Using U.S. Treasury bill and Eurodollar futures to proxy for domestic and external interest rates, respectively, this study examines ex ante interest rate transmission across markets for the period 1982-1991. The results indicate that these interest rates are cointegrated and that they...

This study uses univariate and multivariate unit root tests to analyze the random walk behavior of real exchange rates for the period 1979-1989. The univariate test fails to reject the random walk model, but the multivariate test indicates that part of the real exchange rates is predictable, a...

China's banking system has undergone substantial changes in the past two decades, and it has been transformed from an institutional setup for central planning to a banking system in a market-oriented economy. The reform strategy is consistent with the overall economic reform in China, which,...

Recent developments and problems of corporate governance in Chinese banks are reviewed. The central government has tried to improve corporate governance, but China still has a "market economy with socialist characteristics." Key industries, such as banking, are firmly controlled by the state,...

Since 2003, China has signed a series of agreements with Hong Kong in preferential treatments in trade. At the same time, China also allowed mainland residents to visit Hong Kong on an individual basis. As Hong Kong is already a free port, the preferential treatments are perceived to be more...

The venture capital industry in China has been developing rapidly since the early 1990s and venture capital has been playing a more and more important role in the development of small and medium-sized businesses, particularly those in the high-tech industry. The authorities recently adopted more...