The purpose of this research is to investigate the development and performances of the Chinese stock markets and the relationship between China's stock market development and economic growth. In theoretical discussions, we review some previous studies about the relationship between financial development and economic growth, then highlight the role of stock markets in economic activity, illustrate channels that have been identified by the theoretical research through which stock markets can influence economic growth, and finally summarize the previous empirical evidence. Following this, we focus on the development course of China's stock market, analyze its characteristics, and discuss the problems caused by the market's system flaws. In empirical analysis, we investigate actual performance of the Chinese stock markets, using the time series analysis techniques, and discuss particularly the relationship between stock market development and economic growth. The empirical results are consistent with our theoretical discussions that a policy-oriented stock market is less efficient and is, to a certain extent, unlikely to produce a significant and positive effect on economic growth. Given that one of the most important barriers to the development of China's stock market might be administrative interference of the government, this study finally addresses some corrective policy changes which may exert positive influence on the future development of China's stock market. --P. ii.
This study examines Real Estate valuation in Prince George, BC. Using historic data provided by the Northern BC Real Estate Board, statistical models are developed which will be of value to those interested in the valuation of Prince George property values. A linear hedonic model has previously been developed by Ogwang & Wang ...to predict property pricing using a single year of data from this geographical area. This work builds on the comprehensive treatment of hedonic price theory originally provided by Rosen ...Many other researchers have used hedonic regression techniques in the analysis of real estate pricing however, the use of panel data analysis techniques for real estate analysis has been quite limited. This study will build on the above models and the work of others. Multiple regression panel analysis techniques will be utilized to produce a hedonic mathematical model that is effective at predicting home prices based on multiple input variables. Quality adjusted price indices will also be developed. This study will examine 21 years of sales data for Prince George from 1988 through 2008, and hence will provide a comprehensive macro level view. Economic indicator variables will be included in the models, in addition to housing characteristics alone. This study will provide a valuable tool to homeowners, investors, city planners and real estate professionals to aid in assessing the value of real properties. --P. iii.
The main aim of this research is to investigate the nature of the relationship between inflation and economic growth. Over the years theoretical and empirical studies have presented different views about the relationship. Literatures on the topic have reported three types of results on the relationship between inflation and growth, positive relationship, negative relationship, and non-existence of any type of relationship between the two variables. This study analyzes empirically the inflation and growth nexus using time series data from three countries in Sub-Saharan African, obtained from the World Bank database. The countries under study are Gabon, Kenya, and South Africa. The methodologies employed in the study are ADF Unit root test, Granger causality test, and OLS. The empirical results reveal that the relationship between inflation and economic growth is long run, nonlinear, negative, and significant for Kenya and South African, while it is found to be insignificant in Gabon. From the empirical results, the study has recommended some appropriate policies. --Leaf ii.
The study investigated the long-run relationship between government expenditure and gross domestic private investment in Nigeria during the period 1975 to 2012. Therefore, the impacts of five components of government expenditure on gross domestic private investment were examined using Johansen co-integration and error-correction technique. The empirical results showed that in the long-run government expenditure on administration and agriculture have positive effects on gross domestic private investment, while government expenditure on human capital development, infrastructure, and public debt servicing have negative effects on gross domestic private investment. This study policy recommendation suggested government to increase its expenditure on key areas such as, education, health, agriculture, and infrastructure, in order to encourage and stimulate investment in the private sector. This is because domestic private investment promotes economic growth and development. --Leaf ii.
Portfolio rebalancing strategy is of great importance to minimize the risk taken so as to ensure profitable investments. Regular rebalancing keeps the portfolio developing as it was planned and achieved initial invest goals. The relevant literature of the technical analysis on rebalancing strategy is scarce. After elaborating the four traditional rebalancing strategies and a set of risk measurements, the thesis proposed the multiplier rebalancing strategy, which combines the traditional periodically rebalancing strategy with the interval rebalancing strategy, and Relative Strength Index (RSI) rebalancing strategy based on technical analysis. In order to evaluate the effectiveness of the multiplier and RSI rebalancing strategies, the thesis conducts an experiment to compare the performances of two proposed strategies with the other four traditional strategies in terms of the rewards and risk measurements by using nineteen years Canadian stock and bond Indices and Exchange Traded Funds data from 1983 to 2010. --Leaf ii.
The objective of this study is to explore how far the internationalization of the RMB has gone so far and what the Chinese government must do to support the internationalization path. This paper analyzes three important aspects of this issue: the dimensions and function of an international currency, the costs and benefits of internationalizing a currency, and China's economic problems that are likely to influence the outcome of internationalization. If the benefits that the internationalization of the RMB are expected to bring to China may be offset by costs, the government needs to balance the challenges and costs against the benefits. Finally it concludes that China should be cautious about exposing its economy to dramatic shocks or excessive vulnerability to external influences. While the history of currency internationalization provides general guidance that China should not ignore, none of today's international currencies started the internationalization process from the same point as China. The Chinese government should first clarify its goal, and then proceed gradually with internationalization of the RMB while reforming and opening its financial market.
