Testing for structural breaks in panel varying coefficient models: with an application to OECD health expenditure

In this article, we propose a model selection approach for testing structural breaks in a semiparametric panel varying coefficient model. Monte Carlo evidence shows that the proposed model selection approach performs well in finite sample settings. Applying the method to an empirical data, we find evidence of structural breaks in Organisation for Economic Co-operation and Development (OECD) health expenditure data by allowing for income elasticity to be state (income)-dependent. The relationship between health expenditure and income is subject to two types of structural changes: smooth changes over income and structural breaks in the time dimension. The findings hold for both foreign exchange rate-converted and Purchasing Power Parity-converted expenditure and GDP.     

China＇s Securities Brokers Eye Expansion

China＇s securities continue to grow in 2011 and the largest securities brokers in China are looking to expand overseas and seeking for listing Opportunities, according to a recent survey by KPMG China....     

"Central China Delta" to be Built

China's central provinces Jiangxi,Hunan and Hubei are making joint efforts to build a new urban hub in Central China along the middle reaches of the Yangtze River.     

Chinese Outbound Travel Booms

Nowadays,outbound travel has become commonplace in China.The world tourism market is witnessing a rapid increase of Chinese tourists. Around the world,major tourist destinations have seen surging numbers of Chinese visitors in recent years.In 2010 alone,57.39 million Chinese traveled abroad,spending US$48 billion overseas,according to the China Tour-     

针对房产开发企业及物业管理的理性维权探讨

我国房产开发企业及物业管理存在很多侵害业主权益的问题。这一问题已经成为经济活动中的普遍现象。如果政府有关部门和社会不给予足够重视,并对业主与业主委员会理性维权加以正确引导,必将引起社会的不安定因素,这与创建和谐社会、宜居城市的发展主题背道而驰。因此,全社会都应营造业主与业主委员会理性维权的社会氛围,促进社区和谐、建设美好家园。     

New FTZs Underway

【正】China(Shanghai)Pilot Free Trade Zone(FTZ)will not be the only one of its kind in China.A year after the launching of the Shanghai FTZ,China is planning to se...     

Foreign Banks Optimistic about Chinese Market Despite Challenges

Despite the constraints of a tight regulatory environment and liquidity constraints, foreign banks are optimistic about their future business in China, said a report by PricewaterhouseCoopers (PwC) International Ltd.22 of the 42 foreign banks interviewed expect annual revenue growth in 2011 of between 20% and 50%, and five banks expect growth to equal, or exceed, 100%.And all the banks interviewed anticipate growth to continue over the next three years.