China's Macroeconomy in the 1980s: The impact of reform on structure and performance

This paper presents a descriptive and analytical study, from a macroeconomic perspective, of the impact of economic reform in China on the structure and performance of the economy. The first section briefly reviews some of the problems associated with the macroeconomic analysis of a reforming administered economy. The second section discusses the major reforms in agriculture, industry, trade and finance and examines changes in the supply side structure of the economy. A related chronology of major events over the period 1978 to 1989 is contained in Appendix A. The third section examines the performance of the economy and presents several important macroeconomic time series. The economy's growth performance and the increase in factor productivity is examined. The problems of monetary growth, excess demand for consumer goods and retail price increases are analysed. The fourth section examines two different theories which attempt to explain the nature of the relationship between money and prices in China and whether economic reform changed this relationship significantly. A final section offers some conclusions. Appendix B is a simple economic analysis of the implications of the twotier pricing system in industry which came into evidence in early 1985. It shows that there are two forms of such a system and that existing western interpretations have concentrated on the 'optimistic version' ignoring the possible effects of an alternative system which Chinese economists criticize. A testable economic implication of this alternative system, is derived. Appendix C shows the money supply process in China in detail, identifying the main causes of narrow monetary growth during the reform period

Is there a Sonic Boom in the Little Bang at RHIC?

The use of elliptic flow and correlation measurements as constraints to establish the transport properties of hot and dense QCD matter is discussed. Measured Two- and three-particle correlation functions give initial hints for a "sonic boom". Elliptic flow measurements give the estimates $c_s \sim 0.35$ and $\eta/s \sim 0.1$ for the sound speed and viscosity to entropy ratio.Comment: Proceedings, International Conference on Strong and Electro Weak Matter, Brookhaven National Laboratory, May 10 - 13, 200

The Oxford-Dartmouth Thirty Degree Survey II: Clustering of Bright Lyman Break Galaxies - Strong Luminosity Dependent Bias at z=4

We present measurements of the clustering properties of bright ($L>L_{*}$) z$\sim$4 Lyman Break Galaxies (LBGs) selected from the Oxford-Dartmouth Thirty Degree Survey (ODT). We describe techniques used to select and evaluate our candidates and calculate the angular correlation function which we find best fitted by a power law, $\omega(\theta)=A_{w}\theta^{-\beta}$ with $A_{w}=15.4$ (with $\theta$ in arcseconds), using a constrained slope of $\beta=0.8$. Using a redshift distribution consistent with photometric models, we deproject this correlation function and find a comoving $r_{0}=11.4_{-1.9}^{+1.7}$ h$_{100}^{-1}$ Mpc in a $\Omega_m=0.3$ flat $\Lambda$ cosmology for $i_{AB}\leq24.5$. This corresponds to a linear bias value of $b=8.1_{-2.6}^{+2.0}$ (assuming $\sigma_{8}=0.9$). These data show a significantly larger $r_{0}$ and $b$ than previous studies at $z\sim4$. We interpret this as evidence that the brightest LBGs have a larger bias than fainter ones, indicating a strong luminosity dependence for the measured bias of an LBG sample. Comparing this against recent results in the literature at fainter (sub-$L_{*}$) limiting magnitudes, and with simple models describing the relationship between LBGs and dark matter haloes, we discuss the implications on the implied environments and nature of LBGs. It seems that the brightest LBGs (in contrast with the majority sub-$L_{*}$ population), have clustering properties, and host dark matter halo masses, that are consistent with them being progenitors of the most massive galaxies today.Comment: Accepted for Publication in MNRAS. 15 Pages, 13 Figure

Chinese monetary planning, 1950-1982: a comparative socialist view

published_or_final_versionEconomicsDoctoralDoctor of Philosoph

Don’t Frighten the Horses – the Political Economy of Singapore’s Foreign Exchange Rate Regime since 1981

In this paper we explore the links between Singapore’s foreign exchange rate regime since 1981 and the broader aspects of its political economy. Singapore has been remarkably successful in achieving fast growth, low and stable price inflation and a strong external position. An important part of this strategy has been its managed floating exchange rate regime, which is generally regarded as being successful, but this needs to be viewed within the broader context of the government’s ‘pragmatic socialism’ to keep inflation low and stable as the bedrock for attracting inflows of mobile foreign capital to sustain long-run export competitiveness, and an economic strategy based on high levels of centralized saving and investment, a high degree of government involvement in the economy and the relentless accumulation of foreign exchange reserves. Indeed, part of the reason why managed floating has been successful in Singapore has been because the credibility of monetary policy has been enhanced through the government’s command over resources and its ability to respond quickly and flexibly to changes in economic circumstances using, where necessary, unorthodox policies of demand management to cut business costs. Exchange rate policy, therefore, becomes an integral part of the policy to redistribute income to capital to sustain employment and prevent mobile firms from leaving Singapore. By the early 1990s the imperative became to diversify the structure of the economy away from exclusive reliance on a predominantly foreign manufacturing base and to reduce the extent of government involvement in the economy and it became harder to justify high levels of centralized saving and investment. The dilemma is that the government is finding it difficult to extricate itself from the economy without compromising policy effectiveness, and there is little evidence that dependence of the economy on foreign capital and labour has diminished.Exchange Rate, People’s Action Party, Political Economy, Singapore