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15 July 2017, Issue 04 () Previous Issue    Next Issue

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The Configuration Effect of Inflation on Department based on Dynamic Panel Data Model in China NIE Sa 2017 (04):  1-6.  Abstract ( 375 )   PDF (781KB) ( 944 )   This paper builds a dynamic panel data model to test the impact of inflation on eight major sectors using Chinese provincial panel data from 2005—2014, then we estimate the theoretical model by robust one step system GMM estimation method and make a test. The result shows that the impact of inflation on Agriculture & Farming, Industry and Construction is positive, while the other sectors are negative. Although inflation has a different configuration effect on various departments, sustainable economic development had a significant impact on the structural adjustment of departments, so inflation doesn't hinder the optimization and upgrading process of industrial structural adjustment in China. References | Related Articles | Metrics

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Measurement and effectiveness evaluation of core inflation in China based on SVAR model YANG Yu-xiang, MO Xuan, TANG Cheng-qian 2017 (04):  7-12.  Abstract ( 396 )   PDF (862KB) ( 901 )   Based on the Quah and Vahey two variable SVAR model, refined demand shock, construct three variable SVAR model food prices, inflation and output, applying the three term limit conditions based on the theory of macro economy, China measure of core inflation and the volatility, trend tracking ability, correlation and prediction ability of the four dimensions of the evaluation of core inflation the effect of. The research shows that the SVAR method is a good way to measure China's core inflation, and has some reference value to the monetary authorities decision-making. References | Related Articles | Metrics

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How local governments' financial behaviors affect residents' subjective well-being:The empirical evidence from China LIANG Cheng-cheng 2017 (04):  13-23.  Abstract ( 417 )   PDF (1354KB) ( 914 )   Based on China's general social survey(CGSS)data and macro data at the provincial level,after using econometric model such as Ordered Probit,this paper found that local governments' financial behaviors significantly influence on residents' well-being.Specific performance are:(1)the fiscal transparency, public service satisfaction have a significant role in promoting residents' happiness;(2)fiscal decentralization, people's livelihood class spending significantly promoted the well-being of residents', and their interaction item has a significant effect in inhibiting their promoting effects of happiness;(3)macro tax burden and residents' well-being had a inverted u-shaped relationship Research of this paper provided empirical support to improve residents' well-being through optimizing local governments' financial behaviors. References | Related Articles | Metrics

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Political Connection,Government Intervention and the“Dual System”of Employment YU Wen-chao 2017 (04):  24-34.  Abstract ( 399 )   PDF (1594KB) ( 982 )   Reducing the informal employment is an important channel of improving the employment quality and building harmonious labor relationship. Using the World Bank's Chinese firms' survey data in 2005 as sample, this paper studies the effect of political connection on the "dual system" of employment. On the basic of measuring the "dual system" of employment using the temporary workers' proportion, the results indicate that political connection can reduce the "dual system" of employment, and the effect is more significant in the regions with more government regulation.Additionally, the impact of political connection on the "dual system" of employment is closely related to firms' factor intensity and property right. Political connection is helpful to reduce the "dual system" of the labor-intensive firms, state-owned firms and private firms, while political connection has no effect on capital-intensive firms and foreign firms. These findings not only deepen our understanding of the hand of government intervention under economic transition background, but also provide useful policy suggestions of building harmonious labor relationship. References | Related Articles | Metrics

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Financial exclusion facing by the counties in China——is the supply insufficient or the institution saturated ZHU Yi-ming, ZHANG Shu-zhong 2017 (04):  35-46.  Abstract ( 346 )   PDF (1473KB) ( 908 )   Based on the data of 2018 counties in China, this paper analyzes the problem of financial exclusion facing by the counties since the market-oriented reform of the rural financial system. Empirical studies show that the problem of financial exclusion still exists in the counties, and mainly for the exclusion of credit funds, rather than the exclusion of traditional financial institutions. Further analysis show that the counties facing a "market failure" issue that exclusion of credit funds and relative saturation of institutions exist at the same time, which means that the increase in the supply of traditional financial institutions will not provide credit funds to solve the issues concerning agriculture, rural areas and peasantry and to support the development of county economy, but which exacerbated the outflow of county funds. These conclusions have important implications for the development of inclusive finance in China. References | Related Articles | Metrics

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Space Spillover Effects on Financial Development of Urban Agglomeration: Empirical Study Based on Spatial Panel Data Model YU Ping, GAI Kai-cheng 2017 (04):  47-55.  Abstract ( 371 )   PDF (1747KB) ( 963 )   The paper used the spatial panel data model to study the spatial correlations and the spatial spillover effects on 10 urban agglomerations' financial development. The results showed that there were two conclusions. Firstly, from the spatial bitmap and global Moran's I value,there was a spatial correlation in the financial development of urban agglomeration. Secondly, from the space panel data regression, there were spillover effects on financial development of urban agglomeration, but there was a big difference about this spillover effects because of the imbalance of China's financial development in regions. References | Related Articles | Metrics

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Analysis of the Influence on Banks' Innovation Ability from the Marketization of Deposit Interest Rate: Based on the Angle of Ownership Structure and Regional Difference WU Cheng-song, GUO Kai-chun, ZHANG Wen-rui 2017 (04):  56-65.  Abstract ( 399 )   PDF (1312KB) ( 880 )   Using an unbalanced panel data of 40 China's city commercial banks from 2008—2014 with ordinary least squares regression method. This paper studies the relationship between the marketization of deposit interest rate and banks' innovation ability, and analyzes the effect of deposit interest rate marketization on bank innovation ability from the perspectives of ownership structure and regional differences. The conclusion is that the marketization of deposit interest rate has a positive effect on the innovation ability of banks. That is to say, the marketization of deposit interest rate can form a "forcing mechanism" on the financial innovation behavior of banks. In addition, the financial innovation ability of state-owned commercial banks is higher than that of private commercial banks in the process of marketization of deposit interest rate. At the same time, innovation capacity of the city commercial banks holding foreign investors is higher than that of non-foreign ones.And in comparison with the eastern region, the incentive effect of deposit interest rate marketization on the innovation ability of city commercial banks is more significant than the central and western regions. Therefore, the city commercial banks should respond positively to the interest rate risk through an active financial innovation behavior after giving full consideration to their own reality. References | Related Articles | Metrics

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Limited attention,psychological Anchors and Expected Returns HUANG Shun-wu, TIAN Huan, WANG Meng-ying 2017 (04):  66-75.  Abstract ( 428 )   PDF (1238KB) ( 947 )   Limited attention and anchored effect are important financial visions.Based on shares of CSI 300 Index, this paper empirically studies the relationship between limited attention, psychological anchors and expected stock returns by constructing momentum portfolio and panel model. we find that, owing to limited attention, investors behave lack of response to the psychology anchor which is either "52-week highest price" or "historical highest price". We also find that, owing to lack of response, nearness to the two anchors all positively predict future stock returns, and the impact is the highest in bull market. The conclusion is confirmed by the results of Monte Carlo Simulation. References | Related Articles | Metrics

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Agency costs, semi mandatory dividends and firm value——Empirical evidence from China's A-share listed companies A HU Yao-ting, MA Hong 2017 (04):  76-83.  Abstract ( 467 )   PDF (990KB) ( 1017 )   from 2009 to 2015 two city Shenzhen A shares of listed companies as a sample, to test the effect of semi mandatory dividend policy after the implementation of corporate governance and agency cost differences on the relationship between cash dividend and company value. The study found that: (1) the difference of agency costs will affect the relationship between the cash dividend and the value of the company, if the company has good governance mechanism to reduce agency cost, the cash dividend to enhance the value of the company will be greatly reduced. (2) cash dividends issued by listed companies are positively related to corporate value, but passive cash dividends do not have a strong correlation with corporate market value. References | Related Articles | Metrics

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Trade Facilitation and Export Performance: Evidence from Country Group Effect CAO Ying-qi, JIAO Xiao-song, LIAO Wang-ke 2017 (04):  84-92.  Abstract ( 440 )   PDF (1300KB) ( 937 )   By the criteria of National income level, this paper classifies the 177 countries into 5 groups.Using gravity model and PPML method and combined with the cross sectional data of bilateral export trade value in 2014, this paper estimates the relationship between trade facilitation and export trade value.The results show that 1) trade facilitation exerts the positive effects to all countries' export; 2)The lower national income level, the higher trade facilitation effect. The descending order is low income countries, low-middle income countries, high-middle income countries and high income countries: OECD. Hence the verification of the applicability of the late-developing advantage is confirmed in the trade facilitation.At the end of this paper, the way of improving trade facilitation are brought forward for the countries, especially for the low and low-middle income countries. References | Related Articles | Metrics

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Difference in Identity and Gap in Income: an Empirical Research based on Quantile Regression Analysis TANG Jia-long, HUANG Qiang 2017 (04):  93-102.  Abstract ( 408 )   PDF (1293KB) ( 947 )   There are multiple identities such as household registration status(hukou identity),political identity,employment status for individuals in Chinese society.However,the current literatures on the relationship between identity and income neglected how identity effects on income distribution.The traditional OLS regress methods based on the analysis of the mean value cannot reveal the different effects of identity on income distribution.Therefore,this research introduces quantile regression to analyze the effect of identity on income distribution and to explore whether there is a common regularity for the effects.Using the 2013 household income survey(CHIP)data,the study finds that:(1)the household registration has a u-shaped and statistically significant effect on individual income,which suggests that the household registration widens the income gap at both the low-end and high-end.(2)The political identity of being a party member has a greater and significant influence at the high-end,suggesting that political identity widens the income gap at the high-end of income distribution.(3)The influence of employment status differentiates.The employers consistently have a higher return than the employees with an increasing regression coefficients.Working with a fixed-term employment contract and long-term contract is more advantageous than person with a temporary contract or "without any the contract".At any given quantile level of the income distribution,people with a fixed-term employment earn a better income than the long-term contracts,and the latter excel those people with a temporary or short-term contract.(4)From the point of control variables,such as age,education,gender and unit types,etc.,most of them have an significant effects on income distribution as the theory may expect.Employers' income is obviously higher than that of employees,which embodies the return of the entrepreneurship.Foreign companies and the private sector relative to the state-owned enterprises,collective enterprises,whose marketization degree are higher,enjoys a greater return.The paper proposes that the government accelerate the reformation of the household registration system so as to attack the job segregation and to endow the agricultural people with equal employment rights and interests,thereafter narrow down the income gap for the low-income groups.And it also suggests to optimize the administrative system and to correct the distortion between the economic power and political power in order to eliminate the negative impact of the political status,and narrow the income gap for people within the high-income group. References | Related Articles | Metrics

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Reducing poverty and education development: the accuracy of a participatory governance perspective for poverty alleviation FAN Ping-hua 2017 (04):  103-110.  Abstract ( 418 )   PDF (1317KB) ( 957 )   The development of the poverty theory, deepening of the cognition on poverty cause, the realities of precise poverty reduction requirements for poverty alleviation mode to participatory governance mode transformation. Education development is not only a guarantee, but also the important content and key impact factors of participatory poverty governance. From the perspective of poverty reduction, there exists a weak rural lifelong education, poor education, education resources allocation for vulnerable groups lack of effective supervision and evaluation, promoting mechanism has yet to establish education poverty reduction and comprehensive measures.Therefore, participatory poverty governance should be built as an important part of national governance system construction, reform education poverty reduction mechanism of resource allocation,change the form and content of education poverty reduction, develop the mechanism and platform of education poverty reduction. References | Related Articles | Metrics