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China: Between Social Stability and market integration

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China & World Economy 2006年第3期14卷 95-108页

作者： Giovanni B. Andornino Russell G. Wilcox PhD Candidate Catholic University of Milan Italy. PhD Candidate School of Oriental and African Studies UK

China＇s gradual integration with the global market is responsible for exceptional rates of economic growth and for the substantial sociopolitical stability enjoyed by the country over the past decades. Nevertheless, the choice to increasingly adhere to the competitive dynamic of the market has thrown up a battery of problems for China＇s leadership, as increasing affluence has favored the pluralization and diversification of social interests. In a country where the existence of divergent and competing social claims has traditionally been regarded as a grave threat to stability, marketization, whereas on the one hand acting as a source of political legitimacy, has, on the other, paved the way for a potentially more strained relationship between relevant corporative interests and the central government. By studying China＇s recent development from the complementary perspectives of the ＂horizontal＂ and ＂vertical＂ forms of decentralization and devolution, this paper aims to highlight the tensions with which China has had to contend since its adoption of reform and opening-up policies in the late 1970s. It aims also to suggest how the Chinese leadership＇s instinct for continued social control has cut against market reform just enough to effect a process of controlled macroeconomic integration that has been more successful than wholesale resistance or immediate unquestioning acceptance would have been.

关键词： China decentralization globalization market integration

A new analytical approach for identifying market contagion

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Financial Innovation 2022年第1期8卷 1097-1131页

作者： Hee Soo Lee Tae Yoon Kim Department of Business Administration Sejong University209 Neungdong-ro Gwangjin-guSeoul 05006Korea Department of Statistics Keimyung University1095 Dalgubeol-daeroDaegu 704-701Korea.

This study proposed a new analytical approach to identify the excessive comovement of two markets as *** goal is achieved by linking latent-factor and single-equation error correction models and evaluating the breaks in the short-and long-term relationships and correlatedness in the linked *** results demonstrated that a short-term relationship representing the market speed ratio between two markets plays a key role in contagion *** a long-term relationship or correlatedness is broken(comovement change)due to a break in the short-term relationship(market speed ratio),contagion is highly likely and should be formally *** posterior probabilities were calculated to determine the ***,this study applied this analytical Bayesian approach to empirically test the contagion effects of the *** market during the global financial crisis between 2007 and 2009 using 22 developed equity markets.

关键词： Contagion test market integration Bayesian approach Comovement market speed ratio

The linkage between Bitcoin and foreign exchanges in developed and emerging markets

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Financial Innovation 2023年第1期9卷 1003-1029页

作者： Ahmed BenSaïda LaREMFiQ Laboratory University of SousseSousseTunisia College of Business Effat UniversityJeddahSaudi Arabia

This study investigates the connectedness between Bitcoin and fiat currencies in two groups of countries:the developed G7 and the emerging *** methodology adopts the regular(R)-vine copula and compares it with two benchmark models:the multivariate t copula and the dynamic conditional correlation(DCC)GARCH ***,this study examines whether the Bitcoin meltdown of 2013,selloff of 2018,COVID-19 pandemic,2021 crash,and the Russia-Ukraine conflict impact the linkage with conventional *** results indicate that for both currency baskets,R-vine beats the benchmark ***,the dependence is better modeled by providing sufficient information on the shock transmission ***,the cross-market linkage slightly increases during the Bitcoin crashes,and reaches significant levels during the 2021 and 2022 crises,which may indicate the end of market isolation of the virtual currency.

关键词： Cryptocurrency Fiat currency Bitcoin crashes market integration

Purchasing Power Parity and Price Fluctuations in China before July 1937

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Frontiers of Economics in China-Selected Publications from Chinese Universities 2018年第3期13卷 458-483页

作者： Liuyan Zhao Yan Zhao School of Economics Peking UniversityBeijing 100871China School of Software &Microelectronics Peking UniversityBeijing 100871China

In this paper, we provide an empirical investigation of the purchasing power parity (PPP) hypothesis for China before July 1937. Using the monthly data from 1922 to 1937, we find clear and consistent evidence in favor of the purchasing power parity relationship. This naturally leads to the conclusion that the degree of Chinese market integration with the West was substantial before July 1937. These findings offer an empirical interpretation of the rise and fall of the Chinese price level during the Great Depression. It also has further implications of the impact of the American Silver Purchase Act of 1934 and the assessment of the 1935 currency reform on the Chinese economy.

关键词： purchasing power parity (PPP) silver standard market integration 1935 currency reform deflation inflation

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18世纪中国南北方市场整合程度的比较

Railway's Effects on Economic Development:A Quantitative Study on Modern Henan(1890s-1930s)

经济史 2012年第2期 124-137页

作者：颜色刘丛

利用从第一历史档案馆获得的清代1742-1795年15省的府级主要粮食品种月度价格数据，本文通过回归和协整分析比较了清代南北方市场整合程度的差异，发现18世纪时南方粮食市场的整合程度显著优于北方市场。在对区域面积、粮食品种进行稳... 详细信息

利用从第一历史档案馆获得的清代1742-1795年15省的府级主要粮食品种月度价格数据，本文通过回归和协整分析比较了清代南北方市场整合程度的差异，发现18世纪时南方粮食市场的整合程度显著优于北方市场。在对区域面积、粮食品种进行稳健性检验并分析了天气冲击和政府干预等因素以后，本文发现南北方差异依然显著。而交通条件，特别是水路交通的差异是导致南北方市场整合程度差异的重要因素。由于自然条件限制，北方河流，特别是黄河，无法像南方河流那样促进交通条件改善和市场发育，是导致南北方市场整合差异的重要原因。

关键词：粮价清代市场整合南北差异交通 grain prices Qing dynasty market integration regional difference transportation

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China Economist 2016年第6期11卷 80-97页

作者： Gao Shuang Zhengzhou Shengda University of Economies Business ＆ Management Zhengzhou China

Different arguments on the relationship between railway construction and economic development exist in literature. As the railway construction of Henan in the period of late Qing Dynasty （1644-1911） and early Republic of China （1912-1949）provides a nearly natural experiment to throw new light on this topic, this paper creates county-level panel data for this period and conducts a further test with a difference-in-difference strategy. While the effect of railway is demonstrated to be positive in some literature yet negative in others, this paper identifies some major intergroup differences： railway lines put into service after the 1910s and connecting central cities promoted population growth in regions along the railway lines, enhanced their capaci（v to cope with external market shocks, yet they did not improve integration with the intra-provincial market. By contrast, the railway lines put into operation in the 1930s and connecting hinterland areas not only improved regional market integration but contributed to higher living standards as well. The implication is that the effects of railway are subject to the economic relations of various localities along the railway lines and the economic attributes of various sectors, thus railways cannot be generally defined to be positive or negative. This conclusion helps explain the disagreements in empirical studies and highlight the impact of railways on the regional economic structure.

关键词： late Qing Dynasty and early Republican Period railway population density market integration welfare level

Trends and Features of China's Inter-Provincial Trade:1987-2007

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China Economist 2014年第2期9卷 90-99页

作者：张少军李善同 Department of International Economics and Trade School of EconomicsXiamen University Department of Development Strategy and Regional Economy the State Council Development Research Center

With today's economic globalization,inter-provincial trade plays an important role in a country's *** paper is the first to adopt the input-output tables of 30 Chinese provinces and to summarize the evolution of China's inter-provincial trade from1987 to *** paper reaches the following ***,China's inter-provincial trade has sustained a period of rapid *** 2007,the total volume of inter-provincial trade was twice the amount of international trade,with the eastern region accounting for the majority of the inter-provincial trade *** may have a greater effect on interprovincial trade than geographic distance ***,inter-provincial trade maintains a high level of concentration and overlaps with the high concentration of ***,the inter-provincial trade dependence of Chinese provinces tends to increase,an indication of the growing domestic market ***,the eastern region's dependence on inter-provincial trade is higher than the central and western regions'.Fourth,the share of inter-provincial trade in the overall external trade of Chinese provinces has a declining tendency,which indicates a slower process of China's domestic market integration compared with international market ***,in terms of proportion,the external trade of most Chinese provinces is still dominated by inter-provincial ***,most provinces with longstanding inter-provincial trade deficits are in the central and western regions.

关键词： inter-provincial trade provincial input-output tables trade inflows andoutflows market integration gravity model of trade.

市场一体化、产业地理集聚与地区专业分工演变

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清代的市场整合及其空间结构(1738-1820)

产业经济 2011年第4期

作者：吴三忙李善同

本文利用分省分行业两位码水平制造业数据，实证分析了中国市场一体化、制造业地理集聚与地区专业分工的演变情况。研究结果表明：改革开放以来中国市场一体化水平和地区专业分工水平总体不断提高，制造业空间分布发生了显著的变化，制... 详细信息

本文利用分省分行业两位码水平制造业数据，实证分析了中国市场一体化、制造业地理集聚与地区专业分工的演变情况。研究结果表明：改革开放以来中国市场一体化水平和地区专业分工水平总体不断提高，制造业空间分布发生了显著的变化，制造业已表现出较高的地理集聚水平，集聚的区域主要是东部地区。但近年来随着产业集聚的强化和市场拥挤效应的作用，中国制造业地理空间分布正发生显著变化，出现了有利于区域协调发展的迹象。

关键词：新经济地理学市场一体化制造业地理集聚专业分工 new economic geography market integration manufacture industrial agglomeration regional specialization

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