First Author:   Terence t. l. Chong Department of Economics and HK Institute of Asia-Pacific Studies, The Chinese Univ. of Hong Kong chong2064@cuhk.edu.hk   The Chinese University of Hong Kong, 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: Xiaolei Wang Department of Economics, The Chinese University of Hong Kong yours.sslei@gmail.com