Finance-growth Nexus in China: A Channel Decomposition Analysis

This study aims to reassess the finance-growth nexus debate in China, and consequently illustrate the channels through which financial development gives impact on China’s economic growth after 1978. Specifically, this study addresses two channels through which the effects operate, i.e., physical capital accumulation and productivity improvement. The study adopts an approach called channel decomposition which combines the conventional accounting framework and regression analysis. The empirical analysis, using a panel dataset of Chinese provinces between 1980 and 2004, argues that: (1) the relationship between financial development and economic growth in China tends to be a long-run one; (2) the direction of causality between financial development and economic growth has presumably run from the former to the latter in China; (3) the impacts induced by various measures of financial system exert on economic growth are different, and the channels through which they give impact on the growth are different as well; (4) the existence of inter-regional heterogeneity in the context of China’s finance-growth nexus tends to be sensitive to the selection of financial variables.financial development, economic growth, nexus, channel decomposition

On cheap talk in games

It has been proved in many studies that cheap talk has great influence on the players' choices of strategies in games. But the effect of cheap talk has still not been properly evaluated in game theory. Based on a novel game model with parameters denoting how one player cares for the other''s payoff, we can take the relations between players into account in games and extend the use of games theory. In this study the effect of cheap talk was analyzed by using the new game model.

First R and I Lights and Their Photometric Analyses of GSC 02393-00680

We obtained complete $R$ and $I$ light curves of GSC 02393-00680 in 2008 and analyzed them with the 2003 version of the W-D code. It is shown that GSC 02393-00680 is a W-type shallow contact binary system with a high mass ratio $q=1.600$ and a degree of contact factor $f=5.0$. It will be a good example to check up on the TRO theory. A period investigation based on all available data suggests that the system has a small-amplitude period oscillation ($A_3=0.^{d}0030$; $T_3=1.92$years). This may indicate it has a moderate mass close third body, which is similar to XY Leo

A Dynamical Approach to the Perron-Frobenius Theory and Generalized Krein-Rutman Type Theorems

We present a new dynamical approach to the classical Perron-Frobenius theory by using some elementary knowledge on linear ODEs. It is completely self-contained and significantly different from those in the literature. As a result, we develop a complex version of the Perron-Frobenius theory and prove a variety of generalized Krein-Rutman type theorems for real operators. In particular, we establish some new Krein-Rutman type theorems for sectorial operators in a formalism that can be directly applied to elliptic operators, which allow us to reduce significantly the technical PDE arguments involved in the study of the principal eigenvalue problems of these operators.Comment: 40 page

Harmonic and Refined Harmonic Shift-Invert Residual Arnoldi and Jacobi--Davidson Methods for Interior Eigenvalue Problems

This paper concerns the harmonic shift-invert residual Arnoldi (HSIRA) and Jacobi--Davidson (HJD) methods as well as their refined variants RHSIRA and RHJD for the interior eigenvalue problem. Each method needs to solve an inner linear system to expand the subspace successively. When the linear systems are solved only approximately, we are led to the inexact methods. We prove that the inexact HSIRA, RHSIRA, HJD and RHJD methods mimic their exact counterparts well when the inner linear systems are solved with only low or modest accuracy. We show that (i) the exact HSIRA and HJD expand subspaces better than the exact SIRA and JD and (ii) the exact RHSIRA and RHJD expand subspaces better than the exact HSIRA and HJD. Based on the theory, we design stopping criteria for inner solves. To be practical, we present restarted HSIRA, HJD, RHSIRA and RHJD algorithms. Numerical results demonstrate that these algorithms are much more efficient than the restarted standard SIRA and JD algorithms and furthermore the refined harmonic algorithms outperform the harmonic ones very substantially.Comment: 15 pages, 4 figure