extent income growth in the Chinese provinces is linked to growth and income levels in neighboring provinces. We find that the rate of income growth in a province is positively related to income and growth in neighboring provinces. However, we find no evidence of such positive interdependence between growth in rich coastal provinces and their immediate inland neighbors. This suggests that there has been little synchronization in economic growth rates between these regions, and/or that the immediate hinterland of the coastal growth centers might have been bypassed as China''s manufacturing sector has migrated westward.
Keywords: domestic integration; economic growth; spatial interdependence; China''s economy
Link to the original text:
http://www.informaworld.com/smpp/title~db=all~content=g919590064~tab=toc

3. Challenges of population aging in China
Yi Zeng
Page 277-283
Abstract: Utilizing the most recent census and survey data as well as the new ProFamy method, this paper presents and analyzes the trends of challenges of population aging and elderly living arrangements in China in the first half of twenty-first century. It discusses the serious challenges and related policy recommendations concerning the old-age insurance program in rural China.
Keywords: Population aging; China's population problems; China''s population
policies
Link to the original text:
http://www.informaworld.com/smpp/title~db=all~content=g919590064~tab=toc

4. The impact of foreign capital on the Chinese banking market
Yuan Yuana and Hiroshi Gunji
Page 285-296
Abstract: In China, the foreign capital share of banks was restricted to 25% until 2006. Does such a relatively low share of foreign capital have any impact on the banking sector? In this paper, we use panel data on 19 major banks during 1996–2004 to shed light on the impact of foreign capital participation on the Chinese banking industry. We find that although the operating performance of foreign-owned banks is basically worse than that of domestic banks, as the market share of foreign-owned banks rises, they improve. For domestic banks, non-interest income decreases, while interest income increases. Therefore,
the net effect of the foreign-owned banks'' share on the profitability of domestic banks is small.
Keywords: China; bank; foreign capital; foreign-owned banks
Link to the original text:
http://www.informaworld.com/smpp/title~db=all~content=g919590064~tab=toc

5. Redefining Beijing Consensus: ten economic principles
Xin Li, Kjeld Erik Brødsgaard and Michael Jacobsen
Page 297-311
Abstract: We argue that, owing to the conspicuous failure of Washington Consensus-guided reforms in most parts of the developing world in the 1990s and the outbreak of the current global financial crisis, the Washington Consensus, as a general term of neoliberal free market economic thinking, has been withering. In the meantime, the Chinese economic model has gained wide recognition and praise worldwide. Joshua C. Ramo coined the term ''Beijing Consensus'' as an alternative approach to economic development for developing nations. There has been hot debate on the notion of a Beijing Consensus. We argue that even though there are some problems in Ramo''s original definition of Beijing Consensus, we should not reject this notion altogether. Instead,
we should try to come up with better conceptualizations of this term. In this paper, we sum up 10 general principles of the Chinese development model as our new definition of the Beijing Consensus.
Keywords: Washington Consensus; Chinese economic model; Beijing Consensus
Link to the original text:
http://www.informaworld.com/smpp/title~db=all~content=g919590064~tab=toc

6. Long memory in the volatility of China stock returns
Shiyou Zhu, Min-Hwan Lee* and Kyu Sun Hwang
Page 311-323
Abstract: In this paper, we empirically examine the volatility process of China''s stock market returns using daily and weekly Shanghai and Shenzhen stock indices during January 1990 to August 2008. To investigate the property of the process, we used the FIGARCH (fractionally integrated GARCH) model including GARCH and IGARCH processes as special cases. Since the FIGARCH model allows fractional integration order, it can detect hyperbolically decaying volatility processes which cannot be explained by previous models with integer integration order. Our results show that the Shanghai and Shenzhen stock indices exhibit long-term dependencies. The long memory properties of the Shanghai and Shenzhen stock markets do not seem to be spuriously induced without exception.
Keywords: long memory; stock returns; volatility; fractionally integrated GARCH
Link to the original text:
http://www.informaworld.com/smpp/title~db=all~content=g919590064~tab=toc

7. Social capital, Chinese style: individualism, relational collectivism and
the cultural embeddedness of the institutions–performance link
Carsten Herrmann-Pillath
Page 325-350
Abstract: China is the odd man out in the research on social capital and economic performance. A brief survey of recent World Values Survey data shows China to be a high-trust, achievement-oriented society, which does not fit into popular pictures of rampant corruption and abuses of power. I argue that one difficulty results from methodological issues in research on social capital, where a universally accepted theory of social capital is lacking, including theoretically grounded methods of measurement. These resulting applications often generalize a Western notion of civil society as a benchmark, implicitly. I propose that social capital has to be conceived as a context-bound intermediate level theoretical term, putting methodological arguments by Durlauf (economics) and Little (Chinese studies) together. The resulting empirical method is that of triangulation across different disciplines, combining emic and etic approaches. I present an application on the notorious phenomenon of guanxi in China, which results in its re-conceptualization as ego-centric networking and relational collectivism, based on a culturally specific framing of affectual aspects of social relations. With this notion of culturally specific social capital, we can better understand the relation between institutions and economic performance in China.
Keywords: social capital; China; guanxi; collectivism and individualism; culture and emotions
Link to the original text:
http://www.informaworld.com/smpp/title~db=all~content=g919590064~tab=toc

8. The China factor in recent global commodity price and shipping freight volatilities
Feng Lu and Yuanfang Li
Page 351-377
Abstract: This paper attempts an investigation of the impact of the China factor on the global commodity and ocean shipping freight volatilities in recent years. It measures China''s contribution to the incremental growth in demand for selected bulk commodities and ocean shipping in the world. China''s impact on price volatilities is statistically analyzed through a conventional econometric framework.
Keywords: world commodity markets; global ocean shipping freights; China factor in the global commodity markets
Link to the original text:
http://www.informaworld.com/smpp/title~db=all~content=g919590064~tab=toc

 
 
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