An important measure of the significance of a civilization in the world is its share of the global economy．To understand the role of Chinese civilization in world history and the significance of China's  rapid economic growth in the era of reform and opening up it is necessary to estimate as accurately as possible the evolution of the share of China in the global economy.

This paper investigates the internationalization levels of main sovereign currencies in the world by measuring the amount of non-residents’ holding of assets denominated in a sovereign currency.

Since the end of 2015, the US Federal Reserve has raised its benchmark interest rate nine times. This has led to capital outflows and asset depreciation in many emerging market economies. The present paper examines the factors that determine the financial volatility of emerging markets in the face of external shocks. By calculating the capital flows of 30 emerging markets from 1990 to 2018 and conducting panel regression, this paper finds that countries with good infrastructure facilities, a sou

Based on the changes of factor cost in the current stage of China’s economic development, this article conducts an academic analysis on the necessity and the foothold on launching the supply-side structural reform. From our perspective, unlike the reforms launched in the early 1980s and the late 1990s that centered around issues of “shortage” and “close-down, suspension, mergers and transition of operations”, the supply-side structural reform makes adjustments on

This paper was originally published in Chinese in Economic Perspectives No. 4, 2017. To view the paper in its original language, see:Economic De-Globalization - Challenges and Solutions - CHI.pdfEconomic De-globalization: Challenges and SolutionsLi Daokui, Hu Sijia, Shi JinjianAbstract: Since the third quarter of 2016, Chinas economy has shown steady momentum. However, it will face a chaotic international economic and financial environment This paper, placing international economic chaos in the

Why is property within Tsinghua school district more valuable than a diploma from Tsinghua University? Apart from having investment functions, a personal sense of achievement, and other reasons, the fundamental cause is that although Wudaokou, where Tsinghua University is located, gathers a large number of elites, what was driving local GDP for the past 20 years was the construction of office buildings rather than residential property, making the latter a scarce resource. This is the reason why