This paper examines the linkages between the emerging stock markets in Warsaw and Budapest and the established markets in Frankfurt and the U.S. By using a four-variable asymmetric GARCH-BEKK model, we find evidence of returns and volatility spillovers from the developed to the emerging markets....

This paper investigates stock market interdependence between China, Korea, Japan and the US with particular attention to the impact of the Chinese reforms within a 4x4 asymmetric GARCH-BEKК framework. We find a bi-directional market linkage between China and the US and uni-directional linkages...

This paper uses multivariate time series methods to investigate convergence of Chinese real GDP per capita at regional and provincial levels over the period 1952 – 2001. We reject convergence across regions. However, we find evidence of common trends among the provincial real incomes within...

This paper uses both cross-sectional and panel data on Chinese provinces over the reform period 1978-1998 to examine the pattern of China’s regional economic growth on the basis of a theoretical model on convergence. We find a tendency to converge in terms of real GDP per capita both...

This study attempts to examine the growth pattern of China’s economy during 1978-1998 from the perspective of income distribution dynamics. Motivated by the model of dynamic distribution, a transition matrix is derived from a panel of ratios of provincial real incomes to national averages...

The past decades have witnessed falling wage shares and a polarization of personal income distribution. Average wages and average labour compensation have not kept up with productivity growth. Functional income distribution has shifted at the expense of labour. In many countries personal income...