This paper examines the determinants of the national-and provincial-level performance in post-reform China. Using panel data, we find that both capital accumulation and the total factor productivity (TFP) improvement play an important role in the rapid growth of the Chinese economy since the inception of the reform and the open-door policy. After analysing the growth performance of each group for both the whole period and the sub-periods, we empirically find that there exist different growth patterns for each group. This paper also studies the determinants of TFP in contemporary China. Comparative Economic Studies (2005) 47, 520–542. doi:10.1057/palgrave.ces.8100056

Momentum and reversal investment strategy are based on cross trade mechanism, which was not available until Aril, 2010 in China. Since then, countless papers in this area have been benefited from a mass amount of data. Using the stock market data since April 2010, this paper sets focus on the existence of the momentum effect and reversal effect on Chinese stock market. From the empirical research results, we find that there exist the short-term momentum effect and the mid-term reversal effect on Chinese stock market. Based on the BSV model, this paper makes an effective explanation of the momentum and reversal effect on Chinese stock market. Key words: momentum effect; reverse effect; BSV model; HS model; Chinese A-share market IntroductionSince the 1990s, many scholars have done empirical researches on the momentum and reversal effect of the international capital market, most of which showed that reversal strategy and momentum strategy could get excess returns. For the domestic stock market, researches also demonstrated that the momentum effect and reversal effect exist. Base on the hypothesis that the short selling mechanism exists, much studies of the domestic market were pushed. However, until April 2010 when China came to do some margin trading and the stock index futures trading, short selling mechanism emerged in China. Therefore, this article contributes to exploration of existence of the momentum effect and reversal effect on Chinese stock market and tries to explain it after the presence of short-selling mechanism. The first time that the reversal effect on foreign securities market was found out was in 1985, De Bondt and Thaler 1 built the winner portfolio and loser portfolio using the

Commercial banks must maintain a certain degree of mismatch to improve the efficiency of the use of money, but excessive maturity mismatch may cause liquidity risk. Based on that, this paper introduced the latest rules of the Basel Ⅲ, analysis the term structure of assets and liabilities and the liquidity situation. We create a model of liquidity gap to give evaluation of the liquidity risk, referring to the requirements of the net stable funding ratio. According to the result of liquidity risk measurement, combining with the relevant conclusions of qualitative analysis, this paper gives some advices for commercial banks' liquidity management.

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