First Author:   Chong Kee Yip Department of Economics, The Chinese University of Hong Kong chongkeeyip@cuhk.edu.hk   Department of Economics, The Chinese University of Hong Kong,, Shatin, New Territories, Hong Kong Hong Kong, Hong Kong   852-26098187(Phone) 852-26098187(Fax) http://www.cuhk.edu.hk/eco/staff/ckyip/ckyip.htm Second Author: Ka Fai Li Department of Economics, The Chinese University of Hong Kong kfli@alumni.cuhk.net   Department of Economics, The Chinese University of Hong Kong,, Shatin, New Territories, Hong Kong Hong Kong, Hong Kong   852-26098234(Phone) 852-26035805(Fax)