CEMA Working Papers

From China Economics and Management Academy, Central University of Finance and Economics
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432: Foreign Asset Accumulation and Macroeconomic Policies in a Model of Mercantilism

Heng-Fu Zou

431: Land Taxation in China: Assessment of Prospects for Politically and Economically Sustainable Reform

Denis Nitikin, Ashley Chunli Shen, Qian Wang and Heng-Fu Zou

430: Water Service Delivery Reform in China: Safeguarding the Interests of the Poor

Denis Nitikin, Ashley Chunli Shen, Qian Wang and Heng-Fu Zou

409: A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity

Yulei Luo, Liutang Gong and Heng-Fu Zou

408: Stochastic Growth with the Social-Status Concern: The Existence of a Unique Stable Distribution

Liutang Gong, Zhao Xiaojun and Heng-Fu Zou

392: Multiple Equilibria and Indeterminacy in an Optimal Growth Model with Endogenous Capital Depreciation

Gaowang Wang and Heng-Fu Zou

391: Directed Technological Change: A Knowledge-Based Model

Shiyuan Pan, Heng-Fu Zou and Tailong Li

373: Optimal Military Spending, Trade and Stochastic Economic Growth

Deng-Shan Wang, Yan Wang, Yifang Liu and Heng-Fu Zou

372: Social Status, the Spirit of Capitalism, and the Term Structure of Interest Rates in Stochastic Production Economies

Liutang Gong, Yulei Luo and Heng-Fu Zou

371: Social Status, the Spirit of Capitalism, and the Term Structure of Interest Rates

Liutang Gong, Yulei Luo and Heng-Fu Zou

333: Transfers-based Decentralization, Local Endowment and Public Employment: A theoretical inquiry and empirical evidence from China

Fei Yuan, Ran Tao, Zhigang Xu, Mingxing Liu, Heng-Fu Zou and Chunli Shen

332: Intertemporal Portfolio Choice under Multiple Types of Event Risks

Du Du and Heng-Fu Zou

331: Stock Return Dynamics under Earnings Management

Xiaotong Wang and Heng-Fu Zou

330: Fiscal Decentralization and Public Services Provision in China

Chunli Shen, Zhao Xiaojun and Heng-Fu Zou

329: Expenditure Assignments in China: Challenges and Policy Options, Public Finance

Jorge Martinez-Vazquez, Baoyun Qiao, Shuilin Wang and Heng-Fu Zou

309: Foreign Aid, Public Spending, Optimal Fiscal and Monetary Policies, and Long-Run Growth

Liutang Gong, Yuzhe Zhang and Heng-Fu Zou

294: "Race to the Bottom" Competition by Negotiated Land Leasing: an institutional analysis and empirical evidence from Chinese cities

Ran Tao, Fei Yuan, Mingxing Liu and Heng-Fu Zou

293: Technical Choice in Political Perspective: Rethinking How Elites Selected Economic Strategy After WW II

Shiyuan Pan, Qi Zhang, Mingxing Liu and Heng-Fu Zou

292: Returns to education, productivity, and economic growth in China

Qinghua Zhang and Heng-Fu Zou

278: China Decentralization Finance Issues

Shuilin Wang, Zhao Xiaojun and Heng-Fu Zou

277: International asset pricing with alternative distributional specifications

Campbell Harvey and Guofu Zhou

276: Measuring the Pricing Error of the Arbitrage Pricing Theory

John Geweke and Guofu Zhou

275: Estimating and testing beta pricing models: Alternative methods and their performance in simulations

Jay Shanken and Guofu Zhou

274: The Spirit of Capitalism, Precautionary Savings, and Consumption

Yulei Luo, William Smith and Heng-Fu Zou

273: Fiscal Decentralization in China: History, Impact, Challenges and Next Steps

Ashley Chunli Shen, Jing Jin and Heng-Fu Zou

252: China: Regional Disparities In Poverty Distribution

Ashley Chunli Shen and Heng-Fu Zou

212: Fiscal decentralization, revenue and expenditure assignments, and growth in China

Jing Jin and Heng-Fu Zou

192: Regional Disparities of Educational Attainment in China

Anwar Shah, Qinghua Zhang and Heng-Fu Zou

191: Product Innovation, Capital Accumulation, and Endogenous Growth

Heng-Fu Zou

169: Fiscal decentralization, revenue and expenditure assignments, and growth in China

Jing Jin and Heng-Fu Zou

151: A Fiscal Federalism Approach to Optimal Taxation and Intergovernmental Transfers in a Dynamic Model

Liutang Gong and Heng-Fu Zou

132: Soft Budget Constraints on Local Government in China

Jing Jin and Heng-Fu Zou

109: Fiscal Decentralization and Economic Growth in the United States

Danyang Xie, Heng-Fu Zou and Hamid Davoodi

103: Fiscal Policies in a Stochastic Model with Hyperbolic Discounting

Liutang Gong and Heng-Fu Zou

102: Fiscal Policies in a Finite Horizon Model with the Spirit of Capitalism

Liutang Gong and Heng-Fu Zou

101: Optimal design of federal grants to localities

Heng-Fu Zou

100: Dynamic analysis in the Viner model of mercantilism

Heng-Fu Zou

99: The spirit of capitalism, social status, money, and accumulation

Heng-Fu Zou

98: Fiscal Decentralization and Economic Growth: A Cross-Country Study

Hamid Davoodi and Heng-Fu Zou

97: A note on the Bauer-Kornai investment cycle theory

Heng-Fu Zou

96: Dollarization and inflation in a two-country optimization model

Heng-Fu Zou

95: Short-run analysis of fiscal policy and the current account in a finite horizon model

Heng-Fu Zou

94: 'The spirit of capitalism' and long-run growth

Heng-Fu Zou

93: Dynamic Effects of Federal Grants on Local Spending

Heng-Fu Zou

92: On the dynamics of privatization

Heng-Fu Zou

85: Inflation, Growth, and Income Distribution: A Cross-Country Study

Hongyi Li and Heng-Fu Zou

83: PPP May not Hold Afterall: A Further Investigation

Serena Ng and Pierre Perron

80: A dynamic model of capital and arms accumulation

Heng-Fu Zou

79: The spirit of capitalism and savings behavior

Heng-Fu Zou

78: Taxes, Federal Grants, Local Public Spending, and Growth

Heng-Fu Zou

77: The composition of public expenditure and economic growth

Shantayanan Devarajan, Vinaya Swaroop and Heng-Fu Zou

76: Dynamics of Income Distribution

Hongyi Li, Danyang Xie and Heng-Fu Zou

75: Should Public Capital Be Subsidized or Provided?

Shantayanan Devarajan, Danyang Xie and Heng-Fu Zou

74: Income Inequality Is Not Harmful for Growth: Theory and Evidence

Hongyi Li and Heng-Fu Zou

73: Explaining International and Intertemporal Variations in Income Inequality

Hongyi Li, Lyn Squire and Heng-Fu Zou

72: How does fiscal decentralization affect aggregate, national, and subnational government size?

Jing Jin and Heng-Fu Zou

63: Liquidity, Bargaining, and Multiple Equilibria in a Search Monetary Model

Shouyong Shi

59: Fiscal Federalism in a Dynamic Model

Du Du and Heng-Fu Zou

58: Fiscal decentralization, public spending, and economic growth in China

Tao Zhang and Heng-Fu Zou

57: Military spending and stochastic growth

Liutang Gong and Heng-Fu Zou

56: Foreign Aid Reduces Labor Supply and Capital Accumulation

Liutang Gong and Heng-Fu Zou

55: Money, social status, and capital accumulation in a cash-in-advance model

Liutang Gong and Heng-Fu Zou

54: Optimal taxation and intergovernmental transfer in a dynamic model with multiple levels of government

Liutang Gong and Heng-Fu Zou

53: Direct preferences for wealth, the risk premium puzzle, growth, and policy effectiveness

Liutang Gong and Heng-Fu Zou

50: Simulated Maximum Likelihood Estimation of the Linear Expenditure System with Binding Non-Negativity Constraints

Chihwa Kao, Lung-Fei Lee and Mark Pitt

30: The growth impact of intersectoral and intergovernmental allocation of public expenditure: With applications to China and India

Tao Zhang and Heng-Fu Zou

28: The Macroeconomic Impact of Decentralized Spending and Deficits: International Evidence

Francesca Fornasari, Steven Webb and Heng-Fu Zou

24: Vector Autoregressive Models with Structural Changes in Regression Coefficients and in Variance-Covariance Matrices

Jushan Bai

22: Power Risk Aversion Utility Functions

Danyang Xie

21: A Theory of Supervision with Endogenous Transaction Costs

Antoine Faure-Grimaud, Jean-Jacques Laffont and David Martimort

12: A Critique of the Stochastic Discount Factor Methodology

Raymond Kan and Guofu Zhou

11: Endogenous Structure of the Division of Labor, Endogenous Trade Policy Regime, and a Dual Structure in Economic Development

Xiaokai Yang and Dingsheng Zhang

8: Foreign Aid Reduces Domestic Capital Accumulation and Increases Foreign Borrowing: A Theoretical Analysis

Liutang Gong and Heng-Fu Zou

3: Do Debt Flows Crowd Out Equity Flows or the Other Way Round?

Assaf Razin, Efraim Sadka and Chi-Wa Yuen

1: Fiscal Decentralization in Developing Countries: The Effects of Local Corruption and Tax Evasion

Jan Brueckner