English Abstract: For the past several years Macau has distributed part of its government surplus to its residents at the end of each fiscal year. This paper analyses the advantages and disadvantages of such a programme, and suggests other ways of efficiently distributing the surplus

Banking competition may enhance or hinder the financing of small and medium-sized enterprises. Using a survey on the financing of such enterprises in China, combined with detailed bank branch information, we investigate how concentration in local banking market affects the availability of...

We augment the standard two country, two commodity an two-factor trade model by allowing for money to exist as an additional asset. We find that it is possible for an increase in the domestic tariff to worsen the terms of trade if the importable sector is severely distorted by the existence of...