We consider a two-layered review system of environmental regulation where a polluting firm periodically self-reports its emissions to a regulatory authority. The system typically requires a third party to verify the firm's report and, in addition, an official of the regulatory authority to...

Purpose In the transitional process of promoting market-oriented interest rate, China is confronted with an important theoretical and practical issue: how to avoid bank runs and realize the smooth operation of the financial system. The purpose of this paper is to construct a bank-run dynamic...

The massive expansion of China's real estate sector has raised manufacturing wage through the channel of reallocating low-skilled labor from manufacturing sectors to the real estate sector. Using data of manufacturing firms in 35 major cities from 2000-2007, we find that the expansion of the...