Whither China? Reform and economic integration among Chinese regions
研究了1955-2011年中国各省份需求与供给冲击的相关性，发现1978年改革后供给冲击对称性下降而需求冲击相关性上升，并探讨了省际贸易、要素禀赋等因素对冲击对称性的影响。
This paper investigates the changing nature of economic integration in China. Specifically, we consider business-cycle synchronization (correlation of demand and supply shocks) among Chinese provinces during the period 1955–2011. We find that the symmetry of supply shocks has declined after the liberalization initiated in 1978. In contrast, the correlation of demand shocks has increased during the same period. We then seek to explain these correlations by relating them to factors that proxy for interprovincial trade and vulnerability of regions to idiosyncratic shocks. Interprovincial trade and similarity in factor endowments tend to make shocks more symmetric. Surprisingly, foreign trade and inward FDI have little effect on the symmetry of shocks.