He, Q., J. Hou, B. Wang, N. Zhang——Time-varying volatility in the Chinese economy: A regional perspective
时间:2013-06-23
This paper documents important changes in the Chinese macroeconomic environment over the last three decades. The volatility of Chinese aggregate economic activities has fallen dramatically by nearly 60 per cent during its reform period, a phenomenon that coincides with the 'Great Moderation' that occurred in most industrialized economies. We employ a provincial panel-data method to investigate the driving forces of the increasing macroeconomic stability in China. We examine the empirical relatio