First Author:   Terence Tai Leung Chong Department of Economics, The Chinese University of Hong Kong chong2064@cuhk.edu.hk   Department of Economics, The Chinese University of Hong Kong, Shatin, N.T., , Hong Kong   852-26098193(Phone) 852-26098193(Fax) http://www.cuhk.edu.hk/eco/staff/tlchong/tlchong3.htm Second Author: William Wai Him Tsang Department of Economics, The Chinese University of Hong Kong william_cuhkcc@yahoo.com.hk