The Journal of World Economy

Vol.29 No.12 Monthly Since 1978

December  2006

International Trade and Investment

3 Xu Helian, Qi Peng, Zhu Shujin  Openness, Human Capital and Total Factor Productivity: An Empirical Analysis of the Provincial Panel Data in China

  This paper estimates the effect of human capital on production functionandthe influenceof trade openness and human capital onTFP. The resultsindicate that the accumulation of the human capital helps to improve the utilization rate of the material capital, and the accumulation of the human capital affects the TFP more directly than economicgrowth, human capital affect the economicgrowth through affecting theTFP. Trade openness affect  TFP mainly by affecting the human capital level. The effects of trade openness and human capital onthe TFP in the eastern, middle and west districtsof China differs.

11 Liu Ke, Wang Wei, Chen Yi  A Political Economy of Foreign Investment and Tariff Level

International Finance

18 Liu Liya  Sovereign Rating, Debt Distress and Currency Crisis in the Emerging Markets

  This paper takes currency crises and debt crises occurrences of 18 emerging markets during 1990-2004 as study samples to examine whether the sovereign rating helps to predict currency crises and debt crises. We also adopt the simple linear relation method, the non-linear ordered probit regression model, and two variables Granger-causality test to discuss whether there is significant correlation between the likelihood of sovereignty default and currency crises. The final conclusion is that there is no inevitable relationship between currency crises and debt crises for most emerging markets during 1990-2004.

Microeconomics

28 Xu Li, Chen Hongmin, Pan Xiaojun  Multihoming and Compatibility Strategy of Firms:  The Applications of Two-sided Markets Theory

Chinese Economy

41 Zhu Hengpeng  Firm Scale, Market Force and the Innovation of Private Enterprises

  Thispaper investigates the determinants of R&D behavior of Chinese non-governmental enterprises (NGEs). The main conclusionsare: (1)Aninverse U type relationship appeared between R&D intensity and firm size; (2)Proper market power is in favor of the enhancing of the R&D intensity and the proportion of original innovation; (3)Competition measure affects theinnovation mode; (4) Business characteristic affects the innovation model; (5) Innovation behavior of NGEs presents obvious  interregional difference.

53 Cheng Gang  An Empirical Analysis of Economies of Scale in Higher Education in China

Capital Markets

63 Chen Jianqi  Ponzi Scheme, Dynamic Efficiency and the Sustainability of Government Bonds

74 Cheng Huifang, Zhang Kongyu  Wealth Effects of Chinese Listed Companies in Cross-border Merger and Acquisitions

Cooperate Governance

81 Zhu Chafen  Signaling or Catering Regulation: Incentives on Voluntary Appointment of Independent Directors