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    title: Inflation, Financial Development, and Economic Growth abstract: A simple endogenous growth model is developed to illustrate the important role played by inflation in determining the effects of financial development on economic growth. In the model, money is needed for loan transactions and the operations of financial markets are subject to informational imperfections. Results demonstrate that if a government's spending share is relatively large, then multiple equilibria arise under which financial development, measured by a decrease in the monitoring cost, is shown to raise inflation and reduce economic growth for countries with relatively high initial inflation rates. Only when initial inflation rates are relatively low will financial development reduce inflation and promote growth. Effects of an expansion policy in which the government raises its spending share on equilibrium inflation and economic growth are also examined.

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    title: Is the Relation between Financial Development and Economic Growth Robust? An Application of Threshold Regression Model abstract: In this paper, we revise the Odedokun (1996) model, which describes that banking development has a significant impact on the economic growth. In addition to the banking development variables, we also consider the stock market variables. We distinguish such two kinds of financial development variables causing the different impact on economic growth of Taiwan. Different from previous studies, we adopt the threshold regression model and dissect the impacts of the developments of banking sector and stock market on economic growth. The empirical evidences explore that the financial development variables exist exogeneity. Taking the ratio of stock market trading as the threshold variable, we also find the threshold effect exists in the banking, stock market development and the economic growth. Thus, the financial development could promote economic growth only in the condition of lower level of financial development. But in the higher development state, the relation between the financial development and economic growth would fade away. Aside from this, we find that developed banking sector can significantly promote the economic growth when the stock market is in a lower developed state; however the relationship disappears when the stock market is highly developed. These results show that in a highly developed stock market, the impacts of banking sector and stock market on the economic growth are not compatible.

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    title: Non-productive consumption loans and threshold effects in the inflation-growth relationship abstract: Recent empirical evidence indicates that two inflation thresholds exist in the inflation-growth relationship. Pre-existing theoretical models, however, fail to generate such a pattern. By adding consumption loans (which are non-productive) into a standard model of imperfect information, this paper finds that an increase in the inflation rate may increase, decrease, or have no significant effect on economic growth for inflation rates below a threshold level; however, for inflation rates higher than this threshold level, an increase in the inflation rate significantly reduces economic growth. Moreover, the marginal impact of an increase in the inflation rate in terms of reducing economic growth increases with the rise in the inflation rate, until the inflation rates reach the second threshold level, from which such a marginal effect significantly decreases. These results accord well with recent empirical evidence.

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    title: Optimal Composition of Government Public Capital Financing abstract: Most recent studies on growth models with public investment in infrastructure (public capital) presume that public capital is financed by income taxation. However, in the model where money is demanded for transactions, this paper finds that optimal public capital financing in general involves utilizing both income taxation and seigniorage. In such a case, the optimal income tax rate is less than the output elasticity of public capital, a reasonable result compared with empirical evidence.

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    title: Awareness of Tobacco Tax Policy and Public Opinion on Tobacco Tax Reform in Taiwan

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    title: Endogenous Strategic Trade Policy: The Case of the Third Market Model abstract: Using simple linear demand functions, we have shown that in the thircd market strategic trade policy model there cannot be Cournot-Bertrand or Bertrand-Cournot competition in equilibrium if the two firms choose strategic variables endogenously. More importantly, knowing that the firms will react to its policy in choosing their strategic variables, the government can indeed provide export subsidies to the home firm to maximize the home social welfare if some moderate, reasonable constraints are satisfied.

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    title: An Analysis of Social Network Impacts on Chinese Labor Markets abstract: This paper uses data from the 2008 Chinese General Social Survey to empirically test the impacts of social networks on job searches and wage compensation. Our estimation results indicate that, regardless of scale or quality, social networks exert significant and positive influences on informal search channel selection. In contrast to other studies, the effect from weak ties was found to be superior to that from strong ties, but only in formal channels. Results from robustness tests with daily social network data still show a significant effect of job search network on wages. In sum, wage determination for informal channels was mostly explained by social network factors, and for formal channels by the personal trait and human capital variables. Our findings suggest that workers with low skills or low socioeconomic statuses need to expand the scales of their daily social networks to ensure better labor market performance.

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