Xuelong Wang Department of Economics, Hokkaido University   Room405,Building5,District1,Kita20Nishi6,KitaKU Sapporo, Hokkaido 0010020 Japan   wangxuelong@ec.hokudai.ac.jp             JEL Areas: G1 : General Financial Markets: General (includes Measurement and Data) O2 : Development Planning and Policy: General