In view of global warming, the concept of a low carbon world economy has been brought to center stage. In this paper, a systematical empirical investigation of the convergence behavior of carbon dioxide emissions in China is conducted based on provincial data for the period of 1995–2011. Using...

We find that the measurement cost of creditworthiness is important when considering the behavior of banks. A set of credit infrastructures, i.e. a credit rating system, will help to increase the incentive of the banks to make unsecured credit loans, and thus help financial development. However,...

This paper builds on and extends a classic paper (hereafter referred to as F – O) published by Masahisa Fujita and Hideaki Ogawa in 1982. Their paper models the emergence of urban centers brought about by household and firm location decisions in the context of spatially differentiated labor...

In this paper, transnational pollution is formulated as a differential game between sovereign governments. We consider the case when the countries want to cooperate and agree to act so that an international optimum can be achieved. For the cooperative scheme to be upheld throughout the game...

In this paper we propose a new type of continuous-time stochastic volatility model, SVDJ, for the spot exchange rate of RMB, and other foreign currencies. In the model, we assume that the change of exchange rate can be decomposed into two components. One is the normally small-cope innovation...