Suchergebnisse

In this study, the empirical contents of various income inequality measures are compared under an identical framework with a well-tested data set. Our study suggests that long-term income inequality has a strong negative effect on Gross Domestic Product (GDP) growth under different measurements. Moreover, governments should investigate further into changes in the income size of the middle class as an indicator for potential changes in social stability, investment, and GDP growth, besides focusing on the Gini coefficient, which they predominantly do now.

SUMMARYAs observed by Calvo (2002), the world financial market is wrought with systemic hazards that are largely independent to the individual countries affected. Systemic problem requires systemic instrument. Based on the Mundell‐Fleming model, we institute a capital flow market into an economy. After the additional market is introduced, countries can enjoy the benefits from opening their foreign exchange and capital markets but at the same time, be free from exchange rate volatility and financial crises as well as retain full autonomy in monetary and fiscal policies for maintaining internal balances. The 'globalization hazard' is resolved.

Abstract.  Land reform in Asian countries is often mentioned as one explanation for the successful economic performance of several Asian countries. Latin American countries did not have land reform and therefore have had lower economic growth. However, this legitimate guess has only scarce evidences. We use a new analytical method to investigate some plausible channels and effects, and we find supportive evidences that part of the regional differential in economic performance of the East Asian and Latin American regions can be explained by their difference in land distribution inequality.

We develop an analytical framework to investigate some plausible channels that income inequality affects economic growth. Our empirical study concludes that income inequality has significant negative effect on the rate of GDP growth. Among the channels suggested by recent literature, we find that the most important one is the transfer channel while the least important one is the human capital channel. However, the direct impact of income inequality on the rate of productivity growth accounts for more than 55 percent of its overall total effect. This indicates that the effects of income inequality on economic growth are much more complicated than what we have perceived or modeled.

In late 1994, it became known that around two‐thirds of the state‐owned enterprises in China were running at a loss or yielding no profit. For more than a decade, China has been searching for a management system for state‐owned enterprises to improve their efficiency. Various 'contract responsibility systems' have been tried. This paper studies the productive efficiency of enterprises and the impact of various types of management system on productive efficiency. A better understanding of past experiences should enable management reform to move ahead on solid ground. This study is particularly meaningful in view of the present bleak future of state‐owned enterprises.