Chinese economic reform: approach, vision and constraints

This paper examines the major aspects of economic changes in China in relation to the government's long range goals for economic reform. Various reform experiments introduced in 1978-79 and leading to the reforms of 1984-85 are examined, together with the major elements of the Chinese blueprint for the economic system. A survey is made of the constraints on policy realization in agriculture, industry and the foreign sector

Macroeconomic instability in Hong Kong : internal and external factors

The paper examines the sources of macroeconomic instability in Hong Kong under the linked exchange rate regime. A prototype IS-LM model is estimated, with adaptation to the restrictions posed by the US dollar peg that has been in place in Hong Kong since 1983. Among all external and internal factors of instability examined, local Hong Kong interest rate is found to have a dominant effect on real GDP, price and money supply. Over the long run, however, the US interest rate is the driving force behind the Hong Kong interest rate. Foreign inflation also affects Hong Kong\u27s domestic demand and price stability, and domestic demand in itself also acts as a significant factor, although it is not as influential as the Hong Kong interest rate and import price. Furthermore, Hong Kong\u27s sound banking system has helped to create a stable currency demand environment for its economy, in spite of the fact that most Hong Kong residents hold both domestic and foreign currencies simultaneously The methodology and findings of the paper seem to provide a tenable framework for future research toward understanding the financial and monetary transmission mechanism in Hong Kong, and for improving the exchange rate regime

Impact resistance of bio-inspired sandwich beam with side-arched and honeycomb dual-core

The work explores computationally the impact resistance of the proposed bio-inspired sandwich beam comprising top and bottom carbon fiber reinforced polymer laminate skins sandwiching the side-arched hot melt adhesive and aluminum honeycomb dual-core, as bio-inspired by the beak, skull bone, hyoid, and spongy bone of the woodpecker head. Examined geometrical effects on the impact behaviors include the arched core thickness (3, 4.6, 10 mm) and leg span (10, 25, 35 mm). For impact performance appraisal, contact force, stress transmission, damage area, and absorption energy are assessed. The models with the thickest arched core may depict the highest contact force, damage area, and energy absorption; thinner arched cores with different leg spans are maximally stressed. Nonetheless, it is overall found that the beam with a thin arched core performs optimally due to its high impact resistance efficiency index

Private monetary transfers in rural china: Are families altruistic?

Monetary transfers between relatives may be motivated by altruism, or they may represent payments for services rendered. Data from a large 1988 household survey are used to test these hypotheses and to study the size and direction of transfers in rural China. The analysis suggests that altruism alone cannot explain the observed transfers and that exchange may be involved. Most of the money flows appear to be transfers from adult children to elderly parents and remittances from migrants. Child care is likely to be one of the main services that parents render to adult children in exchange for money.