Introducing one additional element due to possible misfortune to the return of each of two assets in the basic model of Samuelson (Rev.Econom.Statist.51 (1969)239)on optimum portfolio and consumption decisions,this paper resolves both the excess equity premium and the excess consumption...

This study uses data from a 1988 survey of Chinese individuals to estimate rates of return to schooling in China. The Mincer-type rate of return to schooling was estimated at 4.02 percent in rural areas and 3.29 percent in urban areas; these are fairly low estimates compared with similar...

This paper is based closely on the author's Y. C. Jao lecture presented to the Hong Kong Economic Association in November 1998.

To measure the economic effects of political movements in China a simple econo-metric model is constructed. Investment is determined by a central planner maximizing a multiperiod objective function. Political events are modeled by exogenous changes in the shocks to productivity and to investment...

We construct a structural econometric model to measure partially the economic effects of political movements in China.

This essay applies a historical-institution approach to assess the impact of WTO membership on China’s economic, legal and political institutions. In each case historical and institutional trends are described, and the effects of WTO membership on these trends are examined. The topics include...

This paper provides a statistical summary of aggregate economic growth in Taiwan and mainland China using the standard national income accounting framework by decomposing aggregate growth into components due to growths in capital, labor and total factor productivity. For Taiwan, new series of...