All these premises having, as I think, been clearly made out, it is impossible that the rulers now on earth should make any benefit, or derive any the least shadow of authority from that, which is held to be the fountain of all power, Adam's private dominion and paternal jurisdiction; so that he that will not give just occasion to think that all government in the world is the product only of force and violence, and that men live together by no other rules but that of beasts, where the strongest carries it, and so lay a foundation for perpetual disorder and mischief, tumult, sedition and rebellion, (things that the followers of that hypothesis so loudly cry out against) must of necessity find out another rise of government, another original of political power, and another way of designing and knowing the persons that have it, than what Sir Robert Filmer hath taught us.

Two Treatises of Government.

The East Asian miracle: Economic growth and public policy: By the World Bank. (New York: Oxford University Press for the World Bank, 1993. 389 pp. $19.95, paper.)

Objective knowledge: an evolutionary approach

Relationships between oil price shocks and stock market: An empirical analysis from China ☆

This study investigates the small-sample performance of meta-regression methods for detecting and estimating genuine empirical effects in research literatures tainted by publication selection. Publication selection exists when editors, reviewers or researchers have a preference for statistically significant results. Meta-regression methods are found to be robust against publication selection. Even if a literature is dominated by large and unknown misspecification biases, precision-effect testing and joint precision-effect/meta-significance testing can provide viable strategies for detecting genuine empirical effects. Publication biases are greatly reduced by combining two biased estimates, the estimated meta-regression coefficient on precision (1/Se) and the unadjusted average effect.

Meta-Regression Methods for Detecting and Estimating Empirical Effects in the Presence of Publication Selection

Spillover Effects Among the Greater China Stock Markets

https://www.hendrix.edu/uploadedFiles/Departments_and_Programs/Business_and_Economics/AMAES/ELG%20Meta%20WP.pdf

Is China different?: A Meta-Analysis of Export-Led Growth

China's economic development has in many ways taken the world by storm, and no part of the country has been left fully unaffected. Many attempts have been made to explain the sources of this rapid, yet uneven, development. Previous studies on the specific relationship between growing exports and economic growth provide important information on the issue, but results from individual provinces are lacking. To fill the gap, this paper reviews the basic empirical question defined by the export-led growth (ELG) hypothesis, i.e. whether growth in exports drives growth in GDP, at the provincial level. The ELG hypothesis is validated in 13 of the 27 provinces in the sample.

Export-led Growth: Application to China's Provinces, 1978–2001

This paper introduce an environmental policy variable, i.e., the provincial pollution levy paid by an average firm, and measure its impact on the foreign investors' location decisions over the 1987 to 1998 period. We argue that less developed regions in China are more inclined to sacrifice environmental policies as an instrument to attract foreign direct investment (FDI). National level results show that stringent environmental policies have insignificant effect on foreign investors' location decision, and that transportation, economic growth, and regional location matters more. At the provincial level stringent environmental policies reduce FDI in the less developed regions.

Environmental Policy and the Location of Foreign Direct Investment in China

China is widely regarded as one of the success stories of globalization, emerging into a giant economy of the 21st century. The success that has been identified is in terms of high and sustained rates of aggregate growth and per capita national income, the absence of major financial crisis, and substantial reduction in income poverty. These results in turn are viewed as the consequences of a combination of prudent, yet extensive program of domestic deregulation and global economic integration, as well as a sound macroeconomic management. Hence, it certainly appears that China possesses a “winning recipe” in economic development, which eluded so many countries in the past. A number of analysts have named this the the rapid economic development and transformation of Chinese society over the past three decades has, by a large mass of analysts, been called a “Miracle.” this paper not only addresses the shortcomings of existing interpretations but also develops a new multi-dimensional framework based on north’s theory of institutional change and hayek’s theory of institutional evolution to explain China’s miraculous growth. Our analysis shows that both hayekian spontaneous order and popper’s “piecemeal social engineering” played a major role in attaining China’s miraculous growth.

Christer Ljungwall

Papers

Spillover Effects Among the Greater China Stock Markets

Is China different?: A Meta-Analysis of Export-Led Growth

Export-led Growth: Application to China's Provinces, 1978–2001

Environmental Policy and the Location of Foreign Direct Investment in China

Re-Interpreting the "Chinese miracle"