Should China accelerate financial liberalization in order to avoid the middle-income trap? And, if the answer is yes, which specific reform steps should the government undertake? In this study we attempt to shed light on these questions by examining experiences of 80 countries during the period...

A behavioral political economy framework is built on the basis of prospect theory to explain the induced and imposed institutional changes during China's market reform, giving special attention to the integrated effects of economic and political institutions. According to prospect theory, how...

This paper provides a survey of the economic literature relevant to social instability in China and moulds it into an argument. The objective is to offer a fresh view of economic policy and performance through the lens of the threat posed by social instability. This is a concept that economists...

Chinese cross-border outbound mergers and acquisitions (M&As) have been expanding rapidly since the mid-2000s with target firms in developed countries. The primary motives for such M&As are expansion into new markets and sourcing of knowledge and strategic assets. This study is the first attempt...

This paper is motivated by the recent debate on the existence and scale of China's ‘Guo Jin Min Tui’ phenomenon, which is often translated as ‘the state sector advances and the private sector retreats’. We argue that the profound implication of an advancing state sector is not the size...

China has achieved unprecedented success in economic growth since the initiation of economic reforms. The high growth could partly be attributed to the successes in structural transformation of the economy and industrial upgrading of the manufacturing sector toward high value-added products....

The new economic geography has increased attention on the spatial dimension of knowledge spillovers and innovation. In this paper, we test the hypothesis that regional knowledge spillovers positively influence China's innovation growth from 2001 to 2008. As knowledge is subjected to spatial...