Why is export-oriented entrepreneurship more prevalent in some countries than others? Contextual antecedents and economic consequences

Drawing on institutional economics, this article investigates how different contexts condition the prevalence of export-oriented entrepreneurship, which affects economic growth. We place emphasis on the differences between developed and developing countries through interaction effects that allow us to test for differential validity. Using simultaneous equation panel data models for a sample of 43 countries (2004–2012), we find that access to credit and access to communications are the most significant factors in explaining the export-oriented entrepreneurship required for economic growth. Policy implications for both developed and developing countries are suggested to enhance economic performance under specific context characteristics through export-oriented entrepreneurship.     

Foreign direct investment,institutional quality,economic freedom and entrepreneurship in emerging markets

This study investigates the relationship between foreign direct investment, institutional quality, economic freedom, and entrepreneurship in emerging markets. The research compares the capacity and appetite for business creation among high-income, low-income and emerging countries. The results are based on a panel study of data, from 2004 to 2009 for 87 countries, using as its source “The World Bank Entrepreneurship Snapshots” to look at the connection between business creation, institutional quality, market freedom and foreign direct investment (FDI). The findings reveal a strong positive relationship between institutional quality and business generation in all three of the above categories. The freedom to create businesses and invest has an impact on business generation in emerging countries, while the influence of international trade appears more important as a spur to the genesis of business in low-income countries. Finally, there is a direct and significant relationship between FDI and business development in emerging countries. This result is consistent with “the spillover theory of entrepreneurship” (,  and ).     

The effect of trade and political institutions on economic institutions

This study examines the relationship between trade and the quality of economic institutions under different political institutions. It uses panel data of 138 countries from 1984 to 2010 and employs instrumental variables and identification through heteroscedasticity to mitigate the problem of endogeneity. The findings suggest that the effect of trade on economic institutions reduces significantly in the presence of extractive political institutions. The findings indicate that ‘trade’ is not a sufficient tool for improving economic institutions; rather, trade policies need to be embedded in distinct political institutions to trigger the substantive improvement of economic institutions.     

中国-东盟区域经济深度一体化——制度环境与制度距离的视角

通过关税的不断减让,中国-东盟区域经济一体化取得了快速发展,但是伴随关税的持续降低,其对贸易的促进作用终究有限。后自贸区时代实现中国-东盟区域经济的深度一体化需要寻求新的突破口。基于一国制度环境及国家间的制度距离会对贸易成本尤其是交易成本产生影响的理论分析,以2002～2009年中国-东盟七国双边贸易的面板数据进行了实证检验。结果表明,制度环境及双边国家间的制度距离对中国-东盟七国间的贸易的确具有显著影响。当前各国间较大的商务制度环境差异意味着后自贸区时代通过加强国家间的双边合作和政策协调,以及自身市场化改革、转型,通过缩小国家间的制度距离进而促进区域经济向深度一体化迈进具有较大的空间。     

《洛美协定》对当前中非经贸合作的启示

近年来,中非经贸合作日益加强。随着非洲地区经济进入快速增长期,美欧等发达国家开始积极调整对非经贸政策以应对中国在非洲经贸关系中地位的迅速提升。在此背景下,中非经贸政策安排将面临欧美国家的挑战。与非洲经贸关系有着制度性整体安排并卓有成效的当属欧盟与以非洲国家为主的非加太地区签署的《洛美协定》,其可以为中非经贸合作提供有益借鉴。本文将深入梳理、分析《洛美协定》产生的历史背景和核心内容,并对当前中非经贸合作安排提出相关建议。     

中国与“一带一路”沿线国家服务贸易影响因素探究

在分析中国与"一带一路"沿线国家服务贸易影响因素的理论基础上,采用2006~2015年"一带一路"沿线22个国家的面板数据,探讨了中国与"一带一路"沿线国家的服务贸易格局。借助贸易引力模型实证分析经济发展水平、服务业发展水平、服务贸易开放度、地理距离、城市化水平和制度环境等因素对中国与"一带一路"沿线国家服务贸易的影响。根据研究结论提出关于促进中国与"一带一路"沿线国家服务贸易发展、提升中国服务贸易竞争力和推动中国服务出口的政策启示。     

Regional Trade Agreements in Mediterranean Area: Econometric Analysis by Static Gravity Model

Since the mid-1980s, there was the rise of a new wave of economic regionalism in the world economy with the spread of free trade agreements (FTAs). A key objective of free trade involves developing commercial exchanges between member countries. The gravity model is a vital tool to explain the bilateral trade data against the variables of the relative size of the pair of countries implicated in the trade: distance, common border, and language and models for each of the FTAs. This article focuses on studying the influence of FTAs in the Mediterranean countries in which we integrate the role of regional dummy EU (15), EMU (euro zone), the AMU and AGADIR agreement in trade flows. The use of regional variables are designed to determine whether its FTAs contribute to the creation of trade diversion. This study examines a cross-section and panel of 27 countries for 1980–2011. The results show the existence of a strong relationship between the factors of FTAs and trade flows.     

Assessing Trade Potential in Agricultural Sector of Iran: Application of Gravity Model

This article attempts to assess Iran's trade potential, explore over- and under-trade countries and determine factors affecting export development by using the gravity model. Seventy countries, which are considered the major markets for Iran agricultural products, are divided into 50 developing and 20 developed ones. By using panel data during the period when the export premium was submitted (2002–2005), Iran's agricultural exports were predicted. For this purpose, equations for each group of countries regressed by applying the augmented gravity model. Finally, the results were compared with actual figures. The results showed that Iran was more over-traded with developing countries relative to developed ones. This analysis helps us to determine the proper commercial direction, assess trade potential capacity and explore effective factors on export development such as export premium. Therefore, trade flows can be improved with under-trade countries and will be supported with over-trade ones through proper policies.     

The Curse of Being Landlocked: Institutions Rather than Trade

This article revisits the long‐term economic effects of being landlocked. The conventional wisdom, which also prevails in policy circles, is that landlockedness hurts development by reducing trade. Gravity models of bilateral trade seem to confirm this view. However, there is no evidence in cross‐country data of a systematic relationship between landlockedness and country's trade to GDP ratio. Drawing on this stylised fact, the paper explores the possibility that landlockedness might affect GDP independently from its effect on trade. Theoretical considerations suggest that institutional quality could be a relevant transmission mechanism. The estimation of a system of three equations confirms that landlockedness has a negative effect on GDP and that this negative effect is transmitted through institutions rather than trade. Moreover, after controlling for the transmission via institutions and trade, landlockedness has a further negative effect on GDP. These findings call for a review of the policy approach to the development of landlocked countries.     

基于制度质量视角的我国出口贸易区位选择影响因素研究——扩展引力模型的面板数据实证检验

本文从引力方程的微观基础出发,推导出包含制度质量的引力模型,进而把正式制度分为政治制度、经济制度和法律制度三大类共15个子指标,研究制度质量和我国出口贸易的关系,利用占我国对外贸易额85%以上的35个国家(或地区)1996-2011年的面板数据进行部分变量和全变量实证检验。所得结论验证了我国出口贸易偏好于经济发展水平比较高的国家(或地区)这一传统结论,同时认为我国的出口贸易对制度质量高的国家(或地区)也存在较强偏好,制度质量对我国出口贸易地理结构有重要影响,是影响我国出口贸易区位选择非常重要的因素。     

全球经济危机对我国出口贸易的影响

首先定性地分析了发达国家的经济发展和我国出口贸易十多年的走势,探究不同时期两者之间的变化是否趋同;然后选取美国、欧元区的国内GDP和商品相对价格指标,建立这两个因素对我国的出口贸易的影响程度的计量方程;随后,建立两个不同的VAR模型,第一个模型考察我国出口贸易和美、欧实体经济间的长期协整关系,运用脉冲响应函数分析外部冲击的滞后效应;针对当前金融危机造成货币紧缩,各国均采取一系列的刺激经济恢复的手段,在第二个VAR模型中,选取了较为代表性的外部因素——欧美的信贷政策和居民消费,以及作为国际资本流动因素的我国FDI,并运用脉冲响应函数考察这些政策因素对我国出口贸易产生的长期影响。最后根据实证结论提出政策建议。     

“一带一路”背景下中国与欧亚经济联盟贸易效率及贸易潜力研究

以中国对EEU成员国出口贸易为视角,运用SFGM模型,选取2009—2018年的中国与欧亚经济联盟的数据对贸易效率及贸易潜力进行了测度。研究结果表明,欧亚经济联盟各成员国的经济规模、双边政府廉洁、贸易自由度、物流绩效、OFDI、共同边界等对中国出口具有显著的促进作用,通货膨胀也对出口起到促进作用,但作用不显著。双边的地理距离、是否内陆国、关税税率、汇率等对中国出口欧亚经济联盟具有明显的抑制作用,汇率也具有抑制作用,但不显著。根据研究结论提出针对性的政策建议,即加强双边合作,提升清关效率,完善基础设施质量,便利贸易和运输效率,提高物流服务质量;进一步降低关税和非关税壁垒,提高商品运输的效率,清除双方隐性贸易壁垒;加强政府对金融机构的监管力度,加大信贷资金配置规模;积极推动中国与EEU成员国建立自贸区;实现双边资本、信息等资源的共享,从而提高贸易效率,减少贸易阻力。最终着眼于命运共同体及全球价值链视域,推动双边贸易发展。     

“一带一路”背景下制度距离对我国向中东和北非出口贸易影响研究

中东和北非国家是我国"一带一路"倡议的重要合作伙伴,该地区各国经济发展水平和制度环境迥异,在经济制度和政治制度方面与我国存在较大差异。基于全球治理指数和经济自由度指数相关数据,分别计算出我国与中东和北非地区24国的政治制度距离和经济制度距离,并采用2007~2016年我国对该地区的出口贸易数据,借助引力模型实证分析双边制度距离对我国出口贸易的影响及出口潜力情况。结果发现,我国与中东和北非国家政治制度距离和经济制度距离均存在临界值;只有当制度距离超过临界值时才会对我国的出口贸易产生负向影响。通过贸易潜力测算发现,我国对中东和北非部分国家出口贸易潜力巨大。最后,就如何减少双边制度差异提出建议。     

EU/ACP Economic Partnership Agreements: Impact, Options and Prerequisites

The EU and the African, Caribbean and Pacific countries (ACP) are presently renegotiating their trade relations. Behind these negotiations are the fundamental conflict between the existing arrangement and multilateral trade rules, the frustration regarding poor ACP trade performance, the ineffectiveness of trade and trade-related ACP policies, and the inefficiency of corresponding EU assistance. This article highlights the fundamentals of the envisaged Economic Partnership Agreements (EPAs) between the EU and the ACP countries, sums up previous estimates of their probable economic impact, discusses policy options for ACP countries and sheds light on basic prerequisites, particularly on institutional conditions, that should be fulfilled to ensure the success of EPAs.     

Institutional investors' corporate site visits and corporate investment efficiency

This study examines the association between institutional investors' corporate site visits (CSVs) and the visited firms' investment efficiency. Using unique CSVs' data from China, this study provides empirical evidence that institutional investors' CSVs lessen the visited firms' corporate investment inefficiency, including both over- and underinvestment. The negative relationship between CSVs and investment inefficiency is less pronounced for firms with higher quality financial reporting and better corporate governance. In addition, CSVs show a decrease in corporate overinvestment by monitoring the risk-taking activities of younger CEOs and expansionary firms, and supervising the use of excess free cash flows. Meanwhile, CSVs could mitigate underinvestment by reducing managerial shirking from entrenched CEOs, such as dual or longer-tenured CEOs. The possible economic mechanism behind this association is that CSVs increase institutional shareholding percentages. All the main findings are robust to a battery of endogeneity and robustness tests.     

The ‘amelioration’ of child labor, ‘a modest proposal’

More than 317 million children between the age of 5 and 17 are working in the world. Child labor is a persistent phenomenon, even though its incidence has subsided with economic development. In this paper, we conduct a panel study of 101 countries from 1980 to 2004 where child labor is proxied by the labor force participation of children aged 10–14. We look at the relationships between child labor and investments in human capital, foreign direct investments, countries’ openness to trade, and credit market constraints. We depart from the contributions of cross-country studies by employing a fixed effects instrumental variable (FE-IV) panel data model by employing a fixed effects instrumental variable (FE-IV) panel data model to account for unobserved heterogeneity and endogeneity of child labor and individual country-specific effects. We find support for the conclusions of the above-mentioned studies: countries that trade more and have a higher stock of foreign direct investment have less child labor. More generally, we find that trade openness, investments in human capital, and financial development are associated with a reduction of child labor. Child labor persists but tailored policies on trade, investment, and financial reform can lessen child labor along with economic growth, improvements in health, and rising standards of living.     

中国自由贸易区建设的战略——基于面板数据的实证分析

运输成本所体现的地理距离对国际贸易的阻碍作用随着产业内贸易的发展重新被重视。"相似需求理论"认为经济发展水平相近的国家的贸易量会更大。边界的存在使国际贸易受到关税的阻碍,各国希望通过FTA甚至更高形式的经济一体化组织来抹平边界的作用。文章从实证的角度解析我国自由贸易区建设的影响因素,重点考察地理因素、经济发展水平对中国自由贸易区建设的影响的显著性,以从中窥探中国自由贸易区建设的特点及战略选择。     

Leverage and Corporate Performance: Does Institutional Environment Matter?

This paper aims to provide new empirical evidence on a major corporate governance issue: the relationship between leverage and corporate performance. We propose two major findings to this literature by applying frontier efficiency techniques to measure performance of medium-sized firms from seven European countries. A maximum likelihood procedure is used to estimate a stochastic cost frontier and the parameters of an equation relating cost inefficiency to leverage simultaneously. We find that the relationship between leverage and corporate performance varies across countries, which tends to support the influence of institutional factors on this link. We then suggest the influence of the efficiency of the legal system and in a lesser degree of the access to bank credit on the relationship between leverage and corporate performance.      

提升FDI在服务贸易领域的配置效率

随着中国逐步履行加入WTO的承诺和全球化深入影响,服务贸易领域成为FDI的新增长点,服务贸易发展获得快速发展,两者间具有某种内在联系。文章运用协整和面板数据分析服务贸易领域实际利用FDI对中国服务贸易整体和主要行业增长效应,根据FDI在服务贸易领域的配置效率差异,提出了调整服务贸易利用外资的方向。     

Assessing Dynamics of Palm Oil Import Demand: The Case of Six Asian Countries

This article uses annual data to investigate the palm oil import demand in selected Asian countries (India, China, Japan, Bangladesh, Korea, and Pakistan) through using the autoregressive distributed lag (ARDL) technique. The findings of the study show that the palm oil and substitute oils prices and the national income of the importing countries are significant determinants of palm oil demand across the six models. Other factors such as biofuel mandate, trade policies, and exchange rate also proved to be important factors affecting import demand for palm oil in some of these countries.