Who Plays the Key Role among Shanghai, Shenzhen and Hong Kong Stock Markets？

In this paper we examine the daily frequency stock market indices of Shanghai, Shenzhen and Hong Kong from January 2000 to June 2012, and use the Morlet wavelet coherence model to determine who is playing the most important role in the financial markets of China. We find that there are significant comovements between these stock markets in the medium and long run. This provides investors with opportunities to increase their capital gains. The Hong Kong stock market plays a leading role in the long run, but its leader position is threatened by fast‐growing Chinese mainland stock markets, especially the Shanghai Stock Exchange. Based on our analysis, the following suggestions apply to the Chinese stock markets: establish and improve international and regional finance centers in Chinese mainland; encourage more qualified institutional investors; reposition the market relations among Hong Kong, Shanghai and Shenzhen; and increase deregulation and internationalization to speed up the integration of financial resources.     

Political institutions,entrenchments, and the sustainability of economic development – A lesson from rural finance

This paper provides insights on the sustainability of economic development from a historical and political economy perspective. We demonstrate that China's rural financial policy in the 1980s was quite liberal in employing market mechanisms, supporting entrepreneurship, and encouraging competition. These policies were abandoned in the early 1990s and replaced by ubiquitous government interferences that shifted resource and policy priorities to benefit political incumbents. A large panel of survey data confirms that rural household access to finance decreased dramatically in the 1990s and that the statistical significance of economic entrepreneurial factors in determining credit allocation also fell. Further empirical analyses show that market economic conditions are not sufficient to explain these changes and the evidence is consistent with a political entrenchment motive during the political regime after the turmoil in the year 1989. Given the connection between entrenchment and underdevelopment, our findings raise the concern that China's political institutions' insufficient limits on the government could be a challenge for China to sustain its economic success.     

The changing texture of the city-size wage differential in Chinese cities – Effects of skill and identity

This study examines the city-size wage premium (CSWP) for local urban hukou holders (citizens) and rural migrants by utilizing data from the Chinese Household Income Project surveys (CHIP 2002 and 2013) employing OLS and Propensity Score Matching method. Heterogeneity of skills (measured by level of education) is found to be one determinant of the city-size wage disparity. But irrespective of skills, citizens receive a higher city-size premium than the rural migrants; nevertheless, the premium received by rural migrants has increased over the past few years. Within the similar occupation and type of firm, a highly skilled citizen received a CSWP of Yuan 880.08 in 2013 (Yuan 347.48 in 2002) on average per month. Whereas, a highly skilled rural migrant received an average monthly premium of Yuan 601.71 in 2013, and an insignificant premium in 2002. The corresponding values for low skilled citizens and rural migrants in 2013 are Yuan 415.67 and 267.27 respectively. Our results establish that there has been a positive effect on rural migrants from the relaxation of policies and labour laws, and a move towards equalization within the same level of skills.     

The making of a liberal education: Political economy of the Austrian school reform, 1865 – 1880

The rise of mass schooling is an important contributor to modern economic growth. But its form, content, scale and manner of provision are all matters of public policy. The rise of modern schooling is frequently cast as a product of broadened suffrage and stronger political voice of the masses, which overcame the political opposition from old ruling elites. We investigate this hypothesis, using the case of a school reform undertaken in Imperial Austria in 1869. We show that large landowners were mildly in favor of school modernization, albeit less than urban and business interests. The strongest opposition came from the rural areas where the suffrage was in fact most numerous. The reform passed in spite of their opposition but, interestingly, post-reform developments suggest that passive resistance to it continued in the countryside in spite of the alleged benefits that education was billed to bring the masses.     

Politics of the development of small and medium‐sized firms in Japan

Since the 1980s, small and medium sized firms in Japan have adjusted themselves remarkably to the market changes of the post‐Fordism industry, and have significantly contributed to the country's economy. This paper emphasizes the interaction of the state and local producers in building a social environment for nurturing the development of small and medium‐sized firms in Japan. An important role assumed by the state is the creation of local firm‐supporting institutions which have been the foundation of constructing regional industrial system. These local institutions were effectively utilized by the local producers of small and medium sized firms. In this process, central political power and local economic power fused in organizing ‘production’ in a new way of horizontal collaboration.     

A Study on Labor Cost of Enterprises in Shanghai

I.IntroductionSinceChinasentryintotheWTOinlate2001,thenationsenterpriseshavefacedincreasinglyfiercecompetition,mainlywithregardtoattractingforeigninvestment,whichisconsideredasanimportantengineinnationalandlocaleconomicgrowth.Becauseoflowbusinesscostscomparedwithothercountries,Chinahasabsorbedalargeamountofforeigninvestmentinrecentyears.However,asgreateramountofforeigncapitalflowintoChina,businesscostswilltendtoincreaseinsomeareas,especiallythecoastalareas.Laborcostsarethemostimportantaspec…     

Processes and mechanisms of the long-term development of Russia’s construction materials complex

The paper considers the development mechanisms of the Russian construction materials complex and their role in its future. The means of efficient accumulation of capital are discussed within the inertial and constructive options of economic growth. Special attention is paid to problems of import substitution and added value of materials, as well as methods of their solution in the changing macroeconomic environment.     

Transformation of the reproductive mechanism of the world economy and prospects for Russia’s socioeconomic development

The article substantiates the author??s view on the basic principles underlying the reproductive mechanism of the global economy. It shows the degree of specificity and consistency of the reproductive mechanism of the Russian economy in comparison with the global model. An evaluation is performed of the opportunities and conditions for a transition to Russia??s accelerated economic development and modernization of its productive apparatus.     

On the difference between the keynesian,knightian and the ‘classical’ analysis of uncertainty and the development of a more general monetary theory

Summary In this article it is shown that Keynes concept of uncertainty is not identical with that of Knight, as is often argued. The identification of Keynesian with Knightian uncertainty has contributed to the neglect of an aspect of Keynesian uncertainty that is important in understanding the functioning of a monetary economy. Therefore, it is concluded that monetary theory can benefit from the development of an analytical apparatus that incorporates all aspects of Keynesian uncertainty.I am indebted to Mr. J. de Haan, Professor J.A. Kregel, Professor S.K. Kuipers, Professor J. Pen, Dr. J. Snippe and Mr. A. van Witteloostuijn for their comments on an earlier version of this paper. It goes without saying that they cannot be blamed for any remaining errors.     

The influence of Newtonian‐Cartesian scientific thinking on the interpretation of welfare and development

Development planning is essentially an exercise in strategy formulation and implementation. The first step in strategy formulation is the design of effective practice: doing the right things. Therefore strategic thinking requires that the context be considered before the particular. This requires a metaperspective.

In scientific practice such a metaperspective requires first of all an inquiry into the appropriateness of the paradigms, theories and models that are used in research and practice. The purpose of this article is to contribute to the vibrant discourse on development and welfare theory by proposing that this discourse is caught in the thought trap of the Newtonian‐Cartesian scientific culture of reductionism, disciplinarity and multidisciplinarity.

The evolution of scientific tradition from classical to Newtonian‐Cartesian is reviewed and also the contrasting societal and developmental implications of changes in this tradition. Tönnies's social transition theory and technological innovation are used to illustrate the need for a synthesis between the classical and modern traditions of science, in particular between the search for wisdom and understanding which dominated classical science and insight and specialised knowledge which regulate progress in modem science.

It is proposed that the social systems approach (the ‘soft’ systems approach) can provide some guidelines for a metaperspective (a grand synthesis) for studies in social welfare and human development The social systems approach is transdisciplinary and its process of synthesis differs fundamentally from the multidisciplinary and interdisciplinary procedures that are often used to provide a synthesis between projects and disciplines in development planning. Its proposed synthesis also differs in important respects from the structure‐functionalist approach ofTalcott Parsons.     

Long-term forecasting of the development of Russia’s pension system: Factors and conditions

The problems associated with the reformation of the pension system have gained extreme urgency in the process of forming the long-term strategy for Russia??s socioeconomic development (until 2030), which is determined by the growth in its influence on the macroeconomic strategy. This paper gives an actuarial substantiation of the actual factors and conditions, on which the development of the pension system in the Russian Federation depends, and prospects for the stability of the pension budget based on insurance principles.     

Industrial development in the daimyô domain and economic modernization of Japan – With special references to the Awa indigo industry in the province of Awa-Tokushima from the Tokugawa period to the Meiji period

This paper aims to clarify how pre-conditions to economic development in modern Japan had been prepared. Specifically speaking, it takes as an example the case of the Awa indigo industry and explores how the development of this industry contributed to the economic modernization in Tokushima prefecture. The Awa indigo industry enjoyed rapid progress and development in the Tokugawa period. It is undeniable the accumulated capital in the late Tokugawa period contributed as a cornerstone to the economic modernization in Meiji Tokushima prefecture. This paper also mentions the influence of imported indigo on the Awa indigo industry after the opening of Japan to foreign trade. The Awa indigo industry seems to have suffered from the expanding inflow of foreign indigo. The stagnancy of the Awa indigo industry in the middle of Meiji period must have restrained modern industrial development in Tokushima prefecture.     

A Review of the Ownership Structure and Corporate Performance

The separation between the ownership and control is an important character for modem firms. Since Modern Firm and Private Property written by Berle and Means was published, the study on the relationship between the ownership and corporate performance has become a front porch task in modem firm theory. In this paper, firstly, we review the argument on this topic among the western researchers and the achievements in recent 20 years. Then we evaluate all the results about this topic and show some valuable advice for the continuous study. Finally, we forecast the research foreground on this topic.     

A Study of the China Model and Its Sustainability

I.IntroductionThe ChinaModel,widely viewed asa successfulmodel for developing countriesto reform,open up and enter the world system,has received increasing attention and studies fromallover theworld.Foreign scholars havetermed this Model the Beijing Consensus,comparingitwith the Washington Consensus.Thisshowsthat theChina Modelhasbecomea globallyrecognized model.This paper makes a theoretical recapitulation of the main idea of ChinaModel and its contribution to the transitional economic t…     

Theoretical and methodological guidelines for research on the development of Southern Africa∗

The aim of this article is to give a broad and fairly uncomplicated overview of two main aspects of developmental thinking with the purpose of proposing a framework within which development research could be coherently structured and hopefully advanced.

The first aspect concerns development theories. These are categorised as the orthodox, political economy and counter‐modernisation approaches. From an overview, certain conclusions are drawn and presented as possible guidelines for the structuring of research.

The second aspect attempts to highlight certain methodological implications of doing research which aims at improving the lot of the poor. It is stressed that this may imply certain uncomfortable reversals in what researchers should focus on.