It is generally agreed that privatization of state-owned enterprises (SOEs) improves economic efficiency, but it is also widely feared that it exacerbates unemployment especially in transition and development economies. This paper proposes a theoretical model of the macroeconomic relationships...

Many studies of regional disparity in China have focused on the preferential policies received by the coastal provinces. We decomposed the location dummies in provincial growth regressions to obtain estimates of the effects of geography and policy on provincial growth rates in 1996-99. Their...

This study establishes a rigorous theory for the recent popular enhanced-Purchasing-Power-Parity model for estimating the long run equilibrium exchange rates of currencies. The necessary and sufficient conditions for the validity of the model are derived and proved. Based on the theory, this...