CO2 Emissions Embodied in China＇s Foreign Trade： An Investigation from the Perspective of Global Vertical Specialization

In light of the growth in vertically specialized in global trade, the present paper uses input output tables from the World Input-Output Database to construct an environmental multi regional input-output model to calculate the CO2 emissions embodied in China＇s international trade during 1995-2009. The advantage of this model lies in its incorporation of the re exported CO2 emissions component embodied in trade and its ability to differentiate domestic sourced CO2 emissions from foreign-sourced CO2 emissions in trade. The results show that carbon emissions embodied in both China＇s exports and imports increased significantly during 1995-2009. One important reason for this is that the re-exported carbon emissions embodied in China＇s imported intermediate inputs increased substantially during this period. Our research reveals that accelerating the transformation of trade pattern and upgrading processing trade should be emphasized in the formulation of policy to prompt CO 2 emissions abatement in China.     

Effect of Migration on Children＇s Self-esteem in Rural China

China＇s rapid economic growth has been facilitated by its large volume of rural to urban migration. China ＇s projected future development, especially increasing urbanization, implies that such migration will further intensify. However, migration does not come without cost. There are concerns about the potential negative impacts of migration on children＇s care, education, and, in particular, the self-esteem of children left behind in villages where one or both parents have out-migrated to cities. In this paper, we employ unique survey data collected from Shaanxi Province, where more than 4700 ninth grade students from 36 rural junior high schools in five counties were surveyed in late 2011. The results show that having both parents migrate into cities significantly reduced children ＂s self-esteem. The effects are also gender sensitive. Girls that had a father or both parents who had out-migrated were inclined to have lower self-esteem than boys. Moreover, our study findings indicate that parental migration decreased children ＂s self-esteem more for individuals with initial low self-esteem.     

Australian Capital Gains and Commodity Taxes in China： Impact on Investor Behavior and Revenue Earnings

Apart from examining whether an asset＇s qualification for discounted tax treatment is associated with positive abnormal trading volumes and negative abnormal returns, as would be predicted if investors modified their behaviour to reduce their tax liability, this paper analyses the behaviour of investors due to market sentiment which is measured with the stock prices or index. Analyzing the 152 IPOs that had their prices appreciated, the Capital Gains Tax （CGT） concession is expected to change the behavior of the investor; they might wait till the end of 12 months in order to avail the option and then sell their asset leading to an abnormal increase in the volume of trading and hence a price change. Apart from this, how commodity taxes influence revenue earnings is studied. As the Gross Domestic Product （GDP） of China grows rapidly, tax revenue as a proportion of GDP will not be a predictable relationship. It is ultimately investor behaviour that determined volume of investment and therefore revenue earnings. The reason that CGT is taken as a backdrop to show the fickle nature of K gains across national policy sets up, affected by investor behavior or otherwise.     

Size and Characteristic of Housing Bubbles in China＇s Major Cities： 1999-2010

There is some disagreement in the published literature regarding the definition and the measurement of housing bubbles in China. Extending the analytical framework of Black et al. (2006), the present paper measures the housing bubbles of China's 35 major cities from the second quarter of 1999 to the second quarter of 2010. The results indicate that the housing bubbles in China's 35 major cities were relatively small in the sample interval, but the bubbles in eastern metropolises, such as Beijing, Shanghai, Shenzhen, Hangzhou and Ningbo, have been relatively big since 2005. The changing tendency of housing bubbles in most cities highly corresponds with the changes in real estate policies. This paper decomposes the housing bubbles of the 35 cities, and finds a great proportion of irrational bubbles rather than rational intrinsic bubbles generated by price speculation. Based on empirical analysis, this paper proposes policy recommendations for preventing the generation and expansion of housing bubbles.     

Evolution of Financial Institutions in Post-1978 China： Interaction between the State and Market

I. IntroductionEconomy and finance have both seen rapid development in post-1978 China. After almost three decades of economic planning and isolation, political leaders decided then to let the economy move in a new direction by announcing a policy of “reform and opening-up”. Then and now, many people did and do believe that the new policy makes the economy increasingly and decisively based on the market. At the dawn of the 21st century, theChinese economy, by many indicators, stands out as…