A decline in the relative price of imported goods compared to that of domestically produced goods, e.g., caused by domestic currency appreciation, may have different effects on domestic consumption. Such effects may not be accurately detected and measured in a classical permanent-income model...

As China has rapidly emerged as one of the world’s largest investors abroad, there has been a hectic debate in the literature on whether its emergence as a major foreign investor may have undermined the importance of western industrialised economies, including those in the Organisation for...

This article investigates the dynamic and long-run relationships between the monetary policy and asset prices in China using monthly data from June 2005 to February 2012. Johansen's cointegration approach based on the Vector Autoregression (VAR) and the Granger causality test are used to...

This book is an investigation into China's reform process during the period 1979 to 1987, with especial reference to the effect of the process on the industries (mostly manufacturing) that are still owned by the state. The data on which this book is based results from a large-scale study in...

Rapid and sustained economic growth has transformed China from a centrally planned low-income country to a middle-income market economy in just three decades. It is also well known that income inequality has increased substantially. The exact extent and nature of changes in income inequality,...

A production model is proposed to explain why economic growth may lead to regional inequality and club divergence. Economic growth starts from a few centres and spills over to other regions. The spillover effect diminishes as distance rises, causing club formation with a clear geographical pattern.

In a recent article, Geroski and Walters (Economic Journal, 105, 1995, 916-928) suggest that changes in demand Granger cause changes in innovative activity but not vice versa. This note shows that inappropriate modelling methods can lead to such conclusions which exclude the possibility of...

A modified policy analysis matrix is developed to study the costs and benefits of crop production in Thailand. Government intervention in production diversification is assessed with alternative indicators of comparative advantages. It suggests that intervention may be socially undesirable but...

The current financial crisis has hit the banking giants of the world really hard. It is striking to note that some of the large Chinese commercial banks have emerged to be the biggest winners as a result of the crisis, thanks to reforms over the past 10 years. The most significant reform before...

type="main" xml:id="twec12105-abs-0001" <title type="main">Abstract</title> <p>Rapid urbanisation and rising income have led to a strong demand for housing in urban China. However, housing development has been distorted by speculation, income inequality and lack of government support for low-cost houses. In recent years,...</p>