Frontiers of Economics in China

ISSN 1673-3444

ISSN 1673-3568(Online)

CN 11-5744/F

邮发代号 80-978

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2008年, 第3卷 第1期 出版日期:2008-03-05 上一期   下一期
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Is there a risk-return trade-off? Evidences from Chinese stock markets
KONG Dongmin , LIU Hening , WANG Le
Frontiers of Economics in China - Selected Publications from Chinese Universities. 2008, 3 (1): 1-14.  
https://doi.org/10.1007/s11459-008-0001-0

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Employing a recently developed method-mixed data sampling (MIDAS) approach - to assess the risk-return trade-off for Chinese stock markets, our results are striking. First, we fail to find any evidence of the risk-return trade-off in the first subsample (Jan 1993–Jan 2001), while we do find the existence of such relationship in the second subsample (Feb 2001–Dec 2005); such results suggest that as the markets become more mature, risks are compensated more properly. Second, we also compare the MIDAS results with the results obtained from conventional approaches such as the GARCH-type model. Our results are reasonably robust to the methods that we use, and the MIDAS and GARCH-type approaches outperform rolling-window approach in terms of modeling volatility.
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Property-rights, financial stabilization policies, and central bank independence
HUANG Shao′an , HE Kun
Frontiers of Economics in China - Selected Publications from Chinese Universities. 2008, 3 (1): 24-34.  
https://doi.org/10.1007/s11459-008-0002-z

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This paper builds a micro-behavior model of central bank and financial institutions from the perspective of property-rights. By analyzing the theoretical model and the practice, we conclude that, in the framework of the present financial stabilization policies in China, the central bank’s functions of monetary policy and financial stabilization are enslaved to financial institutions. Thus, central bank independence has been damaged because of the actual property-right relation between the central bank and the financial institutions. The policy implication is to cut off the property-right relation between the central bank and the financial institutions.
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Optimal withdrawing path of state-owned capital in economic transition A dynamic model
XIE Ming
Frontiers of Economics in China - Selected Publications from Chinese Universities. 2008, 3 (1): 38-50.  
https://doi.org/10.1007/s11459-008-0003-y

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This paper presents a dynamic model based on the utility maximum decisions of both the government and private sectors to study the optimal withdrawing path of state-owned capital in economic transition. Numerical simulation shows that: (1) an optimal transition path still exists when treating government and private sectors separately, (2) when the transition cost is higher than its critical value, the economy will never start a transition by itself. In addition, this analysis offers theoretical supports for some reform policies adopted by governments during transition.
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The application of the Median Voter Theory to the formulation of policies for the citizenization of peasant workers—An empirical study on 436 peasant workers in Wuhan
XU Jianling , LIU Chuanjiang
Frontiers of Economics in China - Selected Publications from Chinese Universities. 2008, 3 (1): 150-148.  
https://doi.org/10.1007/s11459-008-0007-7

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The Median Voter Theory is an important theory in the neo-political economics. It can be applied to solve the collective choice paradox and analyze the policy making for the citizenization of peasant workers. Adopting the method of factor analysis, this paper makes an empirical study on peasant workers’ preference for citizenization. We find that there is a paradox of future residence preference and self-identification in peasant workers. On this basis, peasant workers are divided into 5 subgroups, and it is found that the median undecided peasant workers are the median voters. Based on the analysis of the median undecided peasant worker’s complaints and appeals, it is proposed that the country should strengthen the vocational training system, establish a social security system, expand the agricultural reform and promote educational reform to facilitate the citizenization of peasant workers.
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