During the Chinese Cultural Revolution many schools stopped normal operation for a long time, senior high schools stopped student recruitment for up to 6 years, and universities stopped recruitment for an even longer period. Such large scale school interruptions significantly reduced the...

Although urban China has experienced spectacular income growth over the last two decades, increases in inequality, reduction in social welfare provision, deregulation of grain prices, and increases in income uncertainty in the 1990s have increased urban poverty. Using a large repeated...

The paper examines the desirability of exchange rate management in a commodity-exporting country, in which the terms of trade are driven by the world commodity price cycle. When the authorities are assumed to pursue an inflation objective, the usefulness of managing the rate depends on the...