CEMA Working Papers

From China Economics and Management Academy, Central University of Finance and Economics
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494: Effects of Growth and Volatility in Public Expenditures on Economic Growth: Theory and Evidence

Liutang Gong and Heng-Fu Zou

493: Finance and Income Inequality: Test of Alternative Theories

George Clarke, Lixin Xu and Heng-Fu Zou

492: Decentralising the public sector: The Impact of Decentralisation on Service Delivery, Corruption, Fiscal Management and Growth in Developing and Emerging Market Economies: A Synthesis of Empirical Evidence

Anwar Shah, Theresa Thompson and Heng-Fu Zou

491: Consumption and Risk with hyperbolic discounting

Liutang Gong, William Smith and Heng-Fu Zou

490: Fiscal Decentralization and Peasants' Financial Burden in China

Jing Jin, Ashley Chunli Shen and Heng-Fu Zou

489: Finance and Income Inequality: What Do the Data Tell Us?

George Clarke, Lixin Xu and Heng-Fu Zou

488: Fiscal Federalism, Public Capital Formation, and Endogenous Growth

Liutang Gong and Heng-Fu Zou

487: Savings and Income Distribution

Hongyi Li and Heng-Fu Zou

486: Asset Prices and Hyperbolic Discounting

Liutang Gong, William Smith and Heng-Fu Zou

485: Poverty and Inequality in Sub-Saharan Africa: Literature Survey and Empirical Assessment

Delfin Go, Denis Nikitin, Xiongjian Wang and Heng-Fu Zou

484: The Spirit of Capitalism and Excess Smoothness

Yulei Luo, William Smith and Heng-Fu Zou

483: Local Government Tax Effort in China: an Analysis of Provincial Tax Performance

Qian Wang, Ashley Chunli Shen and Heng-Fu Zou

482: Health, Taxes, and Growth

Liutang Gong, Hongyi Li, Dihai Wang and Heng-Fu Zou

481: Inflation Aversion

Heng-Fu Zou, Liutang Gong and Xinsheng Zeng

480: Inflation Aversion and the Optimal Inflation Tax

Gaowang Wang and Heng-Fu Zou

479: Essays on a positive theory of economic growth

Heng-Fu Zou

478: The Capitalist Spirit and a Resolution of the Savings Puzzle

Heng-Fu Zou

477: Exports, Foreign Technology Imports, and Long-run Growth

Heng-Fu Zou

476: The Capitalist-Spirit Approach to Growth: A Perspective from the History of Economic Analysis

Heng-Fu Zou

475: China: reforming intergovernmental fiscal relations

Ram Agarwala, Raja Chellia, Toshi Fujiwara, Yan Wang and Heng-Fu Zou

474: Intergovernmental fiscal relations in Indonesia: issues and reform options

Anwar Shah, Zia Qureshi, Amaresh Bagchi, Brian Binder and Heng-Fu Zou

473: Explaining the Changes of Income Distribution in China

Lixin Xu and Heng-Fu Zou

472: Corruption, Income Distribution, and Growth

Hongyi Li, Lixin Xu and Heng-Fu Zou

471: A New Approach to Inflation Aversion

Gaowang Wang and Heng-Fu Zou

470: Rare-Disasters, the Spitit of Capitalism, Oversaving, and Asset Pricing

Tao Jin and Heng-Fu Zou

461: Foreign Asset Accumulation, Macroeconomic Policies and Mercantilism

Gaowang Wang and Heng-Fu Zou

460: Competitive Equilibria of Economies with a Continuum of Consumers and Aggregate Shocks

Jianjun Miao

459: Investment, Consumption, and Hedging under Incomplete Markets

Jianjun Miao and Neng Wang

456: Asset pricing and the Modigliani-Miller theorem with the spirit of capitalism

Jizheng Huang and Heng-Fu Zou

455: Does FDI Promote Human Capital Accumulation? The Role of Gradual Financial Liberalization

Qichun He

452: Endogenous Timing in a Mixed Duopoly with Endogenous Vertical Differentiation

Lin Liu and Yuanzhu Lu

440: Optimal Capital Structure and Industry Dynamics

Jianjun Miao

439: Capital Structure, Credit Risk, and Macroeconomic Conditions

Dirk Hackbarth, Jianjun Miao and Erwan Morellec

438: Ambiguity, Learning, and Asset Returns

Nengjiu Ju and Jianjun Miao

437: Patent Protection, Technological Change and Wage Inequality

Shiyuan Pan, Heng-Fu Zou and Tailong Li

433: Short-Run Analysis of Income Fluctuation and Optimum Foreign Borrowing in the Bardhan-Pitchford Model

Heng-Fu Zou

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