The Role of the Real Exchange Rate Adjustment in Expanding Service Employment in China

It is widely accepted that China needs to shift from its past mode of export-led growth and start to rely more on domestic demand. What role could the real appreciation of the Chinese yuan play in this regard? We attempt to quantify the impact on the structure of the Chinese economy of the real appreciation of the Chinese yuan. We argue that the potential of the service sector to generate income and jobs may be significantly under-estimated by official statistics, as a result of the under-estimation of household consumption of services. While there is no evidence of large under-valuation for the Chinese yuan, we do find that a real appreciation in the order of 20% would bring the Chinese price level in line with the world average level, after the Balassa-Samuelson effect is factored in. In turn, such a real appreciation could increase the service share of employment by 7%.China; real exchange rate; service sector

Microscopic structures and thermal stability of black holes conformally coupled to scalar fields in five dimensions

Completely from the thermodynamic point of view, we explore the microscopic character of a hairy black hole of Einstein's theory conformally coupled to a scalar field in five dimensions by means of the Ruppeiner thermodynamic geometry. We demonstrate that the scalar hairy black hole has rich microscopic structures in different parameter spaces. Moreover, we analyze the thermal stability of this black hole in detail.Comment: v1: 15 pages, 1 figure; v2: 19 pages, clarifications and references added; v3: clarifications and references added; v4: 21 pages, clarifications added; v5: minor clarifications and one reference added, final version to appear in Nuclear Physics